- Great Southern Bank is one of Australia’s largest customer-owned banks.
- Its core home loan products include Basic Variable (no-frills, low-cost), Offset Variable (with 100% offset) and Fixed Rate (1, 2, 3, 5 years).
- Its home loans currently come with $0 monthly and annual fees, free redraw facility and unlimited extra repayments on variable loans.
- The Boost feature automatically directs between $0.01 and $5 to a home loan for every eligible debit card purchase.
- Great Southern Bank offers eligible borrowers extended loan terms up to 40 years.
Formerly known as Credit Union Australia, Great Southern Bank was renamed in 2021 and currently provides banking services to more than 400,000 customers.
The bank traces its origins to 1946 when it saw the opportunity to take on the banking establishment, providing responsible and affordable lending as Australia rebuilt its post-war economy.
Today, Great Southern Bank represents the amalgamation of more than 171 smaller credit unions to form one of Australia’s largest customer-owned banks.
The bank says it prioritises empowering its customers on their financial journeys and remains committed to helping all Australians achieve home ownership.
It boasts a branch network covering the east coast of Australia and Perth, as well as an Australian-based call centre.
What home loans does Great Southern Bank offer?
Great Southern Bank offers a range of home loan products for owner occupiers, first home buyers, and investors available on both fixed or variable rates.
“[This includes] our Basic and Offset Loans, as well as one-, two-, three-, and five-year fixed rate options, which you can easily apply for online,” a Great Southern Bank spokesperson told Savings.com.au.
Basic Variable Home Loan
A no-frills, low-cost home loan designed for borrowers who want essential features without an offset account. It comes with a variable rate and a free redraw facility. Other key features include:
- $0 monthly and annual fees
- Unlimited extra repayments
- Free redraw (minimum amount applies)
- Discounts may apply to eligible customers
- Establishment fee waived for online applications
Offset Variable Home Loan
Great Southern Bank offers this product to borrowers seeking a variable-rate home loan with a full offset account. Key features include:
- 100% multi-offset account
- $0 monthly and annual fees
- Unlimited extra repayments
- Free redraw (minimum amount applies)
- Discounts may apply to eligible customers
- Establishment fee waived for online applications
Fixed Rate Home Loan
For its fixed-rate loans, Great Southern Bank offers fixed terms of one, two, three and five years, during which borrowers can lock in their interest rates and know their exact repayments. Other features include:
- Fixed Rate Lock option
- $0 monthly and annual fees
- Up to $30,000 in extra repayments during the fixed term
- Free redraw (minimum amount applies)
- Establishment fee waived for online applications
Other lending options
Great Southern Bank also offers several specialist pathways to home ownership, including the following:
- First home buyer loans
- Investor home loans
- Refinance home loans
- Self-employed borrower options
- Extended loan terms (up to 40 years)
Borrowers eligible for 5% Deposit Scheme government guarantee may also check options available through Great Southern Bank.
Compare Great Southern Bank home loan interest rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.10% p.a. | $2,517 | Interest-only | Variable | $0 | $835 | 70% | |||||||||||||
6.04% p.a. | 6.10% p.a. | $3,011 | Principal & Interest | Variable | $0 | $835 | 70% | |||||||||||||
6.14% p.a. | 6.20% p.a. | $2,558 | Interest-only | Variable | $0 | $835 | 70% | |||||||||||||
6.14% p.a. | 6.20% p.a. | $3,043 | Principal & Interest | Variable | $0 | $835 | 70% | |||||||||||||
6.24% p.a. | 6.30% p.a. | $2,600 | Interest-only | Variable | $0 | $835 | 70% | |||||||||||||
6.24% p.a. | 6.30% p.a. | $2,600 | Interest-only | Variable | $0 | $835 | 80% | |||||||||||||
6.24% p.a. | 6.30% p.a. | $3,075 | Principal & Interest | Variable | $0 | $835 | 70% | |||||||||||||
6.24% p.a. | 6.30% p.a. | $3,075 | Principal & Interest | Variable | $0 | $835 | 80% | |||||||||||||
6.29% p.a. | 6.35% p.a. | $2,621 | Interest-only | Variable | $0 | $835 | 80% | |||||||||||||
6.29% p.a. | 6.35% p.a. | $3,092 | Principal & Interest | Variable | $0 | $835 | 80% |
Great Southern Bank home loan features
The Boost
One of Great Southern Bank’s unique features is The Boost. An optional digital tool, The Boost allows customers to automatically transfer between $0.01 and $5 to their home loan every time they spend using their Great Southern Bank debit card.
The Boost function can be turned on and off as required. And if there’s not enough in the debit account, the extra top-up won’t come out.
