What happens when my fixed rate expires?
When the fixed rate term of your Great Southern Bank Home Loan expires, your loan will automatically roll on to the variable rate product specified in your contract.
When this happens, several options will be available to you. However, we understand that this might be both confusing and concerning for customers, particularly given how the economic climate has changed since you fixed your loan.
If you receive offers via email, please click the link so that we can verify you with a one-time code.
Remember:
- We will never ask for any of your personal details.
- We will never ask for your bank details.
- Feel free to call us on 133 282 if you have any questions.
- To find out more about how to stay safe online, visit our section on scams.
If you don’t receive an email with offers from us, don’t worry. You can contact us at any time to find out the options available to you.
Which variable rate will my home loan roll to?
The variable rate product your home loan will roll to depends on when you fixed your current loan with us.
This is the product your loan will roll to for applications submitted before September 28, 2021.
Benefits
This is the product your loan will roll to for applications submitted from September 28, 2021.
Benefits
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.
What alternative options do I have?
If you choose to refix your loan, it will be at our current fixed term rate rather than the one you had before. Although the rates on these products are different, there are a number of potential advantages in doing so.
Most important among these is knowing exactly what your repayments will be for the duration of the fixed term. If you value certainty over flexibility, this could be the way to go.
Here are some of the benefits of refixing with Great Southern Bank:
- $0 monthly account and annual fees.
- Locked-in interest rate for one, two, three, or five years.
- Free redraw of your extra repayments.2
- Up to $30,000 fee-free extra repayments over the duration of the fixed-rate term3.
An offset account allows you to use the balance of a linked transaction account to “offset” (or reduce) the balance of your home loan that interest is charged on.
So, for example, if you have a home loan balance of $300,000 and have $30,000 in your offset account, you'll only pay interest on a home loan balance of $270,000.
Here are some of the benefits of switching to our Offset Variable Home Loan:
- Reduce the amount of interest you pay over the life of your loan by opening up to six offset accounts.1
- No monthly or annual fees.
- Unlimited extra repayments without penalty.
- Free redraw2 – access your additional repayments whenever you need to.
- Pair with The Boost for home loans – choose an amount from $0.01 to $5 to be transferred to your home loan every time you use your Visa Debit card.
It’s worth remembering that you’re not restricted to choosing between a fixed rate and a variable home loan. You can have the best of both worlds with a split loan.
When you split your home loan, you have a fixed portion and a variable portion.
For example, a $500,000 home loan could be split like this:
- a $200,000 variable principal and interest home loan
- a $300,000 three-year fixed principal and interest home loan
With a split home loan, you can manage the risk of an interest rate rise with a fixed portion, while also enjoying the extra features of a variable rate home loan such as an offset facility, redrawing payments if you need to, or making extra repayments to pay your loan off early.
For more information about split loans, click here.
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: 8:00am - 5:00pm (AEDT)
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.
* The results from this calculation 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. 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). 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.