Great Southern Bank customers Darcy & Jordan realised their home ownership dreams in Kuraby, Brisbane.
Helping you at every stage of the homebuying journey
Clever tools and features
Whether you’re saving for a deposit or looking for clever ways to pay your loan off sooner, we have the tools and features to help get you there.
Expert advice
Our team of Home Loan Specialists can help with any questions you might have along the way.
Award-winning products
Choose from our range of award-winning savings accounts and home loans.
We’re customer-owned
All our profits go back into new products and smart ways to help you manage your money.
Clever tool
Accelerate your savings as you spend with The Boost
- Save when you spend
Whether you’re buying groceries, stylish shoes, or enjoying a few drinks with friends, The Boost tops up your savings every time you spend.
- How it works1
Set an amount between $0.01 and $5 to automatically transfer to your account every time you use your Great Southern Bank Visa Debit card.
- Watch your savings grow
Once you've set up The Boost, you don't have to do anything else. Just sit back and watch your savings grow.
Clever tool
Reduce the temptation to dip into your savings with The Vault
- Hide your savings from sight
The Vault hides your savings from sight - and the temptation to spend along with it.
- Set up is simple2
Hide your savings in less than five minutes. You can even create a motivational message to reduce the temptation to splurge!
- Quickly access in an emergency
Don’t worry, you can still access your funds if you need to.
Bonus interest
Earn up to 5.25% p.a.* with a Home Saver Account
Reach your goal of homeownership sooner by earning bonus interest on Home Saver balances up to $100,000.
- $0 monthly account fee
- Access your money at any time
- Secure digital banking
Home loan support
A helping hand with government schemes
Buy a home with a smaller deposit and avoid paying Lenders Mortgage Insurance with the Australian Government’s Home Guarantee Scheme.^
This is our fifth year as one of a small number of lenders participating in the Australian Government’s Home Guarantee Scheme, helping eligible home buyers move into their own homes sooner.
- First Home Guarantee
- Family Home Guarantee
- Regional First Home Buyer Guarantee
Calculate how to reach your savings goal
I want to hit my target in
With our
Your saving contributions
$XXXX
Total interest earned
$XXX#
It will take you
X years
and X months
You need to save
$X every month
#Estimates of interest amounts are indicative only based on current interest rates and deposit values for the prescribed term and should not be relied upon. Actual interest amounts will vary.
Home loan calculators
Customer case studies
Customer case studies
Darcy & Jordan, QLD
Nicole Shillinglaw, QLD
Purchased her 3-bedroom townhouse in Slacks Creek on the southside of Brisbane with the help of Great Southern Bank.
Andrew & Zac Cornell, VIC
Twin brothers Andrew and Zac Cornell were amongst the first homebuyers to take advantage of expanded eligibility.
WHY CHOOSE US
Did you know we’re customer-owned?
Did you know we’re customer-owned?
That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.
Our savings accounts have won awards, but our true passion lies in helping everyday Australians reach their financial goals. And we’ve been doing so for over 75 years!
Helpful home loan resources
FAQS
Frequently asked questions
Generally speaking, a 20% deposit is considered the gold standard. However, the recent rise in property prices has meant that 20% is unrealistic for some first-time home buyers. So, we have home loan options available with as little as a 5% deposit. You may also be eligible for a government incentive to avoid paying Lenders' Mortgage Insurance (LMI) while getting on the property ladder sooner.
The Loan to Value Ratio (LVR) is your deposit amount compared to the value of the property. The higher deposit you have, the lower your LVR will be.
LVR is expressed as a percentage. For example, if the home you’d like to buy is valued by the bank at $600,000 and your deposit is $120,000, the loan you need to purchase it is $480,000. This means the LVR is: $480k ÷ $600k = 80% LVR.
The LVR is based on the bank’s valuation of your property (which may differ from the amount you paid on the contract). From a lender’s perspective, the higher the LVR, the higher the cost and risk to the lender, which is why you’ll often see higher rates when you have a higher LVR. Apart from getting a better rate, having 80% or lower LVR also means you could avoid paying Lenders' Mortgage Insurance (LMI).
If your deposit is less than 20% of the property’s value, most financial institutions will require Lenders' Mortgage Insurance (LMI). LMI is taken out to protect the lender in case of default. It’s a one-off cost that you can choose to pay upfront or add it to your loan.
Apart from your deposit, there are a few other upfront costs you’ll need to be prepared for. These include:
- Building and pest inspection
- Solicitors' fees
- Mortgage Registration Fee
- Home loan establishment fees
- Lenders' Mortgage Insurance (LMI) (if applicable)
- Transfer fees - also known as stamp duty (if applicable)
- Home and/or contents insurance
- Council rates and fees
- Furniture and appliances you don’t currently own
- Moving costs
In Episode 2, of The Clever Way Home Podcast, "How Much Will I Need?" we break down all the upfront costs to help you understand what to expect.
Unsure how much extra you need? Our upfront cost calculator can help you do the sums.
Great Southern Bank is the trading name of Credit Union Australia Limited. You may have previously known us as CUA.
For over 75 years we’ve helped our customers reach their financial goals. Fast-forward to today and we noticed that many people were finding the Great Australian Dream of homeownership out of reach. That’s why we’ve made it our purpose to help every Australian achieve the dream of owning their own home - and we can’t wait to help you get started.
Plus, being customer-owned means that you come first. Instead of chasing huge profits for shareholders, we reinvest back into the business to provide better products and services to our customers.
Important Information
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply. Applications are subject to credit approval.
This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information, including the Terms & Conditions (T&Cs) booklet, before acting on it. The Financial Claims Scheme may apply to deposit products; refer to the T&Cs for more information.
* Rates current as at 05 November 2024. Rates and bonus interest criteria are subject to change.
Interest is calculated daily and paid monthly. The base rate of interest is payable on the whole balance held in your Home Saver Account. Bonus interest is applied on top of the base rate on balances up to $100,000 in a calendar month if, prior to the last day of that calendar month:
A. You receive deposits totalling $2,000 or more by electronic transfer (excluding telegraphic transfer) from a non-Great Southern Bank account into your Everyday Edge Account/s; and
B. At least 5 Visa Debit card purchases have been processed from your Everyday Edge Account/s and are not in pending status (excludes ATM withdrawals, EFTPOS cash out, balance enquiries and Bank@Post transactions). Only deposits and purchases performed on Everyday Edge accounts are eligible to meet the bonus interest criteria for Home Saver.
# Estimates of interest amounts are indicative only based on current interest rates and deposit values for the prescribed term and should not be relied upon. Actual interest amounts will vary.
^ Subject to meeting certain eligibility criteria set out by the Australian Government. More information about the Home Guarantee Scheme (including the First Home Guarantee, Family Home Guarantee and Regional First Home Buyer Guarantee) and Housing Australia is available at www.housingaustralia.gov.au.
1 If you have an overdraft or a line of credit: please note that The Boost will take your account into debit if the required balance isn’t available. If your Boost takes the account into debit, interest will be payable. The Boost is not available on business accounts.
2 Terms & Conditions for The Vault are available at https://www.greatsouthernbank.com.au/terms-and-conditions/the-vault-terms-and-conditions
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