Curious which steps actually speed up approval and cut time to settlement?
The page guides users through a clear, step-by-step process so they know what to prepare and how to apply. It explains timelines, typical documentation and how assessment criteria work to strengthen an application.
Formerly Credit Union Australia, great southern bank rebranded after merging many credit unions and now serves over 400,000 Australians. It focuses on responsible, affordable lending, onshore service and tools like The Boost that help borrowers manage repayments and costs.
The introduction sets expectations on advertised p.a. and comparison rate, fees and credit checks. It also previews the full range of loans, channels for contact and tips to reduce back-and-forth so applicants move from first enquiry to settlement with fewer delays.
Why choose Great Southern Bank for your next loan
Service, savings and clear information matter more than headline rates when comparing lenders.
As a customer-owned bank formed from more than 170 credit unions, great southern aligns returns to members. That structure often yields sharper pricing, practical features and service that stays local.
Its home lending has won industry awards for innovation and first home buyers. Independent Net Promoter Scores sit above the Big Four, which points to faster updates and fewer surprises during approval and settlement.
Research cited by the bank shows customers saved, on average, more than $2,100 versus major banks in the year to 30 June 2024. That highlights how interest and fee settings affect total cost over time.
Southern bank offers a wide product range and onshore support across branches and phone. Borrowers get flexible features like options for extra repayments, tools to pay balances sooner, and helpful comparison info to weigh up value beyond simple rate figures.
Check you’re eligible before you apply
Confirming simple eligibility rules up front saves time and reduces surprises.
Applicants must be at least 18 and an Australian citizen or permanent resident to start. Great Southern Bank asks whether people apply alone or with a partner, because joint borrowers share obligations. Evidence of steady income and current address speeds checks and helps show serviceability.
Credit history also matters. A stronger credit profile usually leads to faster decisions and better outcomes. Borrowers should list existing liabilities and regular expenses so the lender can assess repayment capacity accurately.
Those seeking an unsecured fixed personal or a fixed personal loan should have employer details and payslips ready. Market materials may show a 19.99 p.a. comparison for some products, but actual interest and low rate credit offers depend on profile. Deciding if you are buying or switching ahead of time helps set realistic timelines and how repayments fit a household budget.
Documents you’ll need to start fast
Start by gathering the core documents that speed verification and reduce delays.
Applicants should bring 100 points of ID — for example a passport, driver’s licence and Medicare card — so know‑your‑customer checks clear quickly.
Proof of income is essential. Include recent payslips, the latest payment summary or dividend statements to demonstrate stable income and serviceability.
Also collect evidence of savings and assets, such as term deposit or share statements, plus details of other liabilities. Current loan statements, utility bills and any credit cards records help assess affordability.
If buying, add the contract of sale, transfer of land copy or builder’s quote. For refinancing, include the existing loan statements to allow accurate payout figures.
Provide insurance policies (home and contents, life) when requested. Supplying complete information up front helps great southern bank move the credit decision along with fewer queries and faster settlement.
Great Southern loan application: the step-by-step process
Follow a simple step plan to get verified, approved and settled faster with minimal fuss. Applicants can apply online or by phone with a lending specialist if they meet basic criteria (18+, permanent resident, buying or switching).
Decide whether a variable offset, basic variable or fixed product best suits goals. The bank’s range includes a Basic Variable with no monthly fees and unlimited extra repayments, a Variable Offset with 100% multi-account offset, and fixed options that allow extra repayments up to $30,000 during the fixed term.
Start the process by completing eligibility checks and supplying credit, income and expense details. Upload ID, payslips and property or asset documents so the lender can run serviceability models and initial credit checks.
Valuation and payout steps follow depending on whether it is a purchase or refinance. Conditional approval will list any outstanding items; satisfy these to get formal approval on your chosen rate and p.a. terms.
At settlement set up offset or redraw accounts, then enable tools such as The Boost to make extra repayments automatically as you spend. Keep in touch with the southern bank contact to track timelines and changes over the years.
