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Compare personal loans
Choosing the right loan
Compare personal loans
Unsecured Fixed Personal Loan
If you like stability
Interest rate
9.39
%
p.a.
Comparison rate 2
9.64
%
p.a.
Features
Loans from $5,000 to $65,0003
$0 Monthly fees
$0 Early payout costs
Unlimited fee free extra repayments
Used for
Unsecured Variable Personal Loan
If you like flexibility
Interest rate
11.89
%
p.a.
Comparison rate 2
12.15
%
p.a.
Features
Loans from $5,000 to $75,0004
$0 Monthly fees
$0 Early payout costs
Unlimited fee free extra repayments
Used for
Secured Fixed Car Loan
If you need a car
Interest rate
6.79
%
p.a.
Comparison rate 1
7.16
%
p.a.
Features
Loans from $5,000 to $100,0003
$0 Monthly fees
$0 Early payout costs
Unlimited fee free extra repayments
Used for
Choosing the right loan
Let's see which personal loan suits your needs
I need a loan for...
New or used vehicle
Debt consolidation
Home improvements
Education
Holiday

Calculate your borrowing capacity

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 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 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, 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.

How can I check my credit score?

You’re entitled to a free copy of your credit report every three months from a Credit Rating Bureau (CRB). The CRB must provide the report within 10 days of your request.

The three main Credit Rating Bureaus in Australia are:

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.

“Joining all the loans into one with your service was just the best thing. Less stress, and definitely more organised now than ever knowing that I only worry about one loan payment.”
“It allowed me to purchase a new car and take a much needed holiday.”
“An easy, straightforward process from approval to funding stage. Quick turnaround times.”
“The communication from the bank felt personalised. I felt like I was dealing with real people. The application process was simple and efficient.”

Top reasons to get a personal loan

Need to buy a car, consolidate debt or make some home improvements? A personal loan can help.

Plus, Great Southern Bank Personal Loans offer competitive interest rates and no fees and charges for additional repayments or early payout if you decide to pay your loan off sooner.

Debt consolidation

Consolidate multiple debts with a personal loan.

Buying a car

Competitive personal loan rates for new and used cars.

Home Improvement

Personal loans for renovations, repairs and appliances.

Education

Pay for school fees or invest in professional development.

Travel

Personal loans for your next holiday, big or small.

Related loan articles

How-tos and handy tips to help you decide

Applying for a personal loan – what’s the process?

Do you need some money for personal reasons? A trip? Some renovations at home? How do you go about getting a personal loan? We can help.

Read more

Should you renovate with a home loan or personal loan?

Thinking of renovating? Check out the pros and cons of using a home loan vs a personal loan to fund a renovation.

Read more

Secured versus unsecured personal loan

What's the difference between a secured and unsecured personal loan and what should you consider when choosing between the two?

Read more
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Important Information

Loans are issued by Great Southern Bank Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply.
Rates current as at 11 August 2022 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 accurate for $30,000 secured loan over 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 accurate for $30,000 unsecured loan over 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. $3,000 minimum loan amount and $100,000 maximum loan amount available in branch. $5,000 minimum loan amount and $75,000 maximum loan amount available online. Available loan term is 1 to 7 years.

5. 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.

To view the Target Market Determination for this product, please click here.