This estimate is based on information you've provided. Your interest rate and repayments will be confirmed on assessment.
Apply in 10 minutes Your total repayments will be $XX,XXX . Your total interest will be $X,XXX .The calculations provided are estimates only and are based upon the information entered by the user. The calculations do not include upfront or continuing credit fees and charges and do not constitute a loan application or variation to an existing facility, loan offer or loan approval.
Your contracted personal loan repayments will be set to a monthly frequency, meaning you will need to meet the agreed repayment amount by the due date stated on your loan contract each month. To meet this minimum monthly amount, you can however make repayments weekly or fortnightly.
Secured vs Unsecured:A secured loan is 'secured' against the asset you are borrowing for, such as a car. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan.
An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.
What’s a credit score?Your credit score is a number used by lenders to assess how likely you are to repay a loan. Your score is based on the information in your credit report, including:
An ideal loan for many purposes, such as debt consolidation, home improvements, new or used cars and motorbikes of any age, boats, caravan and more.
For buying or refinancing a new or used car or motorbike up to seven years old.
For buying or refinancing an electric or hybrid car up to seven years old.
For eligible green purchases, including solar panels, battery packs, solar hot water systems and hot water heat pump systems.
Want to know more? Compare our personal loans Top reasons to get a personal loan Hit the road with a secured or unsecured car loan. Debt Consolidation Borrow smarter and take control of your finances. Renovation Turn your house into a home. Travel is making a comeback, now’s the time to get away. Walk down the aisle in style. Invest in your future.A personal loan is an amount of money you might borrow to pay for a major life expense such as a car, holiday, or home renovation. It can also be used to consolidate existing debt.
If approved for a personal loan, you will need to repay the money with interest over an agreed timeframe, which is usually between one and seven years. Repayments are generally made weekly, fortnightly, or monthly.
The interest rate you receive depends on whether you take out a secured or unsecured personal loan. It may also be influenced by your credit score.
What is the difference between a secured vs unsecured personal loan?A secured loan is 'secured' against the asset you are borrowing for such as a car, or home. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan. Most secured personal loans have a lower interest rate when compared to an unsecured personal loan because there is an asset attached.
An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.
If you’re buying a car or motorbike under seven years old, a Great Southern Bank Secured Fixed Car Loan may be right for you.
For vehicles older than seven years, Unsecured Fixed Personal Loan are available.
What is a personalised interest rate?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.
Should I check my credit score before applying?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.
How is a credit score calculated?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.
How can I check my credit score?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:
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.
How do you calculate my rate?The rate you are offered is calculated on your personal circumstances and credit history. A few different factors are considered, including:
For one thing, we're customer-owned. That means no shareholders, so all our profits go into creating new and clever ways to help you manage your money.
It also means we're able to focus squarely on our mission to empower ordinary Australians to reach their financial goals, whatever they may be.
We believe being owned by the people you help is a more transparent way of doing things and how all banks should work.
“Joining all the loans into one with your service was just the best thing. Less stress, and definitely more organised now than ever knowing that I only worry about one loan payment.”
Nakuruka, 31, VIC “It allowed me to purchase a new car and take a much needed holiday.” Veronica, 36, ACT “An easy, straightforward process from approval to funding stage. Quick turnaround times.” Kylee, 48, VIC“The communication from the bank felt personalised. I felt like I was dealing with real people. The application process was simple and efficient.”
Julie, 48, QLDApplying for a personal loan can be a bit confusing. Read our guide to discover everything you need to know when applying.
Why Take Out A Personal Loan?If you find yourself in a situation where you need to borrow money, personal loans can be used for a wide range of purposes.
Does applying for a personal loan affect my credit score?Personal loans can affect your credit score in a few different ways, both positively and negatively. Here's what you need to know before you apply.
Get in touch We're here to help. Call 133 282Mon - Fri: 8:00am - 7:00pm (AEST) Sat: 8:00am - 4:00pm (AEST)
Find a branch Speak to one of our friendly staff at a branch near you. Connect online Chat to us or browse help topics and FAQs. Continue an existing applicationYour application ID is in the confirmation email we sent from loanapplication@gsb.com.au. For help, call us on 133 282.
Important InformationLoans are issued by Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions, and fees apply.
Rates current as at 20 August 2024 and subject to change.
Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.
1. Comparison rate examples are accurate for a personal loan amount of $30,000 secured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
2. Comparison rate examples are accurate for a personal loan amount of $30,000 unsecured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
3. A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for Great Southern Bank Personal Loan products on offer from 6 June 2017.
The Outstanding Value – Excellent Credit Personal Loans Award considers only borrowers with an excellent credit profile (See Canstar’s Personal Loans Awards methodology at http://www.canstar.com.au/current-ratings-awards for more information).
To view the Target Market Determination for this product, please click here.
*The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:
Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.
