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Great Southern Bank Car Loan

Consider your car finance options, including that of Great Southern Bank, right here with Savvy before you apply for your loan.

Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors
, updated on July 29th, 2024       

Fact checked

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Great Southern Bank, formerly known as Credit Union Australia and CUA, is an Australian mutual bank owned by its members, which in itself can come with a range of benefits such as cheaper rates and fees on product offers.

They offer a vast range of products, from home loans to banking to business finance and insurance, with car loans also counted amongst their selection.

You should always have a clear idea of which car loan is the best for your needs before you start the application process, which is where Savvy can help. By breaking down loan offers like these, we help you make the best decision for your situation. You can start the process by applying with us today.

*Please note that Savvy does not represent Great Southern Bank for its car loan product. All information in this article is correct as of 29 July 2024.

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The features and benefits of a Great Southern Bank car loan

Fixed interest rates from 6.49% p.a.

With fixed interest and a comparison rate starting from 6.95% p.a. on secured car loans, your  repayments will be locked in from the outset, preventing your instalments from increasing at any stage.

No monthly fees

You won’t have to worry about any other additional costs on your repayments, with no other monthly or ongoing charges one of the common benefits of mutual bank and credit union car loans.

Take up to seven years to repay

It’s important to be comfortable when repaying your car loan, so you can select the term which suits you best from a minimum of one year all the way up to seven.

Borrow up to $100,000

With up to $100,000 available to borrow for secured car financing, you can choose from a wide range of car makes and models and pay them off at your speed.

Choose your payment frequency

On top of being able to set your loan term, you can also determine whether to repay your loan on a weekly, fortnightly or monthly basis in line with what’s most comfortable for you.

Joint applications accepted

If you’re looking to apply for a car loan jointly with your partner, you can do so with Great Southern Bank to make co-ownership of your vehicle simpler.

The pros and cons of an auto loan from Great Southern Bank

PROS

No early repayment penalties

Your car loan comes with unlimited extra repayments above the minimum required amount and the ability to pay off the loan ahead of schedule free of charge, potentially saving you on interest.

Discount for green cars

If you're looking to finance the purchase of an eligible green car, such as an electric or hybrid vehicle, you could qualify for an even lower rate from 5.99% p.a. (6.44% p.a. comparison).

Online applications

The application process can be 100% online (or in-branch or over the phone), enabling you to apply from the comfort of your home or wherever you are.

CONS

Various fees may apply

You’ll still be charged an establishment fee of $175 and a security administration fee of $90 as part of your loan agreement with Great Southern Bank.

Only available for cars up to seven years old

New and used cars up to seven years old are the only vehicles that can be financed with a Great Southern Bank secured loan, so older vehicles will need an unsecured loan.

GSB account sign-up required for non-customers

If you aren't already a Great Southern Bank customer, you'll be required to have a linked everyday account once your car loan account has been established.

Great Southern Bank car loans explained

How do I apply for a car loan with Great Southern Bank?

The application process with Great Southern Bank is similar to how most lenders operate in terms of their process. It’s a relatively streamlined series of steps, so it won’t take long for you to be approved once you’ve applied. The application process is as follows:

Ensure that you’re eligible

First of all, you should always double-check the eligibility criteria on each car loan before you move into your application. There’s little point in signing up for a loan where approval is impossible because you don’t meet one or more of the qualification requirements.

Prepare your documents

You should also have all your documents on hand and prepared for your application, as not having all of the required documents can slow down the process unnecessarily. Some of these can include:

  • Your driver’s licence, passport or Medicare card
  • Information on your employment and income (such as payslips, your employment contract, bank statements, rental property statements and more)
  • Information on your assets, liabilities and expenses (such as via transaction or loan account statements)
  • Your email address and phone number
  • Your Great Southern Bank customer number if you’re an existing customer

Submit your application

Once you have all of this information, you can move ahead and submit your application. Their online application form should take you around 20 minutes to complete and submit.

Get approved and sign your contract

If they’re satisfied with your application, Great Southern Bank will approve it and send through a loan contract for you to sign. This confirms all of the conditions of your agreement and sets it in stone. You can sign your contract electronically, saving on physical paperwork.

Receive your funds

After you’ve returned your loan contract to the lender, the funds can be advanced directly into your account. From there, you can go out and purchase the car you were approved for and drive away before you know it.

You can also apply for your car loan with Savvy, rather than directly through a lender. In doing so, you can maximise your chances of being approved for the best loan deal available to you. This is because we have access to more than 25 lenders across the country, giving you and our expert consultants more options to choose from to ensure the loan you take out is the best for your needs.

What are the eligibility criteria for Great Southern Bank car loans?

It’s important to familiarise yourself with car loan eligibility criteria before applying for your finance deal. As mentioned earlier, application rejections based on not meeting the eligibility criteria are very much avoidable, so you can cut these out entirely by studying the criteria closely. The main points to follow with Great Southern Bank are:

  • You must be 18 years of age or older
  • You must be an Australian citizen or permanent resident with an Australian residential address
  • You must be receiving a regular income
  • You mustn’t currently be bankrupt
  • You must meet Great Southern Bank's credit lending policy

Common queries about car loans

Do I have to be a member of Great Southern Bank before I apply for a car loan?

No – being a member prior to your application isn’t a prerequisite of car loan approval with Great Southern Bank. However, you’ll have to become a member through the process and have a linked everyday account as part of your agreement.

Does it matter what make or model I choose?

No – as long as your car meets your lender’s requirements in relation to age and condition, you can be approved for any type of car you wish. Whether you’re in the market for an everyday vehicle such as a Hyundai or Ford or something a bit more expensive like an Audi, Volvo or Mercedes-Benz, you can be approved for financing with Savvy.

Will I be able to take out a car loan as a single parent?

Yes – if you can meet your lender’s requirements in relation to your income and can demonstrate that you’re able to support them on top of your existing expenses, there won’t be much in the way of your being approved for a car loan as a single parent.

What are some of the things to consider when buying my car?

There are several factors to take into account when buying your vehicle. Some of these include:

  • Whether to buy new or used
  • Whether to purchase from a dealership or via a private sale
  • What your budget is for purchasing a car
  • Comparing as many options as possible before you apply (which your Savvy consultant can help you do)
  • Make sure the car you’re buying meets your requirements and doesn’t have any important flaws
How do I work out my car loan repayments?

You can use Savvy’s car loan repayment calculator for your Great Southern Bank auto loan (or a loan from any other financier) to determine how much your repayments will be. You can also use this to work out what the differences are when adjusting for different loan amounts, term lengths and interest rates. A car loan calculator is a key tool for a Great Southern Bank loan or any other, as it gives you a rough idea of what you might expect to pay before you commence your application.

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