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Helping you get rate rise ready

We're here to help you prepare for rate rises

We understand that many of our customers will already be feeling the pinch of successive interest rate rises to their home loans. Similarly, a substantial number are soon to experience a sudden increase to their repayments when their fixed rate terms expire.

We’ve created this guide to help you understand the situation, know your options, and plan accordingly. Packed with helpful articles, products, and tools to help you manage the change, this is your one-stop shop to ensure you’re rate rise ready.

Keen to know your repayments?

Enter your home loan details and quickly estimate your new repayments

Your repayment changes

with an interest rate of 6.25%

Current repayment
Increase of
per month
New repayment

Tips to help you reduce the interest on your home loan

There are a number of things you can do to reduce the interest payable on your home loan. If you require more information about any of these options, please feel free to contact us on 133 282.

Change your repayment frequency to weekly or fortnightly
This can reduce the amount of interest you need to pay over the life of your loan and may help with budgeting, particularly if you are paid by your employer weekly or fortnightly. How can I set this up?
Utilise your offset accounts1 (if available on your loan)
Eligible customers can link up to six offset accounts to reduce the amount of interest due each month, meaning they are paying down the loan balance (the principal) faster. How can I set this up?
Make fee-free extra repayments with free redraw2
If you’re not already, and you’re in a position to, it’s worth utilising this feature before your fixed rate ends. Not only will your balance be reduced further, but it’ll also give you a buffer prior to rolling on to a higher rate. Please note that there is a $30k limit on extra repayments for customers with fixed rate home loans3.
Set up The Boost for home loans
When you set up The Boost for home loans, you choose an amount from $0.01 to $5 to be automatically transferred to your home loan account every time you use your Visa Debit card. So, every time you buy a cup of coffee, fill up the car, or go grocery shopping, you’ll be paying down your mortgage too. How can I set this up?

Frequently asked questions

Why are interest rates going up?

Global events of the last few years have led to a surge in the cost of goods and services. As part of its efforts to bring inflation under control, the Reserve Bank of Australia (RBA) has raised the cash rate multiple times since May 2022. Experts are divided as to whether there will be more rate rises to come.

The cash rate has an indirect impact on a bank’s costs. Put simply, when the cash rate goes up, it becomes more expensive for financial institutions like Great Southern Bank to lend money.

As a result of these cash rate increases, we have taken the difficult decision to raise our home loan variable interest rates in response.

What should I do if I’m concerned about my ability to cope with this change?

If you are concerned about your ability to cope with this change, a range of options exists to help you. Please call our team of experts on 133 282.

Can I leave my fixed rate early?

Yes, but an Early Payout Cost^ may apply if the loan is terminated during the fixed rate period.

What can I expect as my fixed rate expiry approaches?

We will be in touch as the date of your fixed rate expiry approaches. Please see our fixed rate expiry page for more details about what to expect.

If I’m on a fixed rate home loan, will I be impacted by variable rate changes?

No, you’ll not be affected by variable interest rate changes during your fixed rate term. However, once your fixed rate period expires, you will revert to the variable rate product specified in your loan contract.

If variable interest rates increase, when will I be advised of my new repayment amount?

You’ll receive an email to let you know of any change to the variable interest rate shortly after any decision has been made. You’ll also be notified of your new minimum repayment amount in a letter soon after the change is effective.

What does it mean to refix?

Refixing doesn’t mean you can simply extend the term of the fixed rate you had before. If you choose to refix, it must be at your lender’s current fixed rates. You can choose to refix your loan at any time. However, if you choose to end your current fixed rate period early, an Early Payout Cost may be applicable^.

What are the pros and cons of refixing vs staying variable?

To discover whether refixing or staying on a variable home loan is right for you, check out our blog: What are the pros and cons of refixing vs staying variable?

Clever calculators to help you get ahead

Great Southern Bank has a range of online calculators to help you manage your finances.

Budget planning calculator

Factor your new home loan repayments into your budget.

Split loan calculator

Fixed or variable rate? Split your home loan and get the best of both worlds.

Your home loan options explained

If your fixed rate term is due to expire soon, it pays to understand your options to ensure you’re getting the best deal.

More useful information

Check out our collection of blogs for more useful information about your home loan options.
What to do when your home loan fixed rate ends

Is your fixed rate home loan period coming to an end? Unsure of your options? Find out how to maximise your home loan savings here!

Read more
The best of both worlds - the benefits of a ‘split’ home loan

Fixed vs Variable home loan? Why not both! Find out how you can have more control of your home loan repayments with a split home loan.

Read more
Which Home Loan is right for me – Fixed Rate or Variable Rate?

Fixed-rate or variable home loan? Which is the best? The Great Southern Bank can help you decide. Read on, and make an informed decision.

Read more
Offset accounts explained

An offset account could save you thousands of dollars in interest and help you pay off your home loan sooner. Here’s how it works.

Read more
Australian economy in review 2022

It’s been an extraordinary year for the Australian economy. How did we get here, and what can you do to minimise the impact?

Read more
How high will interest rates go in 2023?

Having endured eight interest rate rises in 2022, we ask whether Australians can expect more of the same in the coming 12 months.

Read more
Expecting a baby? Why making advance mortgage repayments will be your savings saviour

Find out here why making extra mortgage repayments is a smart idea for home owners expecting a baby. Find out more about the benefits here.

Read more
View all blog articles
We’re here to help

We understand that you may have concerns about being able to make your new repayments. To find out options that may be available to you, go to our Financial Assistance page.

Mon - Fri: 8:30am - 5:00pm (AEST)

Important Information

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. Applications are subject to credit approval.

1 You must maintain a minimum balance of $500 in each offset account to obtain an offset benefit. You will also not receive any interest on the funds in your offset accounts.

2 A $200 minimum withdrawal amount applies for redraws conducted in-branch.

3 A daily transfer will refund any amounts paid in advance in excess of the total advance repayments allowed during the fixed rate period ($30,000 ) unless sufficient to pay out the loan in full (in which case an Early Payout Cost may apply ). Excess funds will be transferred to the nominated deposit account, which must remain open for the fixed rate period.

^ An Early Payout Cost may apply if the loan is terminated during the fixed rate period. A partial Early Payout Cost may apply if a reduction to the principal is requested during the fixed rate period. Click here to view the Early Payout Cost Factsheet.