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Great Southern Bank Offset Variable

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan between $100,000 and $5,000,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $100,000 and $5,000,000 with an LVR below 90%

The details shown below are for an owner occupier taking out a interest only loan between $100,000 and $5,000,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a interest only loan between $100,000 and $5,000,000 with an LVR below 90%

The details shown below are for an investor taking out a principal & interest loan between $100,000 and $5,000,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan between $100,000 and $5,000,000 with an LVR below 90%

The details shown below are for an investor taking out a interest only loan between $100,000 and $5,000,000 with an LVR below 80%

The details shown below are for an investor taking out a interest only loan between $100,000 and $5,000,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $100,000 $5,000,000

  • Owner Occupier (Principal & Interest)

    LVR 80%-90%

    Loan: $100,000 $5,000,000

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan: $100,000 $5,000,000

  • Owner Occupier (Interest Only)

    LVR 80%-90%

    Loan: $100,000 $5,000,000

  • Investor (Principal & Interest)

    LVR < 80%

    Loan: $100,000 $5,000,000

  • Investor (Principal & Interest)

    LVR 80%-90%

    Loan: $100,000 $5,000,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $100,000 $5,000,000

  • Investor (Interest Only)

    LVR 80%-90%

    Loan: $100,000 $5,000,000

Rate
2.54% p.a.
Comparison Rate
2.59% p.a.
Service fee
Upfront fee
$835
Rate
2.84% p.a.
Comparison Rate
2.89% p.a.
Service fee
Upfront fee
$835
Rate
3.04% p.a.
Comparison Rate
2.76% p.a.
Service fee
Upfront fee
$835
Rate
3.24% p.a.
Comparison Rate
2.96% p.a.
Service fee
Upfront fee
$835
Rate
2.94% p.a.
Comparison Rate
2.99% p.a.
Service fee
Upfront fee
$835
Rate
3.14% p.a.
Comparison Rate
3.19% p.a.
Service fee
Upfront fee
$835
Rate
3.19% p.a.
Comparison Rate
3.09% p.a.
Service fee
Upfront fee
$835
Rate
3.39% p.a.
Comparison Rate
3.29% p.a.
Service fee
Upfront fee
$835

Mozo editorial review Great Southern Bank Offset Variable - last updated: 28 September 2021

4.5 / 5
Picture of Tom Watson Tom Watson
· Finance journalist
binocular icon
What's hot
  • Variables rates from 2.54% p.a. (2.59% p.a. comparison rate*)
  • $100% offset account
  • Extra repayments and redraws
  • $3,000 cashback deal (conditions apply)
What's not
  • $835 in upfront fees
Mozo snapshot

Featuring competitive variable interest rates and a bunch of handy extras, including an offset account, the Offset Variable loan from Great Southern Bank is a home loan with a lot to like about it. There’s even a $3,000 cashback deal for refinancers (read on below for details)! 

key icon
Key features

Let’s start off with the basic details. The Offset Variable loan is available to owner occupiers and investors who are looking to borrow anywhere between $100,000 and $5,000,000, plus there are both principal and interest and interest-only repayment options.

The variable rates on offer depend on a number of factors including the type of borrower you are, the type of repayments you’ll be making and the loan-to-value ratio (LVR) of your loan, but currently they began at a relatively competitive: 

  • 2.54% p.a. (2.59% p.a. comparison rate*) for owner occupiers making principal and interest repayments with an LVR below 80%

  • 2.94% p.a. (2.99% p.a. comparison rate*) for investors making principal and interest repayments with an LVR below 80%

Moving on to the loan features, Great Southern Bank gives their Offset Variable customers plenty of options, including access to (surprise, surprise) a 100% offset account, as well as the ability to make extra repayments and redraws for free. Borrowers will also have the choice between making their repayments on a weekly, fortnightly or monthly schedule. 

There are some additional costs (on top of the interest rate) that borrowers will want to take into consideration though. There’s the establishment fee ($600), the settlement fee ($235) and the discharge fee ($500). 

