Medical Loans
When doctor’s fees leave you feeling sick, our medical loans will do the trick.
Unexpected medical expense?
Medical expenses tend to creep up on us and saving up for surgery often isn't a feasible solution. That’s where our personal loans can help.
How does a medical loan work?
A medical loan is a personal loan that’s used to pay for surgery and medical expenses not covered by Medicare or your private health insurance.
You simply apply for the funds you need to pay for your treatment and repay the loan in easy-to-manage repayments. It’s that easy!
Medical loans from Great Southern Bank
Our personal 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
What can I use a medical loan for?
From essential procedures that can't wait, to boosting your confidence with cosmetic surgery, our medical loans fund a variety of medical services.
Our customers have used medical loans for:
- Audiology services
- Bariatric surgery
- Cosmetic surgery
- Dental and orthodontics
- ENT surgery
- Elective surgery
- Hair restoration surgery
- Hip replacements
- Laser hair treatments
- Knee surgeries
- Obstetrics
- Orthopaedics
- Respiratory condition treatment
- Sleep apnoea treatment
In need of something else? This list is not exhaustive and you can still apply or contact us via live chat if you have any questions.
Take the stress out of doctor’s bills
Use the personal loans calculator to estimate your repayments.
Studying medicine?
Read up on our education loans for medical students.
Eligibility checklist
- 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
- 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
You must be
You’ll need
How to get a medical loan
1. Apply online
It should take less than 20 minutes.
2. Approvals
If approved, you will receive your loan contract to accept online. Get your loan funded on the day you apply.6
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.
WHY CHOOSE US
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.
Choose the medical loan that fits you best
Unsecured Fixed Personal Loan
Loans from $5,000 to $65,000.3
Interest rate
9.39
%
p.a.
Comparison rate
2
9.64
%
p.a.
Used for:
Unsecured Variable Personal Loan
Loans from $5,000 to $75,000.4
Interest rate
11.89
%
p.a.
Comparison rate
2
12.15
%
p.a.
Used for:
Get a detailed look into the features across all of our personal loans. Compare personal loans
Medical 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.
Can I make repayments on a weekly or fortnightly basis?
Yes. Your loan contract will be set up for monthly repayments initially, but if you prefer to pay in weekly or fortnightly instalments simply call us on 133 282 or drop into a branch and we can arrange this for you.
What’s the difference between a fixed rate vs variable rate loan?
An Unsecured Fixed Personal Loan charges a fixed interest rate for the entire life of the loan. This means you’ll enjoy the certainty of always knowing how much your repayments will be. However, you won’t be able to take advantage should there be a decrease in the lending interest rates.
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.
What is a comparison rate?
A comparison rate encompasses the true cost of the loan, which includes the interest rate plus all the relevant fees and charges for a loan.
CALCULATOR
Calculate your repayments
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 12 May 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.
Continue an existing application
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Select a loan type
Not sure which loan is right for you?
6 Same day decision & funding: How it works
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.