based on 2183 Great Southern Bank banking product reviews as rated by Mozo community

Great Southern Bank personal loans

Great Southern Bank is Australia’s largest customer-owned financial institution, so unlike big banks who pass profits back to shareholders, profits are passed on to its customers (e.g. members) in the form of lower rates and fees. Whether you’re in need of funds for a new or used set of wheels or to pay for a home reno, Great Southern Bank has personal loan solutions to help you pay for the things you want now. Read on to find out more about this provider’s secured and unsecured loan types.

Great Southern Bank offers the following personal loans

Rates and fees verified as correct at 20 September, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee  
Secured Car Loan (Fixed)

6.79% p.a.

7.16% p.a.based on $30,000
over 5 years

$265

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Unsecured Personal Loan (Fixed)

9.39% p.a.

9.64% p.a.based on $30,000
over 5 years

$175

Go to site
Unsecured Personal Loan (Variable)

11.89% p.a.

12.15% p.a.based on $30,000
over 5 years

$175

Go to site

Great Southern Bank personal loans overview

Secured car loans:

If you're reading this page because you’re on the hunt for a car loan to buy a new ride, it might please you to know that Great Southern Bank have three types of loans available which depend on the price and age of the car you are looking to buy. Let’s start with the lowest fixed interest rate one:

Car loan type 1: If you want to buy a car over $15k that is less than two years old, Great Southern Bank will give you the lowest rate.

Car loan type 2: For a car that is up to two years old and under $15k, your fixed interest rate will be a little higher.

Car loan type 3: Finally, for a used car purchase that has seen two to seven years on the road, you’re going to be paying the highest interest rate. It makes sense considering a second-hand car is going to be a less promising security asset to Great Southern Bank than a sweet ride worth more than $15k.

But overall, these secured loans have lower rates than their unsecured relatives (see below for more info). That factor, on top of you being able to make extra repayments for free and pay no break cost if you repay it all off earlier than expected, make Great Southern Bank’s secured car loans well worth considering. Just make sure you factor in the initial start up fee when you do the maths.

Unsecured Personal Loans:

Great Southern Bank have another type of personal loan available called an unsecured personal loan. This means if you are not tying an asset to the loan as security, you will pay more in interest as a substitute. You might use this type of loan to consolidate your debts, cure a serious case of wanderlust, or even to buy a car if you don’t want your ride to be used as security. Unlike the secured car loans mentioned above, you get to choose between a variable and fixed interest rate. You might prefer a fixed rate for the piece of mind that your rate won’t change for the duration of your loan term. On the other hand, the variable option may suit you if you think rates are likely to go down over the course of your personal loan term (but just keep in mind by the same token they could rise too). One major plus of Great Southern Bank’s unsecured personal loans is you can make extra repayments at no extra cost. Likewise, there are no break cost fees for paying your loan off early. If monthly fees are a deal breaker for you, these fixed and variable types don’t have them. You’ll only be up for a one off fee upfront when you take out the loan.

Great Southern Bank personal loan features at a glance

How do you apply for a Great Southern Bank personal loan?

It’s pretty simple to sign up for a personal loan with Great Southern Bank, and you don’t even need to deal with the institution before hand. You can simply apply online, over the phone or at a branch. Just make sure you have all your details and relevant documents (detailed below) at hand for a quick turnaround.

To apply for a personal loan with Great Southern Bank you’ll need:


How are Great Southern Bank personal loans rated?

Mozo users have rated Great Southern Bank personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Great Southern Bank personal loans
Overall
Price
Features
Customer service
Convenience
Trust

140 Reviews

Recent Great Southern Bank personal loan reviews

Great Southern Bank Unsecured Personal Loan (Fixed)
Overall 1/10
Avoid at all costs!

