We're here to help you prepare for rate rises
We understand that many of our customers will already be feeling the pinch of successive interest rate rises to their home loans. Similarly, a substantial number are soon to experience a sudden increase to their repayments when their fixed rate terms expire.
We’ve created this guide to help you understand the situation, know your options, and plan accordingly. Packed with helpful articles, products, and tools to help you manage the change, this is your one-stop shop to ensure you’re rate rise ready.
Keen to know your repayments?
Enter your home loan details and quickly estimate your new repayments
Your repayment changes
with an interest rate of 6.25%
Important information
The results from this calculator should be used as an indication only. New repayment is for the repayment type that has been selected and years remaining on loan that has been input. Changes in interest rates, loan balance and loan term will affect the new repayment amount.
The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as monthly or annual service fees).
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.
Tips to help you reduce the interest on your home loan
There are a number of things you can do to reduce the interest payable on your home loan. If you require more information about any of these options, please feel free to contact us on 133 282.
Frequently asked questions
Global events of the last few years have led to a surge in the cost of goods and services. As part of its efforts to bring inflation under control, the Reserve Bank of Australia (RBA) has raised the cash rate multiple times since May 2022. Experts are divided as to whether there will be more rate rises to come.
The cash rate has an indirect impact on a bank’s costs. Put simply, when the cash rate goes up, it becomes more expensive for financial institutions like Great Southern Bank to lend money.
As a result of these cash rate increases, we have taken the difficult decision to raise our home loan variable interest rates in response.
If you are concerned about your ability to cope with this change, a range of options exists to help you. Please call our team of experts on 133 282.
Yes, but an Early Payout Cost^ may apply if the loan is terminated during the fixed rate period.
We will be in touch as the date of your fixed rate expiry approaches. Please see our fixed rate expiry page for more details about what to expect.
No, you’ll not be affected by variable interest rate changes during your fixed rate term. However, once your fixed rate period expires, you will revert to the variable rate product specified in your loan contract.
You’ll receive an email to let you know of any change to the variable interest rate shortly after any decision has been made. You’ll also be notified of your new minimum repayment amount in a letter soon after the change is effective.
Refixing doesn’t mean you can simply extend the term of the fixed rate you had before. If you choose to refix, it must be at your lender’s current fixed rates. You can choose to refix your loan at any time. However, if you choose to end your current fixed rate period early, an Early Payout Cost may be applicable^.
To discover whether refixing or staying on a variable home loan is right for you, check out our blog: What are the pros and cons of refixing vs staying variable?
Clever calculators to help you get ahead
Great Southern Bank has a range of online calculators to help you manage your finances.
Your home loan options explained
If your fixed rate term is due to expire soon, it pays to understand your options to ensure you’re getting the best deal.
We understand that you may have concerns about being able to make your new repayments. To find out options that may be available to you, go to our Financial Assistance page.
Mon - Fri: 8:30am - 5:00pm (AEDT)
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.
1 You must maintain a minimum balance of $500 in each offset account to obtain an offset benefit. You will also not receive any interest on the funds in your offset accounts.
2 A $200 minimum withdrawal amount applies for redraws conducted in-branch.
3 A daily transfer will refund any amounts paid in advance in excess of the total advance repayments allowed during the fixed rate period ($30,000 ) unless sufficient to pay out the loan in full (in which case an Early Payout Cost may apply ). Excess funds will be transferred to the nominated deposit account, which must remain open for the fixed rate period.
^ An Early Payout Cost may apply if the loan is terminated during the fixed rate period. A partial Early Payout Cost may apply if a reduction to the principal is requested during the fixed rate period. Click here to view the Early Payout Cost Factsheet.