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Great Southern Bank Secured Car Loan (Fixed)

Advertiser disclosure
Interest rate from
6.79% p.a.
Comparison rate from
7.16% p.a.based on $30,000
over 5 years
Upfront fee
$265
Go to site

Mozo editorial review Great Southern Bank Secured Car Loan (Fixed) - last updated: 23 July 2021

3 / 5
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What's hot
  • 6.79% interest rate (7.16% comparison rate*)
  • Free extra repayments and redraw facility
  • Flexible repayment schedule
  • No early payout fees
What's not
  • $265 application fee
Mozo snapshot

If you’re interested in getting a car and need a loan to make it happen, then check out the Great Southern Bank Secured Car Loan. It starts strong with a fixed interest rate of 6.79% p.a. (7.16% p.a. comparison rate*). It follows this up with heaps of fabulous features, such as unlimited free early repayments and the ability to redraw on that amount. On top of that, you can choose from flexible weekly, fortnightly and monthly repayments, over a term between 1 and 7 years. Just make sure you budget for the $265 application fee, and keep in mind this loan only covers new or used cars less than 7 years old.

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Key features

When you get a car loan, one of the main things you’ll want to look at is the interest rate. The Great Southern Bank Secured Car Loan’s fixed 6.79% interest rate (7.16% comparison rate*) starts you off on the right foot.

Finally managed to sell that garage clutter and found yourself with some extra cash to pay your car loan off early? Well go crazy, because unlike many other fixed rate loans, the Great Southern Bank Secured Car Loan allows you to make as many early repayments as you want for free. Better yet, if you find yourself in need of the money you repaid early, you’ll be able to redraw that money at no cost.

Flexibility and choice are great characteristics for a car loan and the Great Southern Bank Secured Car Loan has these in spades. You are able to choose between weekly, fortnightly and monthly repayments, as well as a term anywhere between 1 and 7 years, giving you control over your repayment schedule.

With Great Southern Bank Secured Car Loan, you’re able to get a loan anywhere between $5,000 and $100,000. So unless you’re looking for a new Ferrari, there’s a good chance you can get access to the exact loan amount you need.

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Who is it good for

The Great Southern Bank Secured Car Loan offers a lot variability in its repayment terms and loan amounts, all on top of a low interest rate, so it's perfect for most types of motorists. 

If the certainty of a fixed interest rate appeals to you but you’d still like the option to make extra repayments to save on interest, this one’s definitely worth a look.

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Any catches

The $265 application fee may not be a massive hurdle, if your budget doesn’t have much wiggle room, it’s something to keep an eye on.

Plus, if you’re using the redraw facility in a branch, remember there's a $200 minimum.

Picture of Ava Crawford
Ava Crawford
Money writer

Ava Crawford writes across all of our personal finance areas here at Mozo. She likes to provide no-nonsense financial information that allows everyday Australians to make informed and empowered choices. Ava has also produced digital content for Foxtel's LifeStyle and FOXArena, and has contributed to publications such as The New York Times. She attended New York University and completed a degree in English and American Literature.

Details

Rates and fees information correct as at 25 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

Fixed

6.79% p.a. fixed

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

Fees

$265.00

$0.00

$0.00

$0.00

$0.00

Other financial bits

$5,000.00

$100,000.00

1 Year

7 Years

Vehicle

Features

Weekly, Fortnightly, Monthly

yes

yes

$200 minimum withdrawal amount applies for redraws conducted in-branch.

Applications made in branch have loan amounts available from $1,000 up to $100,000.

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

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