What happens when my fixed rate expires?
When the fixed rate term of your Great Southern Bank Home Loan expires, your loan will automatically roll on to the variable rate product specified in your contract.
When this happens, several options will be available to you. However, we understand that this might be both confusing and concerning for customers, as you adjust to the new repayment amounts.
Which variable rate will my home loan roll to?
The variable rate product your home loan will roll to depends on when you fixed your current loan with us.
This is the product your loan will roll to for applications submitted before September 28, 2021.
Benefits
This is the product your loan will roll to for applications submitted from September 28, 2021.
Benefits
Keen to know your repayments?
Enter your home loan details and quickly estimate your new repayments
Your repayment changes
with an interest rate of 6.25%
This calculator provides general information only and should not be relied on to make a decision about a financial product. You should consider obtaining advice from an appropriately licensed financial services professional before making any financial decisions.
Important information
New repayment is for the repayment type, interest rate, loan balance, and years remaining on loan that has been input. It assumes the interest rate remains the same for the term of the loan. Changes in interest rates, loan balance and loan term will affect the new repayment amount.
The results from this calculator should be used as an indication only.
The outputs are based on a 364 day year; one year is assumed to contain exactly 52 weeks or 26 fortnights. All months and fortnights are assumed to be equal. Given some months are longer than others interest charged will vary depending upon the month.
The calculations do not take into account fees, upfront costs, charges or other amounts that may be charged to your loan (such as monthly or annual service fees). Continuing fees and charges will affect the repayment amount.
The calculator assumes that interest is charged to the loan account at the same frequency as the repayments are made. In practice, there may be differences between the timing of the loan repayments and the timing of the interest charges being added to the loan balance.
The amounts shown are rounded to the nearest dollar.
What alternative options do I have?
If you choose to refix your loan, it will be at our current fixed term rate rather than the one you had before. Although the rates on these products are different, there are a number of potential advantages in doing so.
Most important among these is knowing exactly what your repayments will be for the duration of the fixed term. If you value certainty over flexibility, this could be the way to go.
Here are some of the benefits of refixing with Great Southern Bank:
- $0 monthly account and annual fees.
- Locked-in interest rate for one, two, three, or five years.
- Free redraw of your extra repayments.2
- Up to $30,000 fee-free extra repayments over the duration of the fixed-rate term3.
An offset account allows you to use the balance of a linked transaction account to “offset” (or reduce) the balance of your home loan that interest is charged on.
So, for example, if you have a home loan balance of $300,000 and have $30,000 in your offset account, you'll only pay interest on a home loan balance of $270,000.
Here are some of the benefits of switching to our Offset Variable Home Loan:
- Reduce the amount of interest you pay over the life of your loan by opening up to six offset accounts.1
- No monthly or annual fees.
- Unlimited extra repayments without penalty.
- Free redraw2 – access your additional repayments whenever you need to.
- Pair with The Boost for home loans – choose an amount from $0.01 to $5 to be transferred to your home loan every time you use your Visa Debit card.
It’s worth remembering that you’re not restricted to choosing between a fixed rate and a variable home loan. You can have the best of both worlds with a split loan.
When you split your home loan, you have a fixed portion and a variable portion.
For example, a $500,000 home loan could be split like this:
- a $200,000 variable principal and interest home loan
- a $300,000 three-year fixed principal and interest home loan
With a split home loan, you can manage the risk of an interest rate rise with a fixed portion, while also enjoying the extra features of a variable rate home loan such as an offset facility, redrawing payments if you need to, or making extra repayments to pay your loan off early.
We understand that you may have concerns about being able to make your new repayments. To find out options that may be available to you, go to our Financial Assistance page.
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1. You must maintain a minimum balance of $500 in each offset account to obtain an offset benefit. You will also not receive any interest on the funds in your offset accounts.
2. A $200 minimum withdrawal amount applies for redraws conducted in-branch.
3. A daily transfer will refund any amounts paid in advance in excess of the total advance repayments allowed during the fixed rate period ($30,000) unless sufficient to pay out the loan in full (in which case an Early Payout Cost may apply). Excess funds will be transferred to the nominated deposit account, which must remain open for the fixed rate period.
^ An Early Payout Cost may apply if the loan is terminated during the fixed rate period. A partial Early Payout Cost may apply if a reduction to the principal is requested during the fixed rate period. Click here to view the Early Payout Cost Factsheet.
* The results from this calculation should be used as an indication only. Repayment is for principal and interest. Changes in interest rates, repayment frequency and loan term will affect the repayment and savings amounts. The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as monthly or annual service fees). If you are borrowing more than 80% of the value of the property, Lenders Mortgage Insurance will apply. Any of these additional amounts will increase the repayments and decrease the savings under the loan. Lending is to approved applicants only and all lending is subject to a detailed credit assessment.
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.