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Australia’s largest customer-owned bank
Trusted by Australians for over 75 years
Our profits go back to you

Why refinance your home loan to Great Southern Bank?

The Boost
Set up additional loan repayments every time you make a purchase with your Great Southern Bank Visa Debit Card1.
Fee-free extra repayments & free redraw
You can make unlimited repayments to our variable home loans free of charge, and up to $30,000 on fixed loans9. There’s also the peace-of-mind of free redraw on additional repayments in case of emergency7.
Flexible repayments
Because interest is calculated daily, you could pay your loan off quicker by choosing weekly or fortnightly (rather than monthly) repayments.
CLEVER TOOLS

Boost your repayment power

How does The Boost work?

Simply pre-set an amount between $0.01 and $5 to go towards your home loan every time you use your Great Southern Bank Visa Debit card.

You could save up to $2000 extra a year

If you set The Boost to $2 and make three transactions a day, you could reduce your home loan by up to $2,000 a year!

Pay off your home loan sooner

With extra repayments of $2,000 per year or more easily achievable with The Boost, you could shave years off your repayment term.

Eligibility

You must be:

  • At least 18 years old.
  • A permanent resident of Australia.

You'll need:

  • Proof of identity, such as a passport or driver licence.
  • Details of your income and expenses.
  • Financial details, including what you own and what you owe.
  • If you are applying with another person, both applicants need to be present.
Refinancing in three easy steps
1. Apply online

Check that you meet the eligibility criteria and have the necessary documents to hand.

2. Chat to a Home Loan Specialist

One of our Home Loan Specialists will call you back as soon as possible to discuss your application.

3. Pre-approval or full approval

We assess your application and can provide pre-approval or full approval depending on your requirements.

Prefer to talk to someone?
FAQS

Refinancing

What is refinancing?

Refinancing is when you take out a new home loan to replace your existing home loan. This can be with your existing lender or a new one.

Why should I refinance my home loan?

There are many reasons customers may wish to refinance their home loan. It might be to obtain a better interest rate and lower monthly repayments, or to access different features such as redraw and unlimited extra repayments.

For some, it might be to leverage the equity in their property to conduct home improvements, purchase a new vehicle or consolidate debt. Whereas for others, it might simply be a case of wanting to switch to a lender that truly cares about them and provides the level of service they need.

What are the costs involved in refinancing?

When refinancing, it is important to consider the costs involved. Discharge fees, early payout fees and Lenders Mortgage Insurance (if your loan is less more than 80% of the property value) are usually the main ones to be aware of.

How do I refinance my home loan?

Before you do anything else, it's a good idea to review your existing home loan to understand its terms and conditions, how much you're currently paying in rates and fees, and the costs associated with refinancing.

Once you've got a handle on this, you’ll be able to see how it compares to the competition. While the interest rate will always be an important factor, there are other things to consider such as offset, redraw, and the ability to make extra repayments without incurring fees. These features can make it easier for you to save on interest and pay off the loan sooner.

When comparing interest rates, remember to review the comparison rate, as this includes any upfront or ongoing fees and charges, thereby better reflecting the true cost of the loan in question. Once you're ready to apply, you can do so via online application form, calling us on 133 282, or visiting your local branch.

Will my property need to have a valuation?

Most lenders will require your house to have a valuation completed. This doesn’t necessarily mean a valuer needs to come to your house. Some valuations are done electronically by looking at similar properties in your area.

The type of valuation your lender will require depends on how much you are looking to borrow, where your house is located and the type of house you own. Most lenders will pay for your first valuation as part of your application.

How much equity is required to refinance?

While most customers refinance their home loan with at least 20% equity, it’s possible to do so with as little as 5%. However, if your equity is less than 20%, Lenders Mortgage Insurance will need to be factored into the loan.

Choose the right loan for you

Basic Variable Home Loan
Rates from
2.44
%
p.a.
Comparison rate^
2.49
%
p.a.
All the features you need and nothing you don't.
Owner occupier, principal & interest, LVR 80% or less. Includes discount on new and additional lending. Min. loan amount applies.2,3,4
Offset Variable Home Loan
Rates from
2.64
%
p.a.
Comparison rate^
2.69
%
p.a.
100% offset home loan that makes saving on interest easy.8
Owner occupier, principal & interest, LVR 80% or less. Includes discount on new and additional lending. Min. loan amount applies.2,3,4
Fixed Rate Home Loan
3 year fixed rate
4.59
%
p.a.
Comparison rate^
4.21
%
p.a.
A competitive fixed rate plus the flexibility to pay up to $30,000 in extra repayments during the fixed term.9
3 year fixed rate, owner occupier, principal & interest.5,6
ABOUT US

Trusted by Australians for over 75 years

We've been helping our customers manage their finances since 1946. These days, more than half a million people trust us with their banking and insurance needs.

But don't just take our word for it. Here's what some of them have got to say.

“GSB acted quickly in refinancing our loan. We received a great rate and the service was excellent.”
“Unsurpassed customer service and superlative operations. Switching my home loan to GSB is the best thing I have ever done.”
“The consultant was very friendly and helpful. Made changing very easy and offered to look at a lower rate without me even asking.”
Ready for a better deal on your home loan?
Get started with your refinance application now.
Get started
Connect to a Home Loan Specialist
We are here to help.

Speak to one of our Home Loan Specialists via live online chat.

