Great Southern Bank Variable Rate Personal Loan

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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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.75% to 26.95%	Comp. Rate (p.a.) 6.75% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $922.89	Go to siteMore Info Compare
OurMoneyMarket Personal Loan Fixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee 1.50% - 6% min. $250	Monthly Fee $0	Monthly Repayment $934.23	Go to siteMore Info Compare
Harmoney Unsecured Personal Loan Finder award winnerFixed3 - 7 Years $2,000 - $70,000	Interest Rate (p.a.) 5.76% to 24.03%	Comp. Rate (p.a.) 6.55% to 24.98%	Application Fee $275 - $575	Monthly Fee $0	Monthly Repayment $926.83	Go to siteMore Info Compare
Citi Personal Loan Plus Variable3 - 5 Years $2,000 - $55,000	Interest Rate (p.a.) 10.90%	Comp. Rate (p.a.) 11.19%	Application Fee $199	Monthly Fee $10	Monthly Repayment $997.25	Go to siteMore Info Compare	Special Offer: Monthly Fee of $10 waived for applications submitted before 30 June 2024.
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 - $70,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $973.85	Go to siteMore Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
NAB Personal Loan Unsecured Fixed Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 6.99% to 20.49%	Comp. Rate (p.a.) 7.91% to 21.33%	Application Fee $150	Monthly Fee $10	Monthly Repayment $940.81	Go to siteMore Info Compare
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 6.99% to 20.49%	Comp. Rate (p.a.) 7.91% to 21.33%	Application Fee $150	Monthly Fee $10	Monthly Repayment $940.81	Go to siteMore Info Compare
ING Personal Loan Finder award winnerFixed2 - 7 Years $5,000 - $60,000	Interest Rate (p.a.) 6.89% to 18.99%	Comp. Rate (p.a.) 7.10% to 19.23%	Application Fee $150	Monthly Fee $0	Monthly Repayment $929.43	Go to siteMore Info Compare

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