Great Southern Bank
Great Southern Bank (formerly CUA) is the largest credit union in Australia, with almost half a million customers. Great Southern Bank is owned by these customers, and not by shareholders.
Great Southern Bank's origins date back to 1946 when two small credit unions opened and joined forces to offer fairer deals than the banks. Since then, there’s been a series of amalgamations and today Great Southern Bank is made up of 171 credit unions.
Pros and cons
- A range of home loans to choose from
- Suitable for low deposits
- Parents can act as guarantors for some loans
- Opportunity to package financial products
- Flexible repayment schedule with weekly, fortnightly or monthly repayment options
- Not all products offer offset facilities
- Some products have upfront and annual fees
Owner occupied products interest rates
|Loan type||Principal & Interest rate||Interest Only|
Basic Variable Owner Occupier Construction (Min Deposit 20%)
2.47% p.a. Comparison rate
Basic Variable Owner Occupier (Min Deposit 20%)
2.52% p.a. Comparison rate
Offset Variable Owner Occupier Construction (Min Deposit 20%)
2.62% p.a. Comparison rate
Offset Variable Owner Occupier (Min Deposit 20%)
2.68% p.a. Comparison rate
Basic Variable Owner Occupier Construction (Min Deposit 10%)
2.71% p.a. Comparison rate
Basic Variable Owner Occupier (Min Deposit 10%)
2.76% p.a. Comparison rate
Offset Variable Owner Occupier Construction (Min Deposit 10%)
2.91% p.a. Comparison rate
Offset Variable Owner Occupier (Min Deposit 10%)
2.96% p.a. Comparison rate
Basic Variable Owner Occupier Construction (Min Deposit 5%)
3.06% p.a. Comparison rate
Offset Variable Owner Occupier Construction (Min Deposit 5%)
3.17% p.a. Comparison rate
3 Year Fixed Rate OO IO (Min Deposit 10%)
3.56% p.a. Comparison rate
2 Year Fixed Rate OO IO (Min Deposit 10%)
3.63% p.a. Comparison rate
1 Year Fixed Rate OO IO (Min Deposit 10%)
3.71% p.a. Comparison rate
Basic Variable Owner Occupier Principal & Interest (Min Deposit 20%)
2.44% p.a. Comparison rate
Offset Variable Owner Occupier Principal & Interest (Min Deposit 20%)
2.59% p.a. Comparison rate
Basic Variable Owner Occupier Principal & Interest (Min Deposit 10%)
2.69% p.a. Comparison rate
Offset Variable Owner Occupier Principal & Interest (Min Deposit 10%)
2.89% p.a. Comparison rate
Basic Variable Owner Occupier Principal & Interest (Min Deposit 5%)
3.04% p.a. Comparison rate
Offset Variable Owner Occupier Principal & Interest (Min Deposit 5%)
3.14% p.a. Comparison rate
5 Year Fixed Rate OO P&I (Min Deposit 5%)
3.34% p.a. Comparison rate
3 Year Fixed Rate OO P&I (Min Deposit 5%)
3.36% p.a. Comparison rate
2 Year Fixed Rate OO P&I (Min Deposit 5%)
3.48% p.a. Comparison rate
1 Year Fixed Rate OO P&I (Min Deposit 5%)
3.65% p.a. Comparison rate
Investment purpose products interest rates
|Loan type||Principal & Interest rate||Interest Only|
Basic Variable Investor Construction (Min Deposit 20%)
2.73% p.a. Comparison rate
Basic Variable Investor (Min Deposit 20%)
2.79% p.a. Comparison rate
Offset Variable Investor Construction (Min Deposit 20%)
3.03% p.a. Comparison rate
Basic Variable Investor Construction (Min Deposit 10%)
3.03% p.a. Comparison rate
Basic Variable Investor (Min Deposit 10%)
3.09% p.a. Comparison rate
Offset Variable Investor (Min Deposit 20%)
3.09% p.a. Comparison rate
Offset Variable Investor Construction (Min Deposit 10%)
3.23% p.a. Comparison rate
Offset Variable Investor (Min Deposit 10%)
3.29% p.a. Comparison rate
3 Year Fixed Rate Inv IO (Min Deposit 10%)
3.79% p.a. Comparison rate
5 Year Fixed Rate Inv IO (Min Deposit 10%)
3.79% p.a. Comparison rate
2 Year Fixed Rate Inv IO (Min Deposit 10%)
3.9% p.a. Comparison rate
1 Year Fixed Rate Inv IO (Min Deposit 10%)
