repayments
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.
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.
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.
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.
It should take 10 minutes. Simply check if you qualify and begin the application process.
If approved, you will receive your loan contract to accept online.
Your loan is paid into your Great Southern Bank Account.5 You can also view repayment details online and on our mobile banking app.
A personalised rate*, tailored to your credit score
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.
Personal loans explained
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.
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.
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:
- Equifax (previously known as Veda) –
- Experian Australia Credit Services -
https://www.experian.com.au/order-credit-report
- illion (formerly Dun & Bradstreet) -
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.
5. You will need to hold a Great Southern Bank everyday account when the loan is funded.
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).
*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.
Who can apply?
- Permanent Australian residents aged 18 years or over
- You must receive a regular income
- Have had no bankruptcy or insolvency in the last 5 years
You will need:
- Proof of identity (such as a drivers licence)
- Employment and income details (such as a payslip)
- Expenses and debt details