See how much you can save
Original
| Term | Payment | Principal start | Principal payment | Interest payment | Principal end |
Refi
| Term | Payment | Principal start | Principal payment | Interest payment | Principal end |
You’ll need proof of ID and details of your current home loan, income, expenses, and any other loans you may have.
A Home Loan Specialist will assess your application and contact you within one business day about the next steps.
If approved, you'll start repaying your Great Southern Bank Home Loan. You can also view your home loan and repayment details in online and mobile banking.
Refinancing explained
Find the answers to frequently asked questions here.
Refinancing is when you take out a new home loan to replace your existing home loan. This can be with your existing lender or a new one.
Learn more about how to refinance a home loan.
Our home loan refinance calculator can tell you how much you could save in interest over the life of your loan by switching to Great Southern Bank - and what your new minimum repayments would be if you did. It can also tell you how much sooner you could pay off your loan if you wanted to stick with your current repayment amount.
Refinancing can help you save by offering a lower interest rate than you have with your current lender. This means lower minimum repayments and less interest over the life of your loan.
Depending on the features of your current loan, refinancing with Great Southern Bank could also help you save by avoiding monthly or annual fees, utilising a linked offset account to further reduce your interest payments, and by allowing you to make unlimited extra repayments free of charge.
Switching to Great Southern Bank means you can also use The Boost to help pay down your loan faster and further reduce the amount of interest you owe.
If you’re moving to a new home loan provider, you may be required to pay your old one a discharge fee. Similarly, there may be early payout costs if you’re refinancing a fixed rate loan before the end of the fixed term. Additionally, there may be application and/or establishment fees with your new lender, and potentially Lenders’ Mortgage Insurance (LMI) if your loan-to-value ratio (LVR) is more than 80%.
There is no hard and fast rule about when to refinance a home loan. Having said this, it’s clearly a bad idea if the costs involved in doing so outweigh the savings. It is important to thoroughly research the implications for your personal situation before making a decision to refinance.
HOME LOANS
- Competitive rates
- Fee-free extra repayments
- Smart tools and clever features to help you own your home sooner
Get savvy with refinancing
We’ve got lots of tips to help you refinance your home loan with confidence.
The dos and don'ts of refinancing a home loan
When it comes to refinancing your home loan, there are some common mistakes people might make. Discover the do's and don'ts of refinancing in our article.
Read moreHow do you know you’re eligible to refinance your home loan?
Sure, you can refinance your home loan whenever you want, but are you actually eligible to do it? Learn if you’re eligible to refinance in our handy article.
Read moreLooking for more home loan calculators?
Rates are current as at 9 June 2024 and subject to change.
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.
Published interest rates are inclusive of any discounts off the respective Reference Rates. Interest rates and discounts vary based on the loan purpose (owner occupier and investor), repayment type (principal and interest, interest only, construction) and Loan to Value Ratio (LVR). Maximum LVR applies and includes Lenders' Mortgage Insurance and Great Southern Bank loan setup fees where applicable.
1 Discounts off the Basic Variable Reference Rate are available to (a) new home loans with a minimum application amount of $100,000; or (b) switching or restructuring of the home loan you already have with us when it includes new borrowing of at least $10,000; for new home loan applications unconditionally approved on or after 9 June 2024.
2 Great Southern Bank may withdraw or amend this offer at any time without notice. A change in your loan purpose, your repayment type or your loan product will permanently end your entitlement to the discount.
3 LVR means ‘Loan to Value Ratio’. It is the amount of your loan divided by the valuation of your property, calculated as a percentage. For example, if you apply for a loan of $400,000, which will be secured by a property valued at $500,000, your LVR is 80%. We calculate your LVR at the time we approve your loan and your discount won’t change because of changes to the LVR during the life of your loan.
^ Comparison rate accurate for $150,000 secured loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fixed Rate Home Loan
Owner Occupiers
- Principal & Interest repayment: 95% maximum Loan to Value Ratio (LVR) including Lenders Mortgage Insurance (LMI)
- Interest Only repayment: 90% maximum LVR including LMI
Investors
- Principal & Interest repayment: 90% maximum LVR including LMI
- Interest Only repayment: 90% maximum LVR including LMI
Basic Variable Home Loan
Owner Occupiers
- Principal & Interest repayment: 95% maximum Loan to Value Ratio (LVR) including Lenders Mortgage Insurance (LMI)
- Construction purpose: 95% maximum LVR including LMI
- Interest Only repayment: 90% maximum LVR including LMI
Investors
- 90% maximum LVR including LMI
Offset Variable Home Loan
Owner Occupiers
- Principal & Interest repayment: 95% maximum Loan to Value Ratio (LVR) including Lenders Mortgage Insurance (LMI)
- Construction purpose: 95% maximum LVR including LMI
- Interest Only repayment: 90% maximum LVR including LMI
Investors
- 90% maximum LVR including LMI
The results from this calculator should be used as an indication only. Repayment is for principal and interest. Changes in interest rates, repayment frequency and loan term will affect the repayment and savings amounts.
Your contracted home loan repayments will be set to a monthly frequency, meaning you will need to meet the agreed repayment amount by the due date stated on your loan contract each month. To meet this minimum monthly amount, you can however make repayments weekly or fortnightly.
Fees and charges are payable. The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as establishment or monthly service fees or stamp duty). If you are borrowing more than 80% of the value of the property, Lenders Mortgage Insurance will apply. Any of these additional amounts will increase the repayments and decrease the savings under the loan.
Lending is to approved applicants only and all lending is subject to a detailed credit assessment.
This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting on it.