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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.

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 is a comparison rate?

A comparison rate is the interest rate, plus any 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.

What is a personalised interest rate?

A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.

When you apply for a personal loan your individual situation and your credit score will be considered when calculating your personalised interest rate.

How do you calculate my rate?

The rate you are offered is calculated 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.

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.

Should I check my credit score before applying?

Knowing your credit score will help you estimate your personalised interest rate. It’s also another way to get clever with your finances.

Checking your own credit report won’t hurt your scores. Some credit reporting agencies have a limit on the number of free credit checks you can make in a short period of time. Don’t forget to ask before you apply.

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 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 personal loan payments?

Our free redraw facility is available to customers with Great Southern Bank Personal Loans issued from October 2017 onwards.

If you’re ahead on your personal loan repayments but need some cash, redraw allows you to withdraw your extra repayments for free. Redrawing these surplus funds can be easily done in online banking, at your local branch or by calling 133 282.

Can I redraw online?

Yes. If your Great Southern Bank Personal Loan has a redraw facility, you can redraw your additional repayments in online banking.

You’ll need to register for online banking to redraw. If you have a personal loan with more than one signatory, all parties need to be registered for online banking to authorise the redraw request.

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

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 banking app:
    Go to the Accounts screen to view your personal loan redraw balance.

You can also call us on 133 282 to check your redraw 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.

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

Yes. Joint 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 borrower 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 then needs to log on to Online Banking 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 personal loan account.

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

There are a few things you can do before you redraw, these include:

  • Check the due date of your next loan repayment.
  • Ensure there’s enough money in your home loan 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. 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.

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

Your redraw forms part of your personal 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 personal loan account balance is $25,000 and your redraw balance is $5,000, if you redraw $2,000, your personal loan account balance becomes $27,000 and your redraw balance becomes $3,000.

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

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

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.

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.

Important Information

*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.

Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.