Great Southern Bank, formerly known as Credit Union Australia (CUA), is the largest customer-owned financial institution in Australia.
The Brisbane-based bank has the strengths and the systems of a big bank and operates with the values and service orientation of a credit union. You can expect excellent customer service matched with competitive interest rates and lower fees. Because it is customer-owned, the profits are returned to customers in the form of lower rates and fees.
The bank won the “Most Innovative Mutual” award at the Australian Banking Innovation Awards in 2019.
Great Southern Bank offers a range of home loans for owner occupiers, investors, and builders (construction loans). You may borrow up to 95% of property value in some instances without LMI. Home loans are available from $10,000 up to $5 million.
Product offerings
Great Southern Bank’s fixed and variable home loans for owner occupiers, investors and builders have no annual or monthly fees and come with some flexibility on loan repayments (monthly, fortnightly and weekly, subject to loan types). There is free redraw on all loan types. Variable rate loans come with unlimited extra payments without a fee.
Great Southern Bank packaged home loans are bundled with extra benefits and discounts on a range of other products such as on credit cards and insurance.
Basic variable home loan
- Competitive discounted variable rate
- Borrow
- More than 90% LVR on principal and interest loans and construction loans
- Up to 80% LVR on interest-only home loans
- No monthly or annual fees
- Unlimited extra repayments
- Free redraw at any time
- Establishment fee
- Security administration fee
Offset variable home loan
- Competitive rates
- Borrow
- More than 90% LVR on principal and interest loans and construction loans
- Up to 80% LVR on interest-only home loans
- 100% multi-account offset
- Unlimited extra repayments
- Split loan options
- Top-ups
- Redraw free at any time
Fixed rate home loans
- Competitive fixed interest rate
- Fixed periods from 1 to 5 years
- Up to $30,000 in extra repayments during the fixed term
- Free redraw
- Security administration fees
- Establishment fees
- No annual or monthly fees
- Borrowing limits:
- Borrow up to 95% maximum LVR including LMI for owner occupiers and investors with fixed payment period up to 5 years.
- Borrow Up to 80% maximum LVR including LMI for interest-only repayment with interest only period up to 2 years.
- No construction loans on fixed rate
Record on rate cuts
Great Southern Bank passed on the RBA rate cuts of 2019 and 2020 to its customers. They introduced new lower fixed rates following the November 2020 RBA rate cut, but did not change rates for variable rate home loans.
Eligibility
To apply online you must:
- Be at least 18-years-old
- Be a permanent resident of Australia
- Be applying for yourself or as a married/de facto couple
- Be wanting to buying an existing property or refinancing
- Provide proof of identity
- Provide proof of income
- Detail your assets and debts including loans and credit cards
Pros and cons
Pros
- Up to 95% LVR available
- No monthly or annual account fees
- 100% offset account available on non-basic loans
- Split loans available
- Extra payments and free redraws allowed
- Customer service by phone, email or in branch
- Mobile app and online banking
- Competitive interest rates
- Home loan borrowers get discounts and privileges for the bank's other products
Cons
- There's a loan establishment fee
- Security administration fee payable
- An extra fee may be payable for a split loan
- More difficult to apply if you're self-employed or earn a large part of your income from overtime, bonuses and commissions
