Great Southern Bank (formerly CUA), is an Australian mutual bank. Check out the full table of Great Southern Bank products below or read more about the lender and its loans.
Compare Great Southern Bank home loans for April 2024
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Great Southern Bank's fixed rate home loans are quite competitive.
Great Southern Bank is a mutual bank, meaning it is owned by its members and not run for the profit of shareholders. It has 50 branches across the country plus phone, online and app banking.
The bank has home loans available for borrowers with deposits under 20%.
Here are the key features and details you need to know about Great Southern Bank's mortgage products.
Feature
Details
Minimum deposit
While some Great Southern Bank loans have 80% maximum LVRs, meaning you need a 20% deposit, many rates are available with 5% or 10% deposits.
Offset account?
Great Southern Bank's basic home loans don't come with offset accounts but some of its other products do.
Fees
Most Great Southern Bank loans come with an upfront application fee. However, for a limited time, Great Southern Bank is waiving this fee for borrowers who apply online. Other terms and conditions apply.
Most Great Southern Bank mortgages allow you to split your loan into fixed and variable portions.
How do I apply for a Great Southern Bank mortgage?
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
Each Great Southern Bank product has specific eligibility criteria but some will apply to all products. For example:
Age. You must be over 18 years of age.
Residency. You should be a resident of Australia.
Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with Great Southern Bank you are required to provide certain information, so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
📄 Property details. You can start a loan enquiry before you've bought a property, but to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (such as savings accounts and investments) and liabilities (for example, any outstanding debt you may have).
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
To make sure you find the right Great Southern Bank loan, you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
Do you need local branch support? Great Southern Bank has bank branches, but if you don't live near one you'll have to apply online.
What do you need the loan for? If you're buying a home to live in, you need an owner-occupier loan. Property investors need an investment loan rate. Great Southern Bank has both.
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period, so you can forget about rate changes altogether?
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits, and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Pre-approval is not something every lender offers, but many do.
Most Australian borrowers bank with one of the Big 4 banks (CommBank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of, but there's no reason to worry just because you've never heard of a lender before.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.
Great Southern Bank is considered an authorised deposit-taking institution (ADI). This means customers with money deposited in a Great Southern Bank savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000, even if the bank itself collapses.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates, you won't benefit either. Refinancing a fixed rate loan means breaking the loan because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
Yes, there are exit fees with CUA if you deem you can pay out early. It is called an early payout fee. You can find the actual cost of this fee by going to the PDS and loan policy of the product when you apply at CUA.
Hope this clarifies and best of luck with your application! As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
You may also seek assistance from a mortgage broker as they will take your circumstances into account and give you a multitude of home loan options.
Hope this helps and feel free to reach out again as needed.
This page displays all of CUA’s current home loan rates in the table above. To negotiate a better rate for your business you might want to lodge an enquiry directly with CUA, which you can do by clicking ‘Go to Site’ on any of the products in the table above.
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Is there any Exit fees if i want to pay a loan out early ?
Hi Don,
Thanks for your comment.
Yes, there are exit fees with CUA if you deem you can pay out early. It is called an early payout fee. You can find the actual cost of this fee by going to the PDS and loan policy of the product when you apply at CUA.
Hope this clarifies and best of luck with your application! As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
You may also seek assistance from a mortgage broker as they will take your circumstances into account and give you a multitude of home loan options.
Hope this helps and feel free to reach out again as needed.
With care,
Nikki
Hi,
Am looking for a good land loan. What would you recommend?
ed
Hi Ed,
Thanks for your question.
If you are looking to apply for a loan to buy land, you can compare vacant land home loans.
Cheers,
Anndy
Would like to know the interest rates and the rates for switching banks. Best rates
Hi Karen,
thanks for the question.
This page displays all of CUA’s current home loan rates in the table above. To negotiate a better rate for your business you might want to lodge an enquiry directly with CUA, which you can do by clicking ‘Go to Site’ on any of the products in the table above.
I hope this helps,
Marc.