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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.

Note: If you pay your loan repayment by cheque, you need to make sure funds are clear and available before your loan repayment is due. See our standard cheque clearance times in our General Information Terms & Conditions.

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.

Home Loan Redraws

What is redraw?

Redraw lets you access the additional payments you’ve made on your home loan. It’s a standard feature on most Great Southern Bank home loans (except the Great Southern Bank Fixed Rate Home Loan). It’s a free facility that gives you access to your lump-sum and extra payments. You can use your redraw for whatever you want, eg. family holidays or renovating your home. You can also draw upon it if you just need some financial breathing space.

How can I redraw online?

If you have a home loan with a redraw facility, you can access your redraw quickly and conveniently from Great Southern Bank Online Banking. Simply log on and follow the steps below or see our ‘how to’ guide:

  • On your Account Overview screen, select ‘View Details’ from the home loan account you want to redraw from
  • Click the ‘Online Redraw’ button
  • From the Create Payment screen, the ‘From Account’ will be pre-selected, so now select the Payee from the drop down menu (your redraw can only be transferred to a Great Southern Bank savings or transaction account)
  • Enter the redraw amount and reference and click ‘Continue’
  • From the ‘Payment - Confirmation’ screen, review the redraw details and click ‘Confirm’
  • For single account borrowers, you’ll receive a ‘Payment Acknowledgement’
  • For joint and multiple account borrowers, you’ll go to the ‘Payment - Additional Approval Required’ screen. You then need to select ‘Send Authorisation Request’ (See the ‘how to’ guide for more details)

You need to be registered for Great Southern Bank Online Banking to use online redraw. To register, you can call us on 133 282 or visit your local branch. If you have a home loan with more than one account borrower, all account borrowers need to be registered for Great Southern Bank Online Banking to use this facility.

Please note, online redraw is currently only available for home loan customers.

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?

As well as online redraw, you can call us on 133 282 to redraw over the phone or drop into your local branch and we’ll process your request for you. If you redraw over the phone or in branch, a $200 minimum amount applies and your request will take up to 24 hours to process.

How can I check my redraw balance?

The best way to check your current redraw balance is on online banking. Go to Account Details on the Account Overview screen and select ‘View Details’. You can also call us 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. There are no fees to access your redraw whether it’s online or in the branch.

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 to transfer funds to your Great Southern Bank savings or transaction accounts – 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, remember to check the due date of your next loan repayment and make sure there’s enough money in your account to cover your next repayment (remembering it could be that day) or arrange an additional repayment before your next due date.

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 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 Great Southern Bank Fixed Rate Home Loan with a redraw balance showing in online banking. Am I able to redraw my advanced payments?

Redraw is not a feature of our Great Southern Bank Fixed Rate Home Loan. The redraw balance showing in online banking is your advanced payments, but these aren’t available to redraw. If you would like a home loan with a redraw facility, call us to talk to us about your switching options.

Can I schedule a redraw online for a later date?

Redraw online only has a pay ‘Now’ option in online banking. Funds will be transferred immediately from your home loan to your Great Southern Bank account.

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

Online redraw is currently only available for individual home loan customers. If you have a small business, company, or a trust home loan account, you can redraw by completing a 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.