Great Southern Bank Home Loans Review

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on November 09, 2021 Fact Checked
Great Southern Bank Home Loans Review

Through a series of mergers, its continuous growth has seen the organisation recognised for numerous awards, such as the “Most Innovative Mutual” at the Australian Banking Innovation Awards in 2019.

Great Southern Bank’s Chief Customer Officer Megan Keleher told Savings.com.au the bank knows how important achieving home ownership is to Australians.

“Great Southern Bank is owned by customers for customers, with a clear purpose to help all Australians own their own home. We offer a range of tools, features, and products to help our customers get that home and get there sooner,” she said.

“As well as award-winning everyday banking and savings accounts, we also offer credit cards, home and personal loans, general and health insurance, as well as great online and mobile banking services, and support for our customers through an Australian-based call centre.”

What home loan features does Great Southern Bank offer?

Whether you’re buying your first home, building your own, refinancing or looking to invest in property, Great Southern Bank has a wide range of home loans to suit a number of these needs. Some of the most widely advertised products it carries include:

  • Basic Variable: a low-rate home loan with features such as unlimited extra repayments.

  • Offset Variable: a premium home loan with smart features like split loan options and top-ups.

  • 2-Year Premium Fixed Home Loan: with a competitive rate to lock in and the ability to make additional repayments over the fixed term.

  • Equity Line of Credit: an all-in-one variable rate home loan for better control and easy access to funds.

Many Great Southern Bank variable home loans offer a no monthly fee loan account, with offset and redraw facilities that enable you to save on interest while still retaining access to your safety net. A construction loan option is also available for those looking to build their own properties.


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Lender
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
NO ONGOING FEES

Basic Variable Owner Occupier Principal & Interest (LVR ≤ 80%)

NO ONGOING FEES
VariableMore details
100% FULL OFFSET ACCOUNT

Offset Variable Owner Occupier Principal & Interest (LVR ≤ 80%)

100% FULL OFFSET ACCOUNT
VariableMore details

Basic Variable Owner Occupier Construction (LVR ≤ 80%)

VariableMore details

Basic Variable Owner Occupier Construction (LVR 80%-90%)

FixedMore details

Fixed Rate Inv IO - 1 Year

VariableMore details

Basic Variable Owner Occupier Principal & Interest (LVR 80%-90%)

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of November 27, 2021. View disclaimer.


What are the ways Great Southern Bank can save customers money?

  • The Boost helps you to save every time you spend money. You set an amount between 1c and $5 to get transferred from your Everyday Snap Account to your Home Saver Account every time you spend. For example, if you set The Boost to $2 and make three transactions a day, you could force yourself to save over $2,000 a year.

  • The Vault hides your Home Saver Account from sight, reducing temptation to dip into your savings, but still allows you to access your money in case of emergency.

  • The Home Saver account rewards you with bonus interest when you deposit $2,000 into your Everyday Snap Account and make five card transactions a month.

Am I eligible for a Great Southern Bank home loan

Eligibility criteria

No matter which home loan product you’re applying for, to ensure a successful application, you generally need to:

  • Be 18 years of age or over

  • Be an Australian citizen or permanent resident

  • Have a regular source of income

  • Demonstrate your ability to service the loan

Why choose Great Southern Bank over the lenders?

The following are some of the prominent features that accompany a Great Southern Bank home loan:

  • Redraw facility: Free redraw lets you withdraw funds from any extra repayments you have made without incurring any fees.

  • Offset account: An offset facility lets you offset your savings against your mortgage, helping you to save more in interest over time.

  • Additional repayments: Additional or extra repayments are allowed, with terms and conditions applying to some of the loan accounts.

  • No Monthly Fees: A majority of Great Southern Bank home loan products have no monthly account keeping fees.

  • Interest-only option: An interest-only option is available for eligible home loans. Terms and conditions apply.

  • Split loan: Great Southern Bank allows you to pay part of your home loan on a variable interest rate and the other part on a fixed rate.

How to apply with Great Southern Bank

To apply for full or pre-approval, Great Southern Bank has a three step process.

Having the documents listed below, you can talk online or over the phone to a lending specialist to begin your application, which will then be assessed for approval by Great Southern Bank.

Documents needed

Make sure to have the following documents handy before proceeding with your application:

  • Proof of ID (e.g., passport, driver’s license, birth certificate, citizenship certificate)

  • Proof of income (e.g., payslips, most recent payment summary, shareholding statements)

  • Details of savings and assets (e.g., savings account or term deposit account details, share investment statements)

  • Details of other loans and expenses (e.g., loan statements, utility bills, credit cards)

  • 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)

Please note: this is only intended as a general guide. It is not intended to be an exhaustive list of all relevant documents you need to supply. Please obtain advice from Great Southern Bank home loan specialist where needed before proceeding.


Image by Jacques Bopp via Unsplash

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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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