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Great Southern Bank Variable Rate Personal Loan

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Great Southern Bank Unsecured Variable Rate Personal Loan
3.5
★★★★★
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Interest Rate (p.a.)
11.89%
Comp. Rate (p.a.)
12.15%
Min Loan Amount
$5,000

Summary

The Variable Rate Personal Loan from Great Southern Bank gives you the opportunity to buy that special something you have had your eye on and pay it off over time.

  • The Great Southern Bank variable rate loan is no longer available. This page has been kept for historical purposes and will be updated as necessary. The Great Southern Bank fixed rate loan is still available.

This unsecured personal loan from Great Southern Bank has a variable interest rate. Your interest rate may fluctuate on a monthly basis. The loan can be used for a variety of personal purposes, including debt consolidation. While the loan doesn’t charge monthly fees, you will have to pay an establishment fee and interest charges.

Pros

  • Low minimum loan amount of $5,000
  • No monthly account-keeping fee
  • Free redraw

Cons

  • Establishment fee of $175

In this guide

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  • Details
    • Product details
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Details

Product details

Product Name Great Southern Bank Unsecured Variable Rate Personal Loan
Interest Rate (p.a.) 11.89%
Comp. Rate (p.a.) 12.15%
Interest Rate Type Variable
Min Loan Amount $5,000
Max. Loan Amount $75,000
Loan Security Unsecured

How does the Great Southern Bank variable rate personal loan work?

You can use this loan from Great Southern Bank for personal purposes, except for the purchase of a home. You can use the funds to consolidate debt, for home improvements or to pay for a holiday. The interest rate is variable and may fluctuate based on the market interest rate. The loan term is from 1 to 7 years.

What features does the Great Southern Bank variable rate personal loan offer?

  • Unsecured loan. You don’t need to offer an asset as collateral to apply for this loan.
  • Variable rate. Your interest repayments are variable and fluctuate depending on the market rate. They can change on a monthly basis and may be higher or lower. This can make it more difficult to budget for your repayments.
  • High borrowing amounts. If you apply for the loan online, you can borrow from $5,000 up to $75,000. Applying through the branch or contact centre changes your borrowing amount range to $1,000–$100,000.
  • Flexible repayment options. You can make weekly, fortnightly or monthly repayments based on your income and budget.
  • Unlimited free extra repayments. You can make as many extra repayments as you want to and repay the loan early without penalty.
  • Free redraw. You can also redraw your extra repayments for free.
  • No monthly fees. No monthly or annual service fees will be charged.

How much does the Great Southern Bank variable rate personal loan cost?

The costs associated with this loan include:

  • Loan principal.
  • Variable interest rate of 11.89% p.a.
  • Establishment fee of $175.

No monthly or annual service fees are charged. The comparison rate 12.15% p.a. includes fees and interest charges.

What are the pros and cons of the Great Southern Bank variable rate personal loan?

Pros

  • No service fees. You can keep down the cost of the loan with no monthly or annual service fees.
  • Free additional repayments, early exit and redraw. With these features, you can make additional repayments and bring down your interest charges. You can also repay the loan early or redraw your extra repayments.

Cons

  • Higher interest rate. Unsecured loans come with higher interest rates than in secured loans.
  • Difficult to budget. Variable interest rates make it harder to budget for your loan repayments.

Am I eligible for this variable rate personal loan?

To be eligible, you must:

  • Be over the age of 18.
  • Be a permanent resident or citizen of Australia.
  • Receive a regular income.
  • Not have been bankrupt or insolvent in the last 5 years.

How do I apply for the loan?

You can apply for the loan online, in-branch or through Great Southern Bank’s contact centre. The online application takes around 20 minutes. You will need to provide an email address and contact numbers. Existing customers should also provide their customer number.

The lender will also require your Australian driver’s licence, Medicare or passport information as well as details on your employment, income, assets, expenses and liabilities. Keep your documents at hand to help speed up the process.

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