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Find the answers you need to our most commonly asked questions. This section will provide a quick and easy way to find the information you need to ensure you are making the most of your relationship with Great Southern Bank.

Home Loan Repayments

Why do loan repayment amounts change?

To make sure you stay on track to pay off your home loan in the contracted term, we periodically review and recalculate your loan repayment amount.

A recalculation of your repayment amount can happen for a number of reasons. This includes:

  • If the interest rate on your loan increases or decreases.
  • If your loan rolls off an introductory or fixed rate or off an Interest Only period after a set period of time.

Your choices can also result in a change. For example:

  • You move from a variable to a fixed rate loan (or vice versa).
  • You switch from an Interest Only to a Principal and Interest loan (or vice versa).
  • You make a lump-sum payment and ask us to clear your advance payments i.e. the amount is not available to redraw.
  • You request a change to the repayment frequency.
What calculation method does Great Southern Bank use?

Our core banking system uses a monthly amortisation calculation. This means we calculate your repayment amount based on a monthly average of 31 days. We calculate interest on daily balances and charge monthly. The interest is debited to your loan on the last day of the month.

Will I be told if my repayment amount changes?

If your loan repayment amount changes, we send you a letter which details your revised repayment amount, the interest rate, and when your new repayment will start, along with any action you may need to take.

What are my repayment options?

Loan repayments are usually monthly. However, you can choose to make weekly or fortnightly repayments depending on your product type (Interest Only loans and Great Southern Bank Rate Breaker Package are monthly only).

What is an automatic repayment arrangement?

If you have an automatic repayment arrangement set up to cover your repayment amount, this is automatically debited from your Great Southern Bank everyday or savings account on the scheduled date. If your repayment amount changes, we automatically adjust your repayment amount - either upwards or downwards. This means you don't need to worry about changing your payments if your loan repayment amount changes. We can set up an automatic repayment arrangement for you. Just drop into your local branch or call us on 133 282.

What is a periodical payment?

If you pay by periodical payment, this is set up to pay the same amount every time. If your repayment amount changes, you'll need to adjust this amount manually to make sure you're paying enough to cover your new repayment amount on the due date so you don't go into arrears. If you have an additional periodical payment set up, remember you can increase or decrease this amount at any time because it's an extra payment.

How do I change my repayments if I pay another way?

If you pay off your loan by salary sacrifice, in branch deposits, a direct credit from another financial institution, or via Great Southern Bank Online Banking, if your repayment amount changes you'll need to adjust the amount you're paying to make sure it's enough to cover your new loan repayment.

Planning your repayments

If you're thinking about a change to your loan, remember you can use our handy calculators to give you an estimate of the impact on your minimum repayment amount.

For more information and advice on loan repayments, drop into your local branch or call us on 133 282.

What happens when my fixed rate expires?

At the end of the fixed rate term, your home loan will roll on to the variable rate home loan specified in your contract. To make life easier, we’ll send you a reminder eight weeks before your fixed rate expires. The reminder will include the details of the variable loan you’ll roll on to, plus alternative options if you wish to choose a different home loan.

Are you a Great Southern Bank customer with a fixed rate expiring soon?

We have a dedicated fixed rate expiry page to help you understand what to expect and give you the tools and information to make the right decision for you.

My Great Southern Bank fixed rate is expiring soon. What should I do?

We understand that many customers will be concerned about what happens when their fixed rate term expires.

To help, we have a dedicated fixed rate expiry page with information on what to expect, plus tools and guides to help you understand your options and make the right decision for you.

Navigating rate rises? We’re here to help

Find information to help you understand your options and plan accordingly.

Home Loan Redraws

What is redraw?

Redraw allows you to withdraw the additional payments you’ve made on your home loan. A free redraw facility is a standard feature on most Great Southern Bank Home Loans.

If you're ahead on your home loan repayments and need some extra cash, you can access these funds quickly and easily, no questions asked. You can redraw your additional repayments in online banking, at your local branch or by calling us on 133 282.

How do I redraw in online banking?

If you have a Great Southern Bank home loan with a redraw facility, you can redraw your additional repayments in online banking.

