Personal Loans

An application should take 10 minutes, depending on your situation. Having all the necessary documentation ready (e.g. payslips) in advance can help speed up the process.

To apply for a personal loan, you’ll need:

• A current email address and phone number.
• A form of photo ID (e.g. driver’s licence, passport or similar). This is so we can verify your identity.
• Proof of income such as your most recent payslips, employment contracts, rental property statements, child support agreements, government benefit statements, etc.

You may be asked for additional documents after you have applied for a personal loan. These could include:

• Proof of other financial expenses such as your most recent transaction account statement or loan account statements.
• Vehicle information - e.g., registration, purchase invoice, insurance details (for a secured car loan)

No, you don’t need to be an existing customer to apply for a personal loan.

You can apply for a personal loan if you:

• Are 18 years of age or over.
• Are a permanent resident of Australia with an Australian residential address.
• Have had no bankruptcy or insolvency in the past five years.
• Receive a regular income (e.g. salary, pension etc.).
• Meet our credit lending policy.

Yes, we support joint personal loan applications.

A comparison rate is the interest rate, plus additional fees and charges you will be expected to pay over the loan term. As comparison rates indicate the true cost of a loan, they make it easier to decide which is best for you.

A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.

When you apply for a personal loan, your individual situation and credit score will be considered when calculating your personalised interest rate.

The rate you are offered is calculated on your personal circumstances and credit history. A few different factors are considered, including:

• Your credit score
• Information provided in your application
• Existing loans
• The loan amount and your perceived ability to repay the loan.

Credit scores are calculated by looking at various aspects of your credit history and profile. These can include details of any previous applications you’ve made for credit (whether successful or not), details of credit or loan products you have held in the past, your repayment history, any overdue accounts you might have, and information about any court judgements against you.

These are added together to give an overall picture of your ability to repay a loan.

As you might imagine, someone who has never defaulted on a loan will be considered a lower risk than someone with a history of missed repayments, court judgements, or bankruptcy.

Similarly, the more applications for credit on your record, the lower your score is likely to be.

Other factors which can negatively impact a credit score include a history of using ‘payday lenders’ and having open accounts with debt collection agencies.

You’re entitled to a free copy of your credit report every three months from a Credit Rating Bureau (CRB). The CRB must provide the report within 10 days of your request.

The three main Credit Rating Bureaus in Australia are:

• Equifax (previously known as Veda)
• Experian Australia Credit Services
• illion (formerly Dun & Bradstreet)

Each time you apply for a loan, a record is made on your credit report. Although this may result in a temporary dip to your credit score, it will recover as long as you stay on top of your current repayments and keep future loan applications to a minimum.

It’s important to avoid submitting multiple loan applications within a short space of time, as this will most likely lead to a decline in your credit score.

There are a few things you can do to help improve your credit score:

1. Make sure you pay all your existing debts, loans, and bills on time. This will help show that you can manage your finances and meet your financial commitments.
2. Remember that each time you submit a loan application, it is recorded on your credit file and reduces your credit score. So, try not to submit too many unnecessary loan or credit applications.
3. Make your credit card payments on time. Whether you’re paying off the full balance or just making your minimum repayment, doing so before the due date every month demonstrates that you are financially responsible and can help build your credit score.

You can check your credit file at any time too.

If you believe there is an error on your file, you should contact the relevant credit provider or reporting agency to have it corrected. If you’re unhappy with their response, you can speak to a financial counsellor by calling the National Debt Helpline on 1800 007 007.

Knowing your credit score will help you estimate your personalised interest rate. It’s also another way to get clever with your finances.

Checking your own credit report won’t hurt your scores. Some credit reporting agencies have a limit on the number of free credit checks you can make within a certain period of time. Don’t forget to ask before you apply.

Yes, you can make additional repayments on your loan without incurring a fee.

Yes, you can cancel the direct debit set up for your loan. However, the onus will be on you to ensure the agreed loan repayment is still paid manually on or before the due date.

Yes. When your loan is settled, your repayment frequency will be set automatically to monthly. However, this can easily be changed to weekly or fortnightly if you prefer.

No, it isn’t possible to top up an existing loan. You can, however, pay it out with a new loan if you want. We don’t charge early payout fees to do this.

Yes, personal loan repayments can be scheduled via direct debit from an external account. You’ll need the personal loan account number and BSB to set this up.

If you experience financial difficulty and believe you cannot meet your agreed loan repayments, you can visit your local branch or contact us on 133 282. We understand that the unexpected can arise from time to time and we’re here to help you get back on your feet.

No. Unlike some other financial institutions, you can pay off your Great Southern Bank Personal Loan sooner without being charged a payout fee.

The balance of your loan account as shown via internet banking or a bank statement doesn’t include any interest accrued on that day and does not take into account any applicable refund of loan repayment insurance.

To obtain a loan payout figure, please contact us.

Once your personal loan has settled, we will pay the other financial institutions specified in your loan contract. It typically takes two to three business days for funds to clear between financial institutions.

Please be advised that it is your responsibility to close these accounts once the funds have been paid out.

Yes. If your Great Southern Bank Personal Loan has a redraw facility, you can redraw your additional repayments at a branch, over the phone or via online banking.

If you’re already registered, simply log into online banking, or follow the steps in our handy guide: How to redraw in online banking.

You can also redraw at your local branch or by calling us on 133 282.

Please note: A $200 minimum amount applies for phone and in-branch redraws and will take 24 hours to process.

You can check your current redraw balance in online banking and our mobile banking app.

• For online banking:
  Go to Account Details on the Account Overview screen and select ‘View Details’.
• For the mobile banking app:
  Go to the Accounts screen to view your personal loan redraw balance.

You can also call us on 133 282 to check your redraw balance. Remember, your available redraw balance is less any uncleared and/or held funds.

No, there are no fees to access your redraw.

Yes. Joint account borrowers can redraw online, but all account borrowers need to be registered for Great Southern Bank Online Banking.

When one account borrower creates an online redraw, an email notification is sent to the other account borrower(s) to request their authorisation. Emails are sent to personal email addresses (not via secure messages in online banking), so please make sure your email address is up to date in the ‘Personal Details’ section. The other account borrower(s) then needs to log in to online banking to authorise the payment.

There is no minimum redraw amount if you do it via online banking. If you redraw in-branch, however, a $200 minimum applies.

There’s no maximum redraw amount as long as you have sufficient available funds in your personal loan account.

There are a few things you can do before you redraw. These include:

• Checking the due date of your next loan repayment.
• Ensuring there’s enough money in your personal loan account to cover your next repayment.
• Scheduling an additional repayment if there won’t be enough money to cover your next repayment.

Please note, we process repayments in the evening of the day they are due, so funds will still display in your account for most of that day. If you check online banking on the day a repayment is due, your next repayment date will be shown.

If you are unsure about your repayments and available redraw balance, please call us or visit your local branch to discuss.

Your redraw forms part of the loan amount payable to Great Southern Bank. Any amount you redraw is taken from your redraw balance and added to your account balance.

For example, if your personal loan account balance is $25,000 and your redraw balance is $5,000, if you redraw $2,000, your personal loan account balance becomes $27,000 and your redraw balance becomes $3,000.

No, your minimum repayment amount does not change when you redraw.

No, redraw via online banking is instant. Redrawn funds will be transferred immediately from your home loan to your Great Southern Bank Account.

If you’ve redrawn accidently, you can transfer these funds from your Great Southern Bank Account back into your personal loan account immediately.