Great Southern Bank
Great Southern Bank is the largest, 100% member-owned financial institution in Australia. Formerly CUA and Credit Union Australia before that, Great Southern Bank was founded in 1946, and today has more than 500,000 members and more than 50 branches Australia wide.
Great Southern Bank is accessible through its online and mobile banking app and through branches across the country. Its personal loans are offered for a range of purposes, including debt consolidation, buying a car, or home renovations.
Great Southern Bank personal loan repayment calculator
Thinking about taking out a personal loan with Great Southern Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Great Southern Bank personal loans compare with other options.
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at interest rate 9.39 %
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Pros and cons
- Secured and unsecured loans offered
- No application, ongoing or exit fees
- Redraw facility and extra repayments offered
- Secured loan administration fee
- Higher than average interest rates
Great Southern Bank personal loans rates
based on $30,000 loan amount for 5 years at 9.39%
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Total repayments for a 5-year, $30,000 loan at 9.64% would be $37,707*. Terms from - years
based on $30,000 loan amount for 5 years at 11.89%
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Total repayments for a 5-year, $30,000 loan at 12.15% would be $39,940*. Terms from - years
Features of a Great Southern Bank personal loan
Great Southern Bank provides its customers with personal loans for a wide range of purposes including debt consolidation, buying a vehicle, home renovations, travel and education expenses. Borrowers may apply for personal loans up to $100,000.
Formerly CUA, Great Southern Bank offers both secured and unsecured personal loans, with a repayment term ranging from one to seven years. Its personal loan interest rates range from moderately low to moderate and they offer both fixed and variable loan terms.
Great Southern Bank also rewards its personal loan customers by scrapping many common fees, including ongoing fees and early exit penalty fees. However, you should keep an eye out for a one-off establishment fee and administration fees applied to secured loans. Redraw facilities and extra repayments are also available for Great Southern Bank personal loan products, and you’re able to apply both online or in branch.
You can contact Great Southern Bank by dropping into one of their 50+ branches across Australia, their online platform and mobile banking app. You can also give them a call through its Australia-based call centre, which is open Monday to Friday, 8:00am to 8:00pm (AEST) and Saturday to Sunday, 8:00am to 4:00pm (AEST).
Great Southern Bank also allows customers to manage their finances through Apple Pay, Google Pay and Samsung Pay.
Who is eligible for a Great Southern Bank personal loan?
To qualify for a Great Southern Bank personal loan, it is required that you:
- Are at least 18 years of age
- Are a permanent resident of Australia
- Are currently employed or receive a regular income
- Have not declared bankruptcy or insolvency
- Have no past, present or pending claims against you
How to apply for a Great Southern Bank personal loan?
You can apply for a Great Southern Bank loan in the following ways:
- Online application process for loans of up to $60,000.
- In branch for loans of at least $1,000 and larger loans over $60,000.
- Over the phone
Once approved for the personal loan, it generally takes at least one business day for the borrower to receive the funds.
Great Southern Bank personal loans review
Formerly CUA, Great Southern Bank is a credit union with branches Australia wide. They offer secured and unsecured personal loans with a maximum borrow amount of $100,000.
Great Southern Bank is a competitive choice for everyday Aussies looking for a personal loan with helpful features and very minimal fees. Not only do their interest rates range from moderately low to moderate, it does not charge ongoing fees and early exit penalty fees. Keep in mind that Great Southern Bank does charge a one-off establishment fee, and, for secured personal loans, a security administration fee applies.
Great Southern Bank personal loan customers can also enjoy features like unlimited free extra repayments and a redraw facility.
The credit union does limit borrowing from those who have declared bankruptcy or insolvency, so their personal loans may not be suitable if you are deemed an unreliable borrower.
Learn more about personal loans
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
How are personal loans regulated?
Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.
Can I get a personal loan if I receive Centrelink payments?
It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.
Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.
How long do personal loans take?
Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.