Fill out our online enquiry form and one of our Home Loan Specialists will get back to you to start the process.

Mon - Fri: 8:00am - 8:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)

Important Information

Rates are current as at 12 May 2022 and subject to change.

Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions, and fees apply. Applications are subject to credit approval.

1The Boost is not available on business accounts.

2 Discounts off the Basic Variable and Offset Variable Reference Rate are available to (a) new home loans with a minimum application amount of $100,000; or (b) switching or restructuring of the home loan you already have with us when it includes new borrowing of at least $10,000; for new home loan applications unconditionally approved on or after 12 May 2022. Published interest rates are inclusive of any discounts off the respective Reference Rates. Interest rates and discounts vary based on the loan purpose (owner occupier and investor), repayment type (principal and interest, interest only, construction) and Loan to Value Ratio (LVR). Maximum LVR applies and includes Lenders Mortgage Insurance and Great Southern Bank loan setup fees where applicable.

3 Great Southern Bank may withdraw or amend this offer at any time without notice. A change in your loan purpose, your repayment type or your loan product will permanently end your entitlement to the discount.

4 LVR means ‘Loan to Value Ratio’. It is the amount of your loan divided by the valuation of your property, calculated as a percentage. For example, if you apply for a loan of $400,000, which will be secured by a property valued at $500,000, your LVR is 80%. We calculate your LVR at the time we approve your loan and your discount won’t change because of changes to the LVR during the life of your loan.

5 Fixed Rate loans are available to (a) new home loans with a minimum application amount of $100,000; or (b) switching or restructuring of existing home loans. Maximum Loan to Value Ratio applies and includes Lenders Mortgage Insurance and Great Southern Bank loan setup fees where applicable.

6 On expiry of the fixed rate period, the loan reverts to the Basic Variable Reference Rate relevant to your loan purpose and repayment type which applies at the time of expiry.

7 A $200 minimum withdrawal amount applies for redraws conducted in-branch.

8 You must maintain a minimum balance of $500 in each offset account to obtain an offset benefit. You will also not receive any interest on the funds in your offset accounts.

9 A daily transfer will refund any amounts paid in advance in excess of the total advance repayments allowed during the fixed rate period ($30,000) unless sufficient to pay out the loan in full (in which case an Early Payout Cost may apply). Excess funds will be transferred to the nominated deposit account, which must remain open for the fixed rate period.

^ Comparison rate accurate for $150,000 secured loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

# Online only offer includes $0 Establishment Fee and $0 Securities Administration Fee for new eligible online home loan applications received between 06/12/2021 and 31/05/2022 and settled by 31/08/2022. To be eligible to apply online you must be at least 18 years of age, a permanent resident of Australia, applying for yourself or as a married/defacto couple and buying an existing property or refinancing. Great Southern Bank may withdraw or amend this offer at any time without notice.

Speak to a Home Loan Specialist
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Speak to a Home Loan Specialist
Tell us what you're looking for and we'll be in touch
I'm buying a property
I'm building or renovating
I'm refinancing
Discuss my Great Southern Bank Home Loan
None of these
What stage are you at?
I'm ready to apply for a home loan
I'm applying for pre-approval
I want to know if I qualify
I'm researching my options

Applying for pre-approval allows you to know the maximum amount you can borrow while you look for a property.

Pre-approval means that a lender has agreed to lend you an amount of money in-principle, but the loan hasn't been proceeded to full or final approval.

While pre-approval is not a fully approved loan it can help you narrow your search, negotiate, and make an offer with certainty and confidence.

How much would you like to borrow?
If you are unsure, please enter an approximate amount.
The minimum amount you can borrow is $100,000
When would you like to borrow?
If unsure, please select an approximate timeframe.
Now
Within 3 months
In 3+ months
Are you a Great Southern Bank customer?
Great Southern Bank was previously known as CUA.
Yes
No
Do you have a home loan with Great Southern Bank?
Great Southern Bank was previously known as CUA.
Yes
No
Would you like to tell us anything else?
For security, never include any bank account or card details in your enquiry. You can provide this information later if it's needed.
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Tell us a little more about your plans
I'm planning to build
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What stage are you at?
I'm ready to refinance
I want to know if I qualify
I'm researching my options
How much is your current mortgage?
Please enter a numeric value
What are your plans?
I want to increase my existing home loan
I want to switch or restructure my existing home loan
I want to discuss my existing home loan
What would you like to discuss?
Please provide a little information so we can best answer your query.
For security, never include any bank account or card details in your enquiry. You can provide this information later if it's needed.
How would you like to connect?
Request a call back
Call us on 133 282
Chat with us online
Speak to a Home Loan Specialist
First Home Loan Deposit Scheme
New Home Guarantee
Family Home Guarantee

The Australian Government has introduced three initiatives to support eligible Australians to build or purchase a new home sooner: the First Home Loan Deposit Scheme, New Home Guarantee and the Family Home Guarantee.

Thanks [Name], we'll speak to you soon
One of our Home Loan Specialists will call you on [0413 456 789] at your preferred time.
To help you get the most out of your call, we recommend having some details ready:
  • Identification details
  • Details of your income and expenses
  • Financial details, including what you own and what you owe
In the meantime, if you have any questions, we’d be happy to help.
Call us on 133 282
Mon-Fri: 8:00am - 7:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)
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