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Anyone can experience financial stress

Financial stress can feel overwhelming, but there are a number of options for assistance and support to help get you through.

Great Southern Bank customers with home loans, business loans, personal loans, and credit cards can apply for our Financial Assistance Package.

We offer a range of repayment options for our products and our goal is to find solutions that best accommodate your circumstances.

Struggling to make ends meet can lead to other problems such as increasing debt, relationship stress and health issues, but there are people and programs that can help.

Further resources are listed at the bottom of this page and may assist with problems associated with financial stress.

Financial stress can be caused by a range of reasons, including:

  • Illness or injury
  • Losing your job
  • Natural disasters
  • Separation or divorce
  • Unexpected expenses
  • Covid-19 impact

How we can help

Financial Assistance Packages can vary depending on your circumstances and the product(s) you have with us. Typically, financial assistance is available for Great Southern Bank home loans, personal loans, and credit cards.

Information on specific Great Southern Bank products, repayment relief options, and terms and conditions are outlined below to help you find the best possible solution for your circumstances.

How to apply for a Financial Assistance Package

Home loan assistance

You can apply to defer your home loan repayments if you are experiencing financial stress.*

If you’re ahead on your repayments, consider redrawing those extra repayments fee-free to support you during this time.

Other ways we can assist:

  • Reducing your home loan repayments to the minimum amount
  • Switching to Interest Only repayments for up to 12 months**

*Please note that if you defer your home loan payments interest will continue to be added to your loan balance and your loan balance will progressively increase. You can still access and redraw any additional funds or additional payments you’ve made while your repayments are on pause, however you should be aware that all else being equal, the total amount of interest you will pay for the life of the loan, will increase slightly overall.

If you are considering a repayment deferral and would like to discuss your options, please contact 1800 110 440 and select option 2 for the Financial Assistance Team.

**An increase of interest rate may apply as the rates for Interest only loans could be higher than Principal and Interest Rates. Our current interest rates for Interest Only products are available on our website.

Personal loan assistance

Repayment relief and other assistance options are available for customers on request and are reviewed on a case by case basis. As an example, we can switch your loan to interest only repayments, or defer your payments for a period of time.

Are you ahead of your scheduled loan payments?

Some of our customers may be ahead of their scheduled personal loan repayments. If you are ahead on your repayments and have a product that supports redraw, then you could consider redrawing those extra repayments fee-free to support you during this time.

If you wish to discuss your financial assistance options further, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.

Credit card assistance

We can help in a number of ways, including waiving late fees on credit card repayments. Other assistance options (including repayment relief) may also be available for customers with incomes affected by COVID-19. Repayment relief is available on request and will be reviewed on a case-by-case basis.

Business loan assistance

Repayment relief is available for small business customers. We can also extend your loan term by the same length of time to ease the pressure and minimise the increase to your repayments when you start to make them again.

Please note that if you defer or reduce your loan payments, interest will continue to be added to your loan balance and your loan balance will progressively increase.

If you need to discuss your options further, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.

Common questions

How will it affect my credit report?

The Repayment History Indicator is a month by month report showing whether you’ve made your payments on time. If your account is not overdue when an application is processed, your Repayment History Indicator will continue to report your account is up to date.

If your account is already in arrears, Great Southern Bank will need to continue to report the outcome, if you are behind on your payments and have any concerns, please contact us on 1800 110 440 and select option 2 for the Financial Assistance Team.

How will it affect my repayments?

Once you are approved, you will receive a letter detailing your new repayment amount and the date your payments will recommence.

It is important to understand that your minimum repayment amount after the repayment deferral (sometimes called a “repayment holiday”) ends will be different to before you applied. This is because during a repayment deferral, interest continues to be added to your loan balance and therefore your loan balance will progressively increase.

Your repayments are then recalculated on the loan balance at the end of the deferral period to ensure you still repay your loan over the approved term. You may be able to apply for an extension on your loan term; however, you should be aware that this will affect the total amount of interest you will pay for the life of the loan.

If you need more information or wish to discuss your options, please call us on 1800 110 440 and select option 2 for the Financial Assistance Team.

What happens when my Financial Assistance Package is about to expire?

You will receive a letter with the date your repayments resume and the revised repayment amount. You may also want to set up an automatic transfer to re-start your payments on the date specified.

What if I am unable to re-start my repayments?

If you’re unable to recommence your repayments, please call us on 1800 110 440 to discuss further support options such as making partial payments.

We recommend restarting your loan repayments as soon as possible - even if only on reduced payments. This will help you save on interest in the long term.

Could insurance help?

You may have insurance cover for events of illness or involuntary unemployment. This could be through an income protection policy, a policy linked to your superannuation, or you may have purchased loan repayment insurance.

If you purchased loan repayment insurance with your Great Southern Bank loan, contact the Credicorp claims team on (07) 3552 4289 to see whether you’re eligible to make a claim.

How to apply for assistance
Our Financial Assistance Package application is meant to give us as much information about your financial situation as possible, because the better we understand your circumstances, the better we can assist you with options.
The process
1. Complete the form
If at any time you feel like you’d rather talk to somebody instead, call us on 1800 110 440 and select option 2 for the Financial Assistance Team.
2. We’ll contact you
Within 21 days to assess your request and provide you with an outcome or request further information, if needed.
Eligibility
Eligibility and application requirements
  • Your personal details, including Great Southern Bank customer number and account numbers
  • Your income details
  • Details of your monthly expenses
  • Details of what you own
  • Details of what you owe

More support resources

Financial Counselling

Contact the National Debt Helpline for free, independent and confidential advice if you are experiencing financial difficulty.

1800 007 007

Services Australia

Helpful information about Federal Government initiatives such as Centrelink, Medicare, Child Care, Social Work Services.

13 28 50 (multilingual 13 12 02)

MoneySmart

Australian Securities and Investments Commission (ASIC) runs this free service with easy-to-use tools to help you manage your money, plan, invest, or pay off debt.

Australian Financial Security Authority

Useful information and statistics, as well as application forms for managing debts and insolvency in Australia.

1300 364 785

Ask Izzy

Ask Izzy is a mobile website which connects people to nearby housing, meals, money help, health services and crisis support. Search over 370,000 support services across Australia. Local listings. Free & anonymous. 360,000 services. 24/7 service.

Important Information

Conditions apply. This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting on it.