4.08% p.a. Comparison rate
Basic Variable Investor Principal & Interest (Min Deposit 20%)
2.69% p.a. Comparison rate
Basic Variable Investor Principal & Interest (Min Deposit 10%)
2.99% p.a. Comparison rate
Offset Variable Investor Principal & Interest (Min Deposit 20%)
2.99% p.a. Comparison rate
Offset Variable Investor Principal & Interest (Min Deposit 10%)
3.19% p.a. Comparison rate
5 Year Fixed Rate Inv P&I (Min Deposit 10%)
3.75% p.a. Comparison rate
3 Year Fixed Rate Inv P&I (Min Deposit 10%)
3.76% p.a. Comparison rate
2 Year Fixed Rate Inv P&I (Min Deposit 10%)
3.88% p.a. Comparison rate
1 Year Fixed Rate Inv P&I (Min Deposit 10%)
4.07% p.a. Comparison rate
Home loan repayment calculator
Thinking about taking out a home loan with Great Southern Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Great Southern Bank home loans compare with other options.
Your estimated mortgage repayments
at interest rate 1.94%
Total interest payable
Total loan repayments
Great Southern Bank customer service
Great Southern Bank home loan customers can get in touch with the credit union by visiting one of its 60+ branches Australia-wide. Alternatively, customers can contact the customer service centre by phone. Customers can also submit a query through the Great Southern Bank website or by emailing the lender directly. For straight forward banking transactions Great Southern Bank customers can use internet banking and their mobile app 24-hours a day.
- Customer service centre (phone, email, branch)
- Mobile app
- Online banking
How to apply for a Great Southern Bank home loan
Home loan enquires can be submitted online and a Great Southern Bank home loan specialist will provide a call back. Applications can be completed face-to-face in a branch or over the telephone.
Before you submit a loan application it’s important consider how much you can afford to borrow before making any commitments.
To support your Great Southern Bank home loan application, you may need to provide several documents, including:
- Personal identification
- Personal income details
- Details of current debts and assets
- Information about the property
Great Southern Bank home loans
Great Southern Bank caters for a wide variety of mortgage customers, including:
- First-home buyers
- Those building their own property (Building/Construction loans)
- Self-employed (low-doc loans)
Great Southern Bank mortgage customers can choose from a range of interest rate options:
- Principal and interest
The longest term offered at Great Southern Bank on a home loan is 30 years, and its fixed interest rate mortgages range from one to five years. Depending on the loan, some Great Southern Bank mortgages also include added features, like offset accounts, the ability to make extra repayments, and redraw facilities.
Some Great Southern Bank home loans also allow a loan top-up, which gives you the ability to use the equity in your property to pay for expenses like renovations, or for a deposit on an investment property.
Great Southern Bank also offers package home loans, which include benefits and discounts on a range of financial products, including credit cards and insurance.
Great Southern Bank home loan rates
To compete with the big banks, Great Southern Bank offers mortgage rates that are generally lower than the market average.
Some of Great Southern Bank's lowest rates are found on home loan packages for new customers and refinancers. Owner occupiers and those paying principal and interest tend to receive lower rates than investors and those paying interest only.
Some of Great Southern Bank's mortgages have no ongoing fees, though there are upfront fees to consider. Great Southern Bank also offers free redraw and extra repayment options on most of its mortgages.
