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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’s the process for applying for a personal loan with us?
  1. Decide on your goals: loan purpose and the desired loan amount.
  2. Decide on the loan that’s right for you
  3. Submit an application:
  4. Provide documents to support your application . If applying in branch or through iM CUA or over the phone, you’ll be told which documents to provide. If you’re applying online, you’ll receive an email after submitting your application specifying which documents we require.
  5. If approved and you accept our loan offer, the loan will be funded and your repayments will begin.
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 encompasses the true cost of the loan, which includes the interest rate plus all the relevant fees and charges for a loan.

    What’s the process for applying for a personal loan with us?

    Check out our Borrowing Power Calculator for Personal Loans to see how much you could afford to borrow based on your income and expenses.

    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.