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Set sail sooner.

If you’re looking for a boat or a jet-ski, a personal loan can help you escape to the water sooner. Or, if you’re looking to upgrade, you could finance your dream boat in just a few clicks.

From fishing boats to pre-loved yachts, waterski boats and everything in between, you can apply online and set sail sooner than you think.

How does boat finance work?

Boat finance is simply a personal loan that’s used to buy a boat or  jet-ski. You can use the funds to buy a used boat or a brand new one – the choice is yours. Once you’re approved, you’ll pay the loan off in small, flexible, repayments. It’s that simple.

You’ll also get the choice between a fixed or variable interest rate and our loans are unsecured, so you don’t need to worry about securing the loan to an asset.

Boat loans from Great Southern Bank

Designed to help you pay your loan off sooner, our loans come with:

  • Competitive low interest rates.
  • $0 monthly account fee.
  • Fee-free extra repayments.
  • No penalties for early payout.
  • Free redraw – in case you need your additional repayments.5
  • Get your loan funded on the day you apply.6See how it works
    When to get a boat loan?

    You can apply for a boat loan at any time online. If you’re still deciding, read on for our top tips when buying a boat.

    View our boat loan rates and fees.

    3 things to consider when buying a boat

    Type of boat

    Choosing your boat is the most exciting part! The type of boat you buy should fit with the purpose or activities you wish to do.
    For example, water-skiers and wakeboarders may want to buy a bowrider, cabin cruiser, or a specialist ski and wakeboard boat. If you love fishing, a bass boat, centre console, cuddy cabin, or runabout, may be the boat for you.

    For ocean cruising and living, you may want to consider a yacht, sailboat, catamaran, or a houseboat.

    We recommend doing your research and enlisting the help of a boat expert before you buy. You can borrow as little as $5,000 and up to $75,000 for a boat so there’s a finance option for almost any boat (or jet-ski) you like.

    Ongoing costs

    Just like cars, boats come with ongoing maintenance costs. You may also want to set aside some cash for servicing, repairs, safety equipment and mooring fees.


    A boat is a big investment, don’t forget to get insurance to protect it. You’ll also have peace of mind if your boat is stolen or in an emergency.

    Boat loan calculator

    Estimate your repayments and find your loan today.

    Eligibility checklist

      You must be

    • At least 18 years of age
    • A permanent resident of Australia
    • Receive a regular income
    • Have not been bankrupt or insolvent in the last five years
    • You’ll need

    • An email address and contact number
    • Existing Great Southern Bank customer number (if you're already a customer)
    • Australian driver's licence, Medicare or passport details
    • Employment and income details
    • Details of any existing loans and expenses
      How to apply for a boat loan
      1. Apply online
      It should take less than 20 minutes. You will need proof of ID and your current financial information.
      2. Approvals
      If approved, you will receive your loan contract to accept online. Get your loan funded on the day you apply.6

      See how it works.

      3. Access your money
      Your loan is paid into your Great Southern Bank account.7 You can also view repayment details online and on our mobile banking app.
      We've been putting customers first for more than 75 years.
      Flexible loan options
      Pay it off your way.
      Clever features to help you save money

      From competitive interest rates to no monthly fees, you’ll be saving smarter, not harder.

      We’re customer owned

      That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.

      Choosing your boat loan

      Unsecured Fixed Personal Loan
      Loans from $5,000 to $65,000.3
      Interest rate
      Comparison rate 2
      Used for
      Unsecured Variable Personal Loan
      Loans from $5,000 to $75,000.4
      Interest rate
      Comparison rate 2
      Used for

      Get a detailed look into the features across all of our personal loans. Compare personal loans

      Boat loan FAQs

      It’s normal to take your time deciding which loan is right for you.

      If you’d like some assistance, call us on 133 282 for a chat.

      Fixed rate vs variable rate boat loan?

      The main difference is in the interest rate. With a fixed rate loan the interest rate stays the same throughout the loan term. You’ll have the same repayment amount each month and it’s great if you want repayment certainty and stability in your budget.

      An Unsecured Variable Personal Loan charges an interest rate that is subject to change. This means you could enjoy a lower rate, should the lending rates change. However, you could incur a higher interest rate if the lending rates increase.

      Can I get a loan for a used boat?

      Yes. You can apply for a loan to buy a used boat. You can also buy from a dealer or private sale, so you’ll have plenty of options when looking for your ideal boat.

      Do boat loans require a down payment?

      No. You don’t need a down payment to apply for a boat loan. Once you are approved, you’ll simply make repayments as per your loan contract.


      Calculate your boat loan repayments

      Ready to apply?
      Apply online and set sail today.
      Apply now

      Learn more about personal loans

      Handy tips to help you find the loan that's right for you.

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      Fixed versus variable: What’s the difference in a nutshell?

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      Read more

      Seizing the moment: A guide to personal loans

      Applying for a personal loan can be be a bit confusing. Read our guide that introduces you to everything you need to know when applying for personal loans.

      Read more
      Get in touch
      We're here to help.
      Call 133 282

      Mon - Fri: 8:00am - 7:00pm (AEST)
      Sat: 8:00am - 4:00pm (AEST)

      Find a branch
      Speak to one of our friendly staff at a branch near you.
      Connect online
      Chat to us or browse help topics and FAQs.
      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 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.

      6.  It may be possible to have your loan approved and funded on the same day! To be eligible you must submit your application online before 11am AEST Monday to Friday (excluding public holidays), provide all required information and documents upfront, and accept the loan contract by 2pm. Payment of funds same day is unavailable if your application is referred for more detailed assessment. Subject to system availability. Time to receive funds may be affected by your bank’s clearance times. Lending criteria applies.

      7.  You will need to hold a Great Southern Bank everyday account when the loan is funded.