Ratings
Great Southern Bank is an Australian bank located in Brisbane, Queensland. It was launched in 2013 and provides its customers with insurance and banking services. On November 1, 2022, the Reserve Bank of Australia (RBA) declared its plan to increase the fund's rate by 0.25%. As a result, Great Southern Bank's interest rates with most shareholders rose by 0.25%.
| Rate of Interest | : | 4.53% - 6.09% |
| Comparison Rate | : | 4.58% - 6.8% |
| Ratings | : |
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Pros
Strict lending policies.Home Loan for Self-Employed.Signup Fees.Customer Support.
Cons
High Property Value for First Home Buyers.Strict Age Restrictions.Great Southern Bank offers home loans at a very low rate of interest. They have different types of Home loans depending on the requirements of the borders. Each type of home loan has different rates of interest and different features. These features of different kinds of home loans are outlined for maximum benefits. There are affordable interest rates of 5.29% per annum onwards, while pre-approval and refinancing solutions are both available.
Home loans are available at competitive rates of interest. Here are their types:
The basic variable rate of a home loan is the primary type of home loan provided by Great Southern Bank full stop. The rate of interest is 5.29% per annum, with a recommended amount of 1942 per month. This home loan provides a competitive discount variable rate of 5.29% with 0 monthly or annual fees. From that, it also provides an unlimited extra repayment scheme and the facility to read drops at any time for free.
The offset variable home loan scheme by the Great Southern Bank is a 100% offset home loan that helps to save more interest easily. The discounted rate of this loan is 5.34%, with a comparison rate of 5.40% per annum. The monthly repayment amount is $1953 per month on a loan of $350000 for over 30 years. The main feature of this type of home loan is that it is 100% multi-account offset. Apart from that, it provides an unlimited extra repayment scheme and offers smart features like a split loan option and top-up. Moreover, you can withdraw the amount at any time for free.
The last type of home loan is the fixed rate, where the home loan provides a competitive fixed rate plus the flexibility to pay up to 30000 with an extra repayment scheme during the fixed term. The loan interest for 3 years is fixed at 5.99%, and the comparison rate is 6.94%. However, the interest changes from year to year. The repayment amount is $2097 per month on a loan of $350000 over 30 years.
There are personal loans available for customers with several features and benefits.
There are specialized business loans available for customers with lower rates of interest.
Equipment finance, business overdraft, and unsecured overdraft options.
The documents that are required for the application of Great Southern Bank Home Loan are as follows:
Great Southern Bank offers home loan repayment calculators. Any borrower who is going to borrow from this Bank can calculate their repayment schemes with regard to the number of loans they require. The steps to calculate the represented amount are very simple. You have to go to the website of Great Southern Bank, where you can find the repayment calculator. Now go to the repayment calculator, and you can see two columns where in one, you can see the amount of borrowed money has been displayed, and in the other, you can see the monthly repayment amount is being displayed. Now put the amount of loan you are required to borrow in the former part, and the monthly payment amount will be displayed automatically. You can calculate the represented amount either as the owner or as the investor.
For customer service, you can call on (800) 749-7113. You can also go to the website https://www.greatsouthernbank.com.au/help-and-contact, for queries about the different services of the Bank.
The different types of home loans provided by Great Southern Bank are Basic variable, Variable rate, and Fixed Rate.
It typically takes 90 days to get approved for a Great Southern Bank home loan.
Your lender will send you a default notice if you are late on a payment. Normally, you will get a default notice if your repayment is 90 days or more overdue. After receiving the notification, you will have 30 days to make up the missed payment and the arrears on loan. There will be a Form 12 paperwork attached.
Great Southern Bank offers a very low rate of interest of 5.89% on home loans along with very nominal amounts in EMIs, which can be repaid within 30 years.
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