But wait, there’s one more feature worth mentioning, especially for refinancers. Existing mortgage holders who are willing to switch a loan of $250,000 or more (max. 80% LVR) over to Great Southern Bank will receive $3,000 cashback, plus they’ll have the usual $600 establishment fee waived! Eligible refinancers will need to apply before 31 January, 2022 and have your loan settled by 30 April, 2022.

snapshot
Who is it good for

Great Southern Bank’s Offset Variable home loan could be an option worth considering for any borrower after a loan that offers both a full offset account and competitive variable rates. Those looking to refinance who can take advantage of those features, plus the cashback offer and fee waiver, may be especially interested in the loan. 

question icon
Any catches

As we mentioned above the loan does come with some relatively large one-off fees, so make sure you weigh those up against the benefits of the loan. 

Picture of Tom Watson
Tom Watson
Finance journalist

Tom Watson is a financial journalist at Mozo and co-host of the Finance Burrito podcast, specialising in fintech, property and business banking. Whether it’s reporting on banking trends or uncovering the latest product innovations, Tom’s mission is to keep our readers up to date with breaking Australian financial news. His work is often sourced in the media and across social media channels. Tom has a degree in Journalism from the University of Technology, Sydney. He is also ASIC RG146 (Tier 2) certified for general advice.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

2.54% p.a.

n/a

n/a

n/a

2.59% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$600.00

n/a

n/a

$235.00

n/a

n/a

$500.00
Other financial bits

$100,000

$5,000,000

none

80.00%
Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes

none

none

Receive $3,000 cashback and have the establishment fee waived when you refinance with Great Southern Bank before 31 January 2022 and settle the loan before 30 April 2022, min lending of $250,000 and maximum 80% LVR.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

2.84% p.a.

n/a

n/a

n/a

2.89% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$600.00

n/a

n/a

$235.00

n/a

n/a

$500.00
Other financial bits

$100,000

$5,000,000

80.00%

90.00%
Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

3.04% p.a.

n/a

n/a

n/a

2.76% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$600.00

n/a

n/a

$235.00

n/a

n/a

$500.00
Other financial bits

$100,000

$5,000,000

none

80.00%
Features

Owner Occupier

Interest Only

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes

none

none

Receive $3,000 cashback and have the establishment fee waived when you refinance with Great Southern Bank before 31 January 2022 and settle the loan before 30 April 2022, min lending of $250,000 and maximum 80% LVR.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

3.24% p.a.

n/a

n/a

n/a

2.96% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$600.00

n/a

n/a

$235.00

n/a

n/a

$500.00
Other financial bits

$100,000

$5,000,000

80.00%

90.00%
Features

Owner Occupier

Interest Only

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

2.94% p.a.

n/a

n/a

n/a

2.99% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$600.00

n/a

n/a

$235.00

n/a

n/a

$500.00
Other financial bits

$100,000

$5,000,000

none

80.00%
Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes

none

none

Receive $3,000 cashback and have the establishment fee waived when you refinance with Great Southern Bank before 31 January 2022 and settle the loan before 30 April 2022, min lending of $250,000 and maximum 80% LVR.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

3.14% p.a.

n/a

n/a

n/a

3.19% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$600.00

n/a

n/a

$235.00

n/a

n/a

$500.00
Other financial bits

$100,000

$5,000,000

80.00%

90.00%
Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

3.19% p.a.

n/a

n/a

n/a

3.09% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$600.00

n/a

n/a

$235.00

n/a

n/a

$500.00
Other financial bits

$100,000

$5,000,000

none

80.00%
Features

Investor

Interest Only

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes

none

none

Receive $3,000 cashback and have the establishment fee waived when you refinance with Great Southern Bank before 31 January 2022 and settle the loan before 30 April 2022, min lending of $250,000 and maximum 80% LVR.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

3.39% p.a.

n/a

n/a

n/a

3.29% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$600.00

n/a

n/a

$235.00

n/a

n/a

$500.00
Other financial bits

$100,000

$5,000,000

80.00%

90.00%
Features

Investor

Interest Only

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Customer Reviews

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Based on 383 Great Southern Bank home loan reviews
See all Great Southern Bank home loan customer reviews

About Great Southern Bank

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

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