“[Our home loans] are backed by a range of intuitive tools to help our customers save smarter, not harder,” the bank’s spokesperson said.
No ongoing fees
All three core home loan products of Great Southern Bank currently have $0 monthly fees and $0 annual fees.
However, applicable transactional fees such as security administration and loan establishment may be payable. Great Southern Bank currently waives the establishment fee for home loan customers applying online.
Redraw facility and multi-offsets
Both variable-rate loans include a free redraw access, though a minimum amount is required per transaction in branch: $200, at the time of writing.
Great Southern Bank’s multi-account offset facility allows Offset Variable Home Loan borrowers to link multiple eligible accounts.
With features such as its 100% offset accounts and free redraw facilities, Great Southern Bank said its home loan products are designed to help borrowers “pay off their loans much sooner”.
Additional repayments
Great Southern Bank customers with variable-rate mortgages may opt to make unlimited additional repayments, while those on fixed loans are allowed up to $30,000 in total extra repayments during the fixed-rate term.
Split loan option
Great Southern Bank allows borrowers to split their loans between fixed and variable components. This allows borrowers to lock in rate certainty on the fixed part of the loan and access offset and extra repayment features on the variable component.
Extended loan terms
Eligible borrowers may access loan terms up to 40 years, which can reduce minimum repayments compared with a traditional 30-year mortgage.
To qualify, the applicant or at least one applicant (for joint applications) must be a first home buyer and all applicants must be aged 40 years or below.
Borrowers can use the loan to finance the purchase of a new or existing home or the construction of a new home as long as it will be owner occupied.
How is Great Southern Bank different from the big four banks?
When asked why someone should choose a Great Southern Bank home loan over a loan offered by one of the big four, the bank’s spokesperson said Great Southern’s products and services frequently rank among the top five in independent market reviews.
“At the same time, our Net Promoter Scores – a key indication of how likely our customers are to recommend us – are consistently far higher than any of the big four banks, thanks in part to our products, our great customer service, and our onshore call centres,” the spokesperson said.
“But don’t just believe us: our products consistently win major industry awards.”
Great Southern Bank awards and recognitions
Some Great Southern’s recent awards and recognitions include:
- Outstanding Value Transaction Accounts award in 2026
- Customer Owned Bank of the Year award in 2025
- Bank of the Year award in 2024
Also among the considerable list is an Australian Banking Innovation Award for the Most Innovative Mutual in 2019 and a DBM Australia Financial Award for Most Recommended First Home Buyers Loan in 2023.
Pros of Great Southern Bank home loans
- No monthly or annual fees
- 100% multi-account offset
- Free redraw facility
- Unlimited extra repayments on variable loans
- Supports government home guarantee schemes
- Up to 40 years extended loan terms available
- The Boost automatically directs payments with every spend
Cons of Great Southern Bank home loans
- Smaller product range than major banks
- Branch network more limited than major banks
- Additional fees still apply (e.g. security administration fee)
- Extra repayments on fixed loans capped at $30,000 for the whole term
How to apply for a Great Southern Bank home loan
To apply for a Great Southern Bank home loan or pre-approval for a home loan, typical eligibility requirements include:
- At least 18 years of age
- A permanent resident of Australia
- Buying a property or switching from another bank
Depending on the loan, applicants may need to meet additional requirements (e.g. being a first home buyer)
If you fit the criteria, you’ll need the documents listed below to apply online or over the phone with a lending specialist to begin your application.
Documents needed
- Valid ID (e.g. driver's licence, Australian passport, Medicare card)
- Income and employment details (e.g. most recent payslips or payment summary)
- Details of savings and assets (e.g. savings account or term deposit account details)
- Details of other loans and liabilities
- A breakdown of living expenses
- Loan purpose (e.g. contract of sale, copy of transfer of land, builder’s quote or tender)
- Loan statements if you’re refinancing
- Insurance documents (e.g. home and contents, life insurance)
- Quick note: This is a general guide only and other documentation may be required depending on individual circumstances.
Savings.com.au’s two cents
Great Southern Bank may suit borrowers seeking a straightforward home loan with competitive interest rates and a range of strong core features.
Particularly, its The Boost provides a unique way of paying down your home loan without you thinking too much about it.
Its fees are fairly transparent for all home loans but, as always, it pays to read the fine print to be certain on how other fees may be applied.
Great Southern Bank also offers a branch network for customers who prefer to do their banking, or some of their banking, in person.
Ultimately, its biggest strengths are its customer-owned structure and borrower-friendly home loan features. Although customers who prefer a wide product range and larger branch network may find the major banks a more suitable choice.