Home loan options and features to help you pay loan sooner
Small features can make a big difference when the goal is to pay your balance down faster. Great Southern Bank offers a range of products designed to reduce interest and speed repayment without complex steps.
The Basic Variable has no monthly fees, allows unlimited extra repayments and includes free redraw (minimum $200). This suits borrowers who want a simple structure and flexibility to make extra repayments when funds allow.
The Variable Offset provides a 100% multi-account offset, split options, unlimited extra repayments and free redraw. Using offset reduces interest charged on the balance and helps pay loan sooner while keeping day-to-day access to cash.
Fixed options give rate certainty for a chosen term and permit extra repayments up to $30,000 during the fixed period, with redraw available and interest-only choices for some terms. Split strategies can combine fixed and variable parts to balance predictability and flexibility.
Tools such as The Boost let customers automate small transfers ($0.01–$5) each time their card is used, turning regular spending into steady principal reduction. Compare published p.a. and comparison rate against your planned term and years remaining to optimise total savings.
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Understanding rates, fees and the comparison rate
A clear view of interest, fees and comparison rates shows the true cost across any chosen term.
The advertised p.a. rate shows yearly interest, but the comparison rate folds in many common fees and a standardised period to make comparisons fairer.
Borrowers should check establishment, ongoing and exit fees alongside the nominal rate. Monthly fees (if any) and one‑off charges can change the effective p.a. comparison rate markedly.
Variable products with offset and redraw reduce interest payable even if the published rate looks higher. Fixed options trade flexibility for certainty; some fixed personal loan products allow extra repayments up to $30,000 during the fixed term and offer redraw or interest‑only choices.
Market examples sometimes cite figures like 19.99 p.a. or a 19.99 p.a. comparison, but actual pricing depends on credit profile and chosen structure. Use published information and the bank app to view current rates and confirm the final comparison rate before you sign.
Apply and manage your banking the easy way
A single app puts account balances, card controls and fast transfers within easy reach.
The great southern bank mobile banking app lets users check balances, schedule payments and use PayID or Osko for fast transfers. It shows current interest and p.a. rate information for home and personal products.
Card management is straightforward: activate new cards, reset a PIN, enable fingerprint or Face ID and lock a card temporarily if misplaced. Users can view pending transactions and tidy payees and billers in a few taps.
The Vault helps hide a savings account to reduce temptation and support steady progress toward repayments. Where available, customers can see a loan redraw amount so they know how much prepaid credit is accessible.
Registration is flexible — via the app, online, by phoning 133 282 or visiting a branch. Security guidance is clear: never share passwords or customer numbers and call 133 282 if anything looks suspicious.
Switching or refinancing to Great Southern Bank
Switching to a new mortgage can unlock better features and clearer pricing for the years ahead. Applicants must meet basic eligibility: 18+ and an Australian permanent resident.
Refinancers should gather current loan statements and confirm payout amounts. Check any break costs if leaving a fixed period and include those figures when comparing rates and the comparison rate across lenders.
Compare advertised p.a. and comparison figures, and factor in discharge or setup costs to estimate real savings. The bank reports customers saved an average of $2,100 versus major banks to 30 June 2024.
Decide if a Basic Variable, a Variable Offset with 100% offset, or a fixed option (allowing up to $30,000 extra repayments and redraw) fits goals. The southern bank’s branches and onshore call centre assist with forms, contract signing and coordination with the outgoing lender.
Update property insurance and any bundled services after settlement. Map a realistic settlement window, supply complete documents, and borrowers can move to a structure that balances interest certainty and flexibility for the coming years.
Ready to get started today
Make your first move today — choose the way that suits you and prepare a short pack of key documents to speed things up.
Start online, call 133 282 to speak with a lending specialist, or visit a local branch for face‑to‑face support. Confirm eligibility: 18+, permanent resident, and whether they are buying or refinancing.
Have ID, proof of income, asset and liability details, and any property paperwork ready. Ask about product structure, expected p.a. and the rate that will apply to your profile.
Register for the mobile app during the process and enable biometrics for secure access. Clear communication and a compact checklist help southern bank move an enquiry to approval with fewer delays.
