- Great Southern Bank is ideal for first-home buyers and owner-occupiers looking for flexible features, low deposit options, and competitive rates from a customer-owned bank.
- Top 3 reasons to choose Great Southern Bank:
– Low deposit home loans with access to government guarantees
– Offset account and redraw available
– Customer-owned structure with profits reinvested into member services - Key drawbacks to consider:
– Not as competitive for high-net-worth or complex investor loans
– May not offer the lowest headline rates
– Smaller branch network than major banks
Who Is Great Southern Bank?
Great Southern Bank, formerly known as CUA (Credit Union Australia), is a customer-owned bank that has been operating for over 75 years. As a mutual bank, it reinvests profits back into services for its members, rather than shareholders.
Great Southern Bank has built a strong reputation for supporting first-home buyers, low-deposit borrowers, and everyday Australians looking for fair and flexible home loan options.
Great Southern Bank Customer Reviews
Overall happy with our loan, but the process did feel a bit slow in the beginning. We had to follow up on a few things, but once it picked up, the team was great. If you’re not in a rush, they’re a solid choice with good values and service.
Noah Barros
We recently switched from one of the big four to Great Southern Bank, and we’ve been really happy. The online tools are modern, and the support team is friendly and easy to reach. Plus, the interest rate was better than what we had.
Emily Shepherd
Really liked the experience of dealing with a customer-owned bank. Great Southern Bank made us feel like more than just a number. The interest rate was great, and the redraw facility is simple to use.
Luca Romano
We had a minor hiccup with document verification, but Great Southern Bank’s team was quick to resolve it. They were very courteous and transparent the whole time. Definitely recommend for first home buyers.
Fatima Khan
Their customer service was excellent. I liked being able to walk into a branch when I needed support. The process was clear and well-managed, though it did take a bit longer than we expected to get formal approval.
Trevor Milson
We used Great Southern Bank for an investment property loan and found their rates and features very competitive. They were easy to deal with and responded quickly when we had questions. Everything settled on time without any issues.
Amelia Tran
I had a great experience with Great Southern Bank. We’re self-employed, so getting a loan can be tricky, but they were flexible and asked for reasonable documentation. The personalised service really stood out.
Declan O'Rourke
The loan process was straightforward, and the team at Great Southern Bank kept us in the loop from start to finish. Their online banking platform is easy to use, and the offset account is helping us save on interest already.
Sasha Vukovic
Great Southern Bank gave us a very competitive rate for our refinance, and the whole process was handled smoothly. I liked that we could speak to real people who actually cared about our situation—very different from the big banks.
Nam Huynh
We just settled our first home with Great Southern Bank and the process was fantastic. The team was friendly, explained everything clearly, and made sure we felt supported throughout. Couldn’t be happier with the experience.
Chloe Harris
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Types of Great Southern Bank Home Loans
Great Southern Bank offers a variety of home loan products to suit different borrowers:
First Home Buyer Loans
- Accepts deposits as low as 5%
- Participates in First Home Guarantee and Family Home Guarantee
- Competitive rates for eligible borrowers
- Ideal for those entering the market with minimal deposit
Offset Home Loan (Variable)
- Full-featured variable rate loan
- Includes offset account and redraw
- Allows extra repayments
- Available for owner-occupiers and investors
Fixed Rate Home Loans
- Fix your interest rate for 1–5 years
- Lock in repayment certainty
- Option to split between fixed and variable
- Redraw not available during fixed term, but extra repayments are allowed (capped)
Investor Home Loans
- Principal & interest or interest-only
- Offset and redraw available
- Suited for straightforward investment purchases or refinances
Great Southern Bank Interest Rates & Fees
Great Southern Bank offers competitive rates, particularly for owner-occupiers and first-home buyers.
- Rates:
– Variable and fixed rates typically lower than major banks
– Additional discounts available for package customers or low LVR - Fees:
– $0 application fee on some products
– Ongoing monthly fee may apply unless bundled
– No fees for extra repayments or redraw on eligible loans - Offset Account: Available on select variable and fixed loans
For the latest Great Southern Bank interest rates and fees for your personal circumstances, speak to a mortgage broker for FREE guidance. They can also help you compare Great Southern Bank's home loans with over 70+ other banks and lenders to ensure you are getting the best deal.
Key Features of Great Southern Bank Home Loans
As a customer-focused lender, Great Southern Bank offers:
- Offset Account: Reduces interest on eligible home loans
- Redraw Facility: Access extra repayments any time
- Low Deposit Options: As little as 5% with lender support
- Government Guarantee Access: First Home Guarantee & Family Home Guarantee
- Split Loan Options: Fixed and variable combinations available
- Extra Repayments: Available on most products
- Customer-Owned: Profits reinvested into better service and rates
Pros & Cons of Great Southern Bank Home Loans
Pros:
✅ Supports low-deposit and first-home buyers
✅ Offers offset and redraw features
✅ Access to government guarantee schemes
✅ Member-focused with ethical banking values
✅ Available via brokers and direct
Cons:
❌ Smaller branch and ATM footprint than big banks
❌ May not suit complex investors or high-value borrowers
❌ Fewer premium features for high-income earners
❌ Limited bundled financial products (e.g. credit cards, insurance)
Is Great Southern Bank a Good Lender?
Yes — Great Southern Bank is a solid option, especially for first-home buyers, refinancers, and owner-occupiers looking for value and flexibility.
Great Southern Bank is best for:
- First-home buyers with low deposits
- Borrowers seeking support with government schemes
- Customers who value ethical, member-owned banking
- Owner-occupiers wanting offset and redraw flexibility
However, it may not suit those with complex financial needs or high-end investment portfolios.
How to Apply for a Great Southern Bank Home Loan
You can apply via:
- Great Southern Bank branches and online
- Accredited mortgage brokers across Australia
Eligibility criteria:
- Australian citizen or permanent resident
- Minimum 5% deposit (or equity for refinancers)
- Standard lending assessment based on credit, income, and expenses
- Participation in FHBG or FHG requires additional eligibility checks
Application process:
- Online pre-qualification tool available
- Submit ID, payslips, and financial statements
- Pre-approval typically within a few business days
- Final approval and settlement arranged through lender or broker
Need Help Comparing Great Southern Bank to Other Lenders?
Let Eden Emerald Mortgages help you compare Great Southern Bank with hundreds of other options. Whether you're buying your first home or looking to refinance with flexible features, we’ll help match you with the right loan for your goals.
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