Great Southern Bank (formerly CUA) is the largest credit union in Australia, with almost half a million customers. Great Southern Bank is owned by these customers, and not by shareholders.
Great Southern Bank's origins date back to 1946 when two small credit unions opened and joined forces to offer fairer deals than the banks. Since then, there’s been a series of amalgamations and today Great Southern Bank is made up of 171 credit unions.
Benefits
Drawbacks
special
$0 Establishment Fee for when you apply online. T&Cs apply. ~ Ends in 9 days6.14%
p.a
Variable
6.20%
p.a
$2,285
monthly
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$0 Establishment Fee for when you apply online. T&Cs apply. ~ Ends in 9 days5.89%
p.a
Variable
5.95%
p.a
$1,718
monthly
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$0 Establishment Fee for when you apply online. T&Cs apply. ~ Ends in 9 days5.89%
p.a
Variable
5.95%
p.a
$2,232
monthly
special
$0 Establishment Fee for when you apply online. T&Cs apply. ~ Ends in 9 days5.94%
p.a
Variable
6.00%
p.a
$2,242
monthly
special
$0 Establishment Fee for when you apply online. T&Cs apply. ~ Ends in 9 days5.94%
p.a
Variable
6.00%
p.a
$1,733
monthly
Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios.
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Great Southern Bank home loan customers can get in touch with the credit union by visiting one of its 60+ branches Australia-wide. Alternatively, customers can contact the customer service centre by phone. Customers can also submit a query through the Great Southern Bank website or by emailing the lender directly. For straight forward banking transactions Great Southern Bank customers can use internet banking and their mobile app 24-hours a day.
Home loan enquires can be submitted online and a Great Southern Bank home loan specialist will provide a call back. Applications can be completed face-to-face in a branch or over the telephone.
Before you submit a loan application it’s important consider how much you can afford to borrow before making any commitments.
To support your Great Southern Bank home loan application, you may need to provide several documents, including:
Great Southern Bank caters for a wide variety of mortgage customers, including:
Great Southern Bank mortgage customers can choose from a range of interest rate options:
The longest term offered at Great Southern Bank on a home loan is 30 years, and its fixed interest rate mortgages range from one to five years. Depending on the loan, some Great Southern Bank mortgages also include added features, like offset accounts, the ability to make extra repayments, and redraw facilities.
Some Great Southern Bank home loans also allow a loan top-up, which gives you the ability to use the equity in your property to pay for expenses like renovations, or for a deposit on an investment property.
Great Southern Bank also offers package home loans, which include benefits and discounts on a range of financial products, including credit cards and insurance.
To compete with the big banks, Great Southern Bank offers mortgage rates that are generally lower than the market average.
Some of Great Southern Bank's lowest rates are found on home loan packages for new customers and refinancers. Owner occupiers and those paying principal and interest tend to receive lower rates than investors and those paying interest only.
Some of Great Southern Bank's mortgages have no ongoing fees, though there are upfront fees to consider. Great Southern Bank also offers free redraw and extra repayment options on most of its mortgages.
Great Southern Bank's headquarters are in Queensland, but Great Southern Bank has 60 branches across the country and offers lower home loan rates and fees than many of its competitors in Australia. Unlike most banks that make profit for shareholders, Great Southern Bank reinvests its profits and passes the benefits directly on to customers.
In 2017, Great Southern Bank (as CUA) was named Money Magazine’s credit union of the year, in part because of its low interest rates and excellent customer service.
Great Southern Bank has a wide variety of mortgages to suit many different borrowers. It offers home loans that let customers borrow up to 95 per cent of their property’s value (LVR), and offers the option for parents to sign on as guarantors.
Unlike some of its competitors, Great Southern Bank doesn’t offer the option to sign up to a home loan online. Instead, applications need to be done face-to-face at a branch or over the phone.
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