Car loan refinance
29 September 2026 with no establishment fee^
What is a car loan refinance?
If you’re paying too much interest on your car loan, refinancing could be a clever way to get a better deal.
Refinancing your car loan works by applying for a new car loan at a lower rate and using the funds to pay out your existing car loan. You'll then make repayments on your new car loan, but at a lower interest rate.
Switching to a car loan with no ongoing fees can also help you save. Your wallet will thank you later!
Why refinance your car loan?
Refinancing your car loan puts you on the fast-track to lowering your repayments and paying off your car loan sooner.
At Great Southern Bank, our loans go the extra mile for you. When you switch your car loan, you’ll get:
- A personalised interest rate.
- $0 monthly account fee.
- The freedom to make unlimited fee-free extra repayments.
- Easy access to your additional payments with free redraw.3
- No penalties for early payout.
Secured loan vs unsecured loan: What’s the difference?
A secured car loan is a loan that is "secured" against your car. If you are unable to repay the loan, the lender can sell the car to cover their costs. The upside is that with an asset attached as security, the interest rate is usually lower than an unsecured loan.
An unsecured personal loan doesn’t require an asset as security. Your income and ability to repay the loan is still assessed, but you don't need an asset to be approved for a loan.
Great Southern Bank offers Secured Fixed Car Loans for vehicles under seven years old.
Unsecured Fixed Personal Loans are available for vehicles of any age.
When should you refinance?
We want to tell you a little secret. When it comes to getting a good deal on car refinance, timing is everything.
When is the right time we hear you ask? Read on for our top tips and considerations to help you decide.
What to consider when refinancing your car loan
Your current loan contract
It’s time to double-check the fine print. Are there any early payout fees or penalties for cancelling your contract early? These fees won’t stop you from refinancing, but we recommend adding them to the cost of refinance to avoid paying more than you expected.
The time left on your car loan
A lower interest rate is the most popular reason for refinancing, but to get the savings you’re seeking, it’s important to keep within your current loan term. A longer loan term may free up your cash now, but you won’t reap the benefits if you’re paying more in interest over the life of the loan.
Whatever your reason for refinancing, remember the golden rule, timing is everything.
The value of your car
Unlike houses, cars depreciate in value. If the value of your car is less than what you owe on your loan, a lender may deem it too risky. Particularly for a secured loan.
Car loan features
If you want to get ahead on your repayments, some extra helpful features will go a long way. How does unlimited extra repayments, free redraw, and no monthly fees sound? You’ll get all of this and more with a car loan from Great Southern Bank.
But don’t just take our word for it, take our personal loan calculator for a spin. They’ll help you compare car loans and find out if we can beat your current car loan today.
Estimate your personalised rate* and repayments
repayments
Your estimate repayments are calculated based on the loan type, loan amount, loan term and your credit score entered. The calculations do not include upfront or continuing credit fees and charges. Lending is to approved applicants only. All lending is subject to a detailed credit assessment, the results from this calculator do not constitute a loan application or variation to an existing facility, loan offer or loan approval.
Your contracted personal loan repayments will be set to a monthly frequency, meaning you will need to meet the agreed repayment amount by the due date stated on your loan contract each month. To meet this minimum monthly amount, you can however make repayments weekly or fortnightly.
This calculator provides general information only and should not be relied on to make a decision about a financial product. You should consider obtaining advice from an appropriately licensed financial services professional before making any financial decisions.
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.
Can I refinance my car loan?
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 your current car loan, other loans and expenses
How to refinance your car loan
Check if you qualify and then fill in a few basic details to get your personalised rate in approximately 60 seconds.
If you're happy with your estimated personalised rate, you can complete your application online in around 10 minutes.
If approved, accept your loan contract online and the funds will be used to pay out your
existing car loan.
Pay off your loan sooner without being charged a fee.
That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.
Car refinance FAQs
Find the answers to frequently asked questions here.
A personalised interest rate is determined in large part by your credit score. This is based on a range of factors including your history of repaying loans, credit cards, and other bills. In short, the better your credit score, the lower the interest rate you’re likely to be offered.
Speaking of which, it's worth noting that while submitting a full application will likely result in a small, temporary dip to your credit score, simply getting your estimated personalised rate will not impact it.
A comparison rate is the interest rate, plus additional fees and charges you will be expected to pay over the loan term. As comparison rates indicate the true cost of a loan, they make it easier to decide which is best for you.
To buy a car, you can take out a secured car loan or an unsecured personal loan.
A secured loan is 'secured' against the asset you are borrowing for, in this case your car. This means that if you’re unable to repay the loan for whatever reason, the lender can sell the asset to cover their costs.
As secured loans represent less of a risk to lenders, they generally come with lower interest rates than unsecured loans.
An unsecured personal loan, on the other hand, doesn’t require an asset as security. For this reason, they tend to be used for non-material purchases like holidays and weddings, or for debt consolidation. But you can also use them to buy a car if you don’t want to use your car as security, or if the car you’re buying is over seven years.
The main difference between each of our car loans is the type of vehicle you’re refinancing.
- A Green Car Loan is available for customers buying an electric or hybrid vehicle up to seven years old.
- A Fixed Car Loan is available for customers buying any vehicle up to seven years old.
- An Unsecured Fixed Personal Loan can be used to buy any type of vehicles and of any age.
All our car loans come with a fixed interest rate, so you’ll have the same regular repayment each month and won’t have to worry about interest rate rises.
Ready to refinance?
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 22 May 2026 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. 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 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.
Receiving your estimated personalised rate won’t impact your credit score. Your actual personalised rate will only be confirmed after you’ve submitted a full application and received an offer from us (if approved), and will result in a small, temporary dip to your credit score. The rate is subject to change before your loan settles.
^ The $225 establishment fee waiver is available for new or existing customers who submit a Great Southern Bank personal loan application between 30 April 2025 and
29 September 2026. Great Southern Bank may withdraw or amend this offer at any time without notice. Lending criteria, limits, conditions, and fees apply.
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).
Great Southern Bank Secured Fixed Car Loan recognised in Mozo Experts Choice Awards 2026 - more information on the awards research methodology at Mozo.
Your application ID is in the confirmation email we sent from loanapplication@gsb.com.au. For help, call us on 133 282.
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:
To get your estimated personalised rate, we only require a few basic details. But for a full application, you’ll need:
- Proof of identity (such as a drivers licence)
- Employment and income details (such as a payslip)
- Expenses and debt details