Having a baby

Great Southern Bank Home Loans

Loans are issued by Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959 AFSL and Australian Credit License 238317 to approved applicants only. Lending criteria, terms, conditions, fees and charges apply. Ask us for details.

1 Offset is not available on all home loan products. You must maintain a minimum balance of $500 in each offset account to obtain the benefit of the offset from that account. Your offset account will not earn any interest.

2 Whilst available on most, free redraw is not available on all home loan products. A $200 minimum withdrawal amount applies for redraws conducted in-branch.

^Pause your Repayments (owner occupier P&I loans only)

Within 12 months of you having or adopting a child, you can apply to us to:

(a) make no repayments on your Loan Contract for 3 consecutive months,

(b) reduce the repayments on your Loan Contract by 50% for 6 consecutive months. If you choose this option and your application is accepted, your repayments will be fixed at 50% of your scheduled repayment as at the date of acceptance of your application regardless of any change in your Annual Percentage Rate during the 6 month period.

("Pause your Repayments").

If approved, the Pause your Repayment option will not take effect until we have accepted and processed your application. The Pause your Repayments period must commence within 12 months of the birth or adoption of your child. We will confirm acceptance of your application in writing.  Prior to the end of your Pause your Repayments period we will let you know your revised repayments.

You can apply to us to Pause your Repayments up to 2 times during the term of your Loan Contract. However, you cannot apply twice within a 12 month period (unless the second application is following the birth or adoption of a further child).

3 To be eligible for Pause your Repayments:

(a) you must have, prior to your application to Pause your Repayments and since your last draw down,  made  principal and interest repayments  for a period of at least 6 continuous months;

(b) you must not have been more than 30 days in arrears at any time during the 6 month period prior to your application to Pause your Repayments;

(c) you must not have a guarantee as Security for your Loan;

(d) unless we agree otherwise, the Annual Percentage Rate applying to your Loan Contract must not be due to roll to a different Annual Percentage Rate (as a result of a Fixed Interest Period ending or otherwise) during the Pause your Repayments period.

(e) at the time of your application to Pause your Repayments, your loan to valuation ratio (LVR) must be no more than 90%;

(f) at the time of your application to Pause your Repayments, the Mortgaged Property must be your principal place of residence;

(g) if we request, you must  provide evidence satisfactory to us  that you have had or adopted a child within 12 months of your application;

(h) your Loan Contract must be an owner occupier home loan, not an investment home loan or business loan; and

(i) at the time of your application to Pause your Repayments, the scheduled repayments under your Loan Contract must not be interest only.

If Lenders' Mortgage Insurance applies to your Loan Contract, your application may also be subject to approval by the Lenders' Mortgage Insurer.  If the Lenders' Mortgage Insurer requires further information from you in order to consider your application, we will let you know. We will be unable to accept your Pause Your Repayments application if it is not approved by the Lenders' Mortgage Insurer.

You have the right to notify us, and seek a variation to your Loan Contract, at any time during your loan term if you experience hardship. The above terms and conditions do not restrict that right in any way.