You’ll need to be registered for online banking to redraw online. If your home loan has more than one signatory, all parties need to be registered for online banking to authorise the redraw request.

If you’re already, simply log into online banking or follow the steps in our handy guide: How to redraw in online banking.

Can I redraw using the Great Southern Bank Online Banking for Mobile app?

Online redraw isn’t available on our mobile banking app. To access online redraw, you need to log on to Online Banking from our website - you can also do this on your mobile device.

Are there other ways to redraw?

You can redraw at your local branch or by calling us on 133 282.

Please note: A $200 minimum amount applies for phone and in-branch redraws and will take 24 hours to process.

How can I check my redraw balance?

You can check your current redraw balance in online banking and our mobile banking app.

  • For online banking:
    Go to Account Details on the Account Overview screen and select ‘View Details’
  • For the mobile baking app:
    Go to your Accounts screen to view your home loan redraw balance.

You can also call us on 133 282 or visit your branch to check your balance.

Remember, your available redraw balance is less any uncleared and held funds.

Will I be charged a fee to use my redraw?

No. At Great Southern Bank our redraw facility is free.

I have a joint home loan account, can I still redraw online?

Yes. Joint and multiple account borrowers can redraw online but all account borrowers need to be registered for Great Southern Bank Online Banking. When one account borrower creates an online redraw, an email notification is sent to the other account borrowers to request their authorisation. Emails are sent to personal email addresses (not via secure messages in Online Banking) so please make sure your email address is up to date in the Personal Details screen. The other account borrower(s) then needs to log on to Online Banking, via to authorise the payment.

Is there a minimum redraw amount?

There is no minimum redraw amount if you access your redraw from online banking. If you redraw in branch a $200 minimum redraw amount applies.

Is there a maximum redraw amount?

There’s no maximum redraw amount – as long as you have clear and available advance funds in your home loan account.

How do I know how much I can redraw without putting my account into arrears?

Before you redraw, don’t forget to:

  • Check the due date of your next loan repayment.
  • Ensure there’s enough money in your account to cover your next repayment
  • Schedule an additional repayment if there won’t be enough money to cover your next repayment.

Please note, we process repayments the evening of the day they are due so funds will still display in your account the day your loan repayment is due. Also, if your repayment is due that day, online banking shows your next repayment date.

If you are unsure about your repayments and available redraw balance, please call us on 133 282 or visit your local branch to discuss.

What’s the difference between my redraw facility and my offset account?

Your redraw facility forms part of your home loan balance which is owed to Great Southern Bank. Your offset account is the regular saving account you nominated to be linked to your home loan account and the credit balance does not form part of your loan. Interest is charged on the loan amount minus the balance in your Great Southern Bank nominated offset account.

Why does my home loan account balance increase when I use my redraw?

Your redraw forms part of your home loan which is payable to Great Southern Bank. When you redraw an amount, the amount is added on to your account balance. For example, if your home loan account balance is $100,000 and your redraw balance is $20,000, if you redraw $10,000, your home loan account balance becomes $110,000 and your redraw balance becomes $10,000.

Will my minimum repayment amount change if I redraw from my home loan?

No. Your minimum repayment amount does not change when you use your redraw.

I have a fixed rate home loan with a redraw balance showing in online and mobile banking. Can I redraw my advanced payments?

Some of our fixed rate home loans allow you to redraw your extra repayments. Like our current fixed rate loan which allows you to make up to $30,000 in extra repayments and has a free redraw facility. If you're unsure whether your account has a redraw facility available, you can call us on 133 282 to confirm.

Can I schedule a redraw online for a later date?

No. Redraw in online banking is instant and funds will appear be transferred at once from your home loan to your Great Southern Bank account.

If you’ve redrawn accidently, you can transfer these funds from your Great Southern Bank Account back into your home loan account and the transfer will happen immediately.

I have a small business / company / trust home loan with Great Southern Bank. Can I redraw online?

Online redraw is currently only available for home loan customers where the loan account has individual, joint and multiple borrowers. If you have a small business, company, or a trust home loan account, you can redraw by completing a redraw request form and either drop it in to your local branch, or send via secure message in online banking. You can find the form in the Forms and Brochures section.