Personal loans
Your loan, your way
$0 Monthly fees
Enjoy having a little extra money in your pocket.
Unlimited extra repayments
Make extra repayments without any fee, and pay your loan off sooner.
A personalised rate*
Tailored to your credit score.
No penalties for early payout
Pay off your loan sooner without being charged a fee.
What's the difference between secured and unsecured loan?
What is a comparison rate?
What is a green loan for?
Calculate your personal loan repayments
An ideal loan for a range of purposes. Learn about personal loan types
Available for new or used cars and motorbikes up to seven years old. Learn about personal loan types
Available for electric and hybrid cars up to seven years old. Learn about personal loan types
Available for eligible green purchases. Learn about personal loan types
Must be between $5,0003 and $100,000.
Loan term (years)
Repayment frequency
Estimated
repayments
repayments
$45
week
Estimated repayments
$45
week
Interest rate for good credit
X.XX
p.a.
Comparison rate2
X.XX
p.a.
Apply in 10 minutes
Your total repayments will be $XX,XXX. Your total interest will be $X,XXX.
The calculations provided are estimates only and are based upon the information entered by the user. The calculations do not include upfront or continuing credit fees and charges and do not constitute a loan application or variation to an existing facility, loan offer or loan approval.
Secured vs Unsecured:
A secured loan is 'secured' against the asset you are borrowing for, such as a car. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan.
An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.
What’s a credit score?
Your credit score is a number used by lenders to assess how likely you are to repay a loan. Your score is based on the information in your credit report, including:
- How you've managed previous loan and credit card repayments.
- How many loan applications you've made in the past.
- The age of your credit file.
Learn more with our guide to Understanding our personal loan interest rates.
Types of personal loans
Unsecured Fixed Personal Loan
An ideal loan for many purposes, such as debt consolidation, home improvements, new or used cars and motorbikes of any age, boats, caravan and more.
Secured Fixed Car Loan
For buying or refinancing a new or used car or motorbike up to seven years old.
Green Car Loan
For buying or refinancing an electric or hybrid car up to seven years old.
Unsecured Green Personal Loan
For eligible green purchases, including solar panels, battery packs, solar hot water systems and hot water heat pump systems.
Top reasons to get a personal loan
FAQS
Personal loans explained
What is a personal loan?
A personal loan is an amount of money you might borrow to pay for a major life expense such as a car, holiday, or home renovation. It can also be used to consolidate existing debt.
If approved for a personal loan, you will need to repay the money with interest over an agreed timeframe, which is usually between one and seven years. Repayments are generally made weekly, fortnightly, or monthly.
The interest rate you receive depends on whether you take out a secured or unsecured personal loan. It may also be influenced by your credit score.
What is the difference between a secured vs unsecured personal loan?
A secured loan is 'secured' against the asset you are borrowing for such as a car, or home. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan. Most secured personal loans have a lower interest rate when compared to an unsecured personal loan because there is an asset attached.
An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.
If you’re buying a car or motorbike under seven years old, a Great Southern Bank Secured Fixed Car Loan may be right for you.
For vehicles older than seven years, Unsecured Fixed Personal Loan are available.
What is a personalised interest rate?
A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.
When you apply for a personal loan your individual situation and your credit score will be considered when calculating your personalised interest rate.
Learn more with our guide to understanding our personal loan interest rates.
Should I check my credit score before applying?
Knowing your credit score will help you estimate your personalised interest rate. It’s also another way to get clever with your finances.
Checking your own credit won’t hurt your scores. Some credit reporting agencies have a limit on the number of free credit checks you can make in a short period of time. Don’t forget to ask before you apply.
Learn more with our guide to understanding our personal loan interest rates.
How is a credit score calculated?
Credit scores are calculated by looking at various aspects of your credit history and profile. These can include details of any applications you’ve made for credit or a loan (whether successful or not), details of credit or loan products you have held in the past, your repayment history, any overdue accounts you might have, and information about any court judgements against you.
These are added together to give an overall picture of your ability to repay a loan.
As you might imagine, someone who has never defaulted on a loan will be considered a lower risk than someone with a history of missed repayments, court judgements, or bankruptcy.
Similarly, the more applications for credit on your record, the lower your score is likely to be.
Other factors which can negatively impact a credit score include a history of using ‘payday lenders’ and having open accounts with debt collection agencies.
Learn more with our guide to understanding our personal loan interest rates.
How can I check my credit score?
Simply request a free copy of your credit report from Equifax (previously known as Veda).
Checking your credit score can also help you estimate what your personalised rate will be before you apply.
What is a comparison rate?
A comparison rate will help you identify the true cost of the loan, which includes the interest rate plus all the relevant fees and charges for a loan.
Will applying for a loan impact my credit score?
Each time you apply for a loan, a record is made on your credit report. Although this may result in a temporary dip to your credit score, it will recover as long as you stay on top of your current repayments and keep future loan applications to a minimum.
It’s important to avoid submitting multiple loan applications within a short space of time, as this will most likely lead to a decline in your credit score.
How do you calculate my rate?
The rate you are offered is calculated on your personal circumstances and credit history. A few different factors are considered, including:
- Your credit score
- Information provided in your application
- Existing loans
- The loan amount and your perceived ability to repay the loan.
ABOUT US
Why choose Great Southern Bank?
For one thing, we're customer-owned. That means no shareholders, so all our profits go into creating new and clever ways to help you manage your money.
It also means we're able to focus squarely on our mission to empower ordinary Australians to reach their financial goals, whatever they may be.
We believe being owned by the people you help is a more transparent way of doing things and how all banks should work.
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Important Information
Loans are issued by 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.
Rates current as at 29 November 2023 and subject to change.
Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.
1. Comparison rate examples are accurate for a personal loan amount of $30,000 secured loan over a term of 5 years. WARNING: Comparison rates are 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.
2. Comparison rate examples are accurate for a personal loan amount of $30,000 unsecured loan over a term of 5 years. WARNING: Comparison rates are 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.
3. $3,000 minimum loan amount in branch, $5,000 minimum loan amount online. Available loan term is 1 to 7 years.
4. A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for Great Southern Bank Personal Loan products on offer from 6 June 2017.
The Outstanding Value – Excellent Credit Personal Loans Award considers only borrowers with an excellent credit profile (See Canstar’s Personal Loans Awards methodology at http://www.canstar.com.au/current-ratings-awards for more information).
To view the Target Market Determination for this product, please click here.
*The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:
- Your credit score.
- Information provided in your application.
- Existing loans.
- The loan amount and your perceived ability to repay the loan.
Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.
Select a loan type
Not sure which loan is right for you?
What’s a credit score?
Your credit score is a number used by lenders to assess how likely you are to repay a loan. Your score is based on the information in your credit report, including:
- How you've managed previous loan and credit card repayments.
- How many loan applications you've made in the past.
- The age of your credit file.
Learn more with our guide to Understanding our personal loan interest rates.