Great Southern Bank home loan review
Great Southern Bank's headquarters are in Queensland, but Great Southern Bank has 60 branches across the country and offers lower home loan rates and fees than many of its competitors in Australia. Unlike most banks that make profit for shareholders, Great Southern Bank reinvests its profits and passes the benefits directly on to customers.
In 2017, Great Southern Bank (as CUA) was named Money Magazine’s credit union of the year, in part because of its low interest rates and excellent customer service.
Great Southern Bank has a wide variety of mortgages to suit many different borrowers. It offers home loans that let customers borrow up to 95 per cent of their property’s value (LVR), and offers the option for parents to sign on as guarantors.
Unlike some of its competitors, Great Southern Bank doesn’t offer the option to sign up to a home loan online. Instead, applications need to be done face-to-face at a branch or over the phone.
Learn more about home loans
When does Commonwealth Bank charge an early exit fee?
When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.
The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:
- If you switch your loan from fixed interest to variable rate
- When you apply for a top-up home loan
- If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
- When you prepay the entire outstanding loan balance before the end of the fixed interest duration.
The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay.
What are the features of home loans for expats from Westpac?
If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.
The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.
When do mortgage payments start after settlement?
Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.
Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.
Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.
How can I apply for a first home buyers loan with Commonwealth Bank?
Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.
You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.
You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.
CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property. The link to download this app is available on the same webpage.
If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.
How to apply for a pre-approval home loan from Bendigo Bank?
Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork.
Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home.
With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances.
To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.
Why does Westpac charge an early termination fee for home loans?
The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee.
The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.
Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.
How do I apply for a home loan pre-approval from Commonwealth Bank?
To apply for a Commbank home loan pre-approval, you can either call the bank at 13 2224 or meet one of the bank’s lending specialists. You can set up a meeting online if you wish. You’ll need to do some homework before contacting the bank, such as gathering information on the kind of properties you’d like to buy and their prices.
Preparing a financial summary, which lists all your income sources as well as significant expenses, can also help determine how much you can afford to borrow. You may also want to check your credit score before applying for pre-approval.
It’s worth remembering that a CBA home loan pre-approval doesn’t guarantee that you’ll get the loan. Once you get the pre-approval, you’ll have about three to six months to decide on a property and apply for the home loan. The bank will then confirm that the property is suitable for the loan before fully approving it.
Who offers 40 year mortgages?
Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank.
Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.
How do I find out my current interest rate and how much is owing on my loan?
Your bank statements and/or your internet banking should show these details. If you are not sure, call your bank or estimate.
What is a variable home loan?
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
How do I apply for a home improvement loan?
When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying.
Besides taking out a home improvement loan, you could also:
- Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement. Speak with your lender or a mortgage broker about accessing your equity.
- Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
- Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
- Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.
What are the benefits of getting a pre-approved home loan from Citibank?
While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:
- You'll have an idea on your personal price range, which can save time to find your home.
- With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
- A Citibank pre-approved home loan is a commitment by a lender that signals you're ready to jump into the property market.
You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.
What is a bad credit home loan?
A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.
If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.
Can I get a home renovation loan with bad credit?
If you're looking for funds to pay for repairs or renovations to your home, but you have a low credit score, you need to carefully consider your options. If you already have a mortgage, a good starting point is to check whether you can redraw money from that. You could also consider applying for a new home loan.
Before taking out a new loan, it’s good to note that lenders are likely to charge higher interest rates on home repair loans for bad credit customers. Alternatively, they may be willing to lend you a smaller amount than a standard loan. You may also face some challenges with getting your home renovation loan application approved. If you do run into trouble, you can speak to your lender and ask whether they would be willing to approve your application if you have a guarantor or co-signer. You should also explain the reasons behind your bad credit rating and the steps that you’re taking to improve it.
Consulting a financial advisor or mortgage broker can help you understand your options and make the right choice.