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

New Applications

How long does a Personal Loan application take?

Typically, an application takes around 20 minutes, depending on your situation. Having all the information ready (e.g.;payslip) before applying can help make this quicker.

How long until I can get access to funds?

It could take as little as 24hrs from time of application to loan disbursement (excluding weekends), should your Personal Loan get approved

What do I need to apply for a Personal Loan?

To apply for a Personal Loan, you’ll need:

  • A current email address and phone number.
  • For online applications, you’ll need your driver’s licence, passport and/or another form of ID details ready. This is so we can verify your identity.

The types of documents you’ll be asked for could include:

  • Proof of income such as the most recent pay slips, employment contracts, rental property statements, child support agreements, government benefit statements, etc.
  • Proof of other financial expenses and general living expenses such as your most recent transaction account statement or loan account statements.
Do I need to be an existing Customer to apply for a Personal Loan?

No, you can apply for a loan if you’re not a customer already. However, you’ll need to have a linked everyday account once the loan account has been created.

Who can apply for a Personal Loan?

Applicants who are:

  • 18 years of age or over.
  • Australian Permanent Residents with an Australian residential address.
  • Not currently bankrupt.
  • Receiving an income (e.g. salary credit, pension etc.)
  • Meet our credit lending policy.
Can we apply for a joint Personal Loan?

Yes, we do support joint personal loan applications. The same process applies.

About our Personal Loans

What's the difference between a fixed rate and a variable rate personal loan?
  • A Unsecured Fixed Personal Loan charges a fixed interest rate for the entire life of the loan. This means you’ll enjoy the certainty of always knowing how much your repayments will be. However, you won’t be able to take advantage should there be a decrease in the lending interest rates.
  • A Unsecured Variable Personal Loan charges an interest rate that is subject to change. This means you could enjoy a lower rate, should the lending rates change. However, you could incur a higher interest rate if the lending rates increase
  • What is a comparison rate?

    A comparison rate will help you identify the true cost of the loan, which includes the interest rate plus all the relevant fees and charges for a loan.

    Credit Score

    How is a credit score calculated?

    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, 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.

    How can I check my credit score?

    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:

    Will applying for a loan impact my credit score?

    Each time you apply for a loan, a record is made on your credit report. Although this may result in a temporary dip to your credit score, it will recover as long as you stay on top of your current repayments and keep future loan applications to a minimum.

    It’s important to avoid submitting multiple loan applications within a short space of time, as this will most likely lead to a decline in your credit score.

    How can I improve my credit score?

    There are a few things you can do to help improve your credit score:

    1. Make sure you pay all your existing debts, loans, and bills on time. This will help show that you can manage your finances and meet your financial commitments.
    2. Remember that each time you submit a loan application, it is recorded on your credit file and reduces your credit score. So, try not to submit too many unnecessary loan or credit applications.
    3. Make your credit card payments on time. Whether you’re paying off the full balance or just making your minimum repayment, doing so before the due date every month demonstrates that you are financially responsible and can help build your credit score.

    You can check your credit file at any time too.

    If you believe there is an error on your file, you should contact the relevant credit provider or reporting agency to have it corrected. If you’re unhappy with their response, you can speak to a financial counsellor by calling the National Debt Helpline on 1800 007 007.

    Managing your Personal Loan

    Can I make additional repayments?

    Yes, you can make additional repayments on your loan without attracting a fee.

    Can I change my repayment frequency to weekly or fortnightly instead of monthly?

    Yes. Weekly or fortnightly repayments can be changed to monthly. However, monthly repayments cannot be changed. In this case, you can easily set up Periodical Payments on a weekly or fortnightly basis to meet your monthly repayment.

    Am I able to cancel my direct debit (also known as Periodical Payment)?

    Yes, you can cancel the Periodical Payment set up for your loan. However, the onus will be on you to ensure the agreed loan repayment is still paid manually on or before the due date.

    Can I top up my loan?

    Yes. Customers can apply for additional funds on their existing Unsecured Personal Loan by refinancing their current loan into a new loan. We don’t charge early payout fees for this facility.

    Can I set up a direct debit from an external account?

    Yes, Personal Loan repayments can be received from an external account. You’ll just need the Personal Loan account number and BSB number.

    Am I able to put my loan account on hold due to financial difficulties?

    If you experience financial difficulty and believe you cannot meet your agreed loan repayment, you can visit your local branch, speak to a Personal Banker of your choice through iM CUA or contact us on 133 282.Great Southern Bank understands that the unexpected can arise from time to time and we’re here to help you get back on your feet.

    Will I incur an early payout fee if I pay out my Great Southern Bank Personal Loan before the end date?

    No. Unlike some other financial institutions, you’ll be able to pay off your Great Southern Bank Personal Loan sooner without being charged a payout fee.

    Why am I unable to close my Great Southern Bank Personal Loan by transferring the remaining balance owing?

    The balance of your loan account viewable on your internet banking or through a bank statement, is not indicative of any interest accrued on that day and does not take into account any applicable refund of Loan Repayment insurance.

    To obtain a loan payout figure, please contact us.

    My Great Southern Bank Personal Loan for debt consolidation was funded but the other financial institution didn’t receive anything yet?

    Once your personal loan has settled, you will need to transfer the funds into your settlement account/s. This can typically take between 2-3 business days for funds to clear between financial institutions.

    Can I redraw my payments in advance?

    New Great Southern Bank Personal Loans issued from October 2017 are available for redraw.

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

    Can I close my personal loan through Great Southern Bank Online Banking?

    Yes. Simply click on ‘Transfer Funds’ and select the account you wish to transfer the funds from. Then, select your Personal Loan under ‘To Account’ and click the ‘Payout Loan’ button.

    You’ll then be presented with the following information:

    • Outstanding balance
    • Plus accrued interest
    • Minus Loan Repayment Insurance refund (if applicable)
    • Total Payout amount.

    The payout figure presented will be valid for that day only. To proceed with the payout, simply click continue and then select ‘Payout Loan’ at the Confirmation screen.

    IMPORTANT : You will need to delete any Periodical Payments you have manually set up for the loan repayments. Any automatic payments will be cancelled.