Have had multiple loans with CUA before they changes their name without notifying their customers. Have had terrible dealings trying to close out my account which was actually paid in full over 12 months prior. Apparently I hadn't called after making the final payment so the account remained open and interest grew. I received a 'new' final payout figure of $153.00 (Interest). I have not received a statement for over 12 months so had no idea I had monies owing. Turns out this is to 'save paper'. I'm all for saving the environment, don't get me wrong! When most banks go paperless they chose to send statements via email. When I paid this final amount the day I got the figure, it took 2.5 days to clear and now I owe 10c in interest. I'm not willing to make this 10c payment on principal and I've been placed on hold for 36 minutes and still waiting... I would suggest you avoid this joke of a bank at all costs!

Read full review

Have had multiple loans with CUA before they changes their name without notifying their customers. Have had terrible dealings trying to close out my account which was actually paid in full over 12 months prior. Apparently I hadn't called after making the final payment so the account remained open and interest grew. I received a 'new' final payout figure of $153.00 (Interest). I have not received a statement for over 12 months so had no idea I had monies owing. Turns out this is to 'save paper'. I'm all for saving the environment, don't get me wrong! When most banks go paperless they chose to send statements via email. When I paid this final amount the day I got the figure, it took 2.5 days to clear and now I owe 10c in interest. I'm not willing to make this 10c payment on principal and I've been placed on hold for 36 minutes and still waiting... I would suggest you avoid this joke of a bank at all costs!

Price
6/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Richard, Victoria, reviewed about 2 months ago
Great Southern Bank Secured Car Loan (Fixed)
Overall 5/10
Online application not check.

After applying for a car loan online I was unsuccessful. As directed online, I was told to phone if I wanted clarification. I did. All I was told was that the program worked it out. I asked further questions as we have a home loan with GSB (which has money available for redraw) and had a previous personal home loan which was paid out early. I also checked my credit rating which is excellent. Nothing. I was simply unsuccessful. No going through the details of what I had entered to check if I had filled out the online application correctly. Started another application for a reduced amount and stopped. GSB phoned to see if I needed help with this application. I represented the first loan scenario and a review was taken to see why I wasn’t successful. Low and behold, I had claimed $200 per week for phone use instead of $200 per month. My application would have been successful. Thank goodness for Mazda finance. Approved in less than 24 hours and I got to work with a person faced to face. I’m now taking my home and contents insurance and car insurance elsewhere. GSB have lost my trust.

Read full review

After applying for a car loan online I was unsuccessful. As directed online, I was told to phone if I wanted clarification. I did. All I was told was that the program worked it out. I asked further questions as we have a home loan with GSB (which has money available for redraw) and had a previous personal home loan which was paid out early. I also checked my credit rating which is excellent. Nothing. I was simply unsuccessful. No going through the details of what I had entered to check if I had filled out the online application correctly. Started another application for a reduced amount and stopped. GSB phoned to see if I needed help with this application. I represented the first loan scenario and a review was taken to see why I wasn’t successful. Low and behold, I had claimed $200 per week for phone use instead of $200 per month. My application would have been successful. Thank goodness for Mazda finance. Approved in less than 24 hours and I got to work with a person faced to face. I’m now taking my home and contents insurance and car insurance elsewhere. GSB have lost my trust.

Price
8/10
Features
9/10
Customer service
3/10
Convenience
6/10
Trust
6/10
Less
Gary, Queensland, reviewed 2 months ago
Great Southern Bank Personal Loan
Overall 1/10
Hard to close account

Very difficult to close the personal loan account, no one contacts me or responds, it is very hard to get in contact with CUA or great southern bank and the credit is still listed as active on my credit file, not happy at all.

Read full review

Very difficult to close the personal loan account, no one contacts me or responds, it is very hard to get in contact with CUA or great southern bank and the credit is still listed as active on my credit file, not happy at all.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Matt, Victoria, reviewed 2 months ago
Great Southern Bank Unsecured Personal Loan (Fixed)
Overall 10/10
I got to speak with a real person!

Very easy application process with real, genuine personalised service. Highly recommended,

Read full review

Very easy application process with real, genuine personalised service. Highly recommended,

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Michael, Queensland, reviewed 7 months ago

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