Broker guide
Great Southern Bank Personal Loan Policy 2026
Assessing a Great Southern Bank personal loan or an older CUA facility? Check the current name, eligibility, evidence and repayment conditions.
- Published
- Updated
A Great Southern Bank personal loan requires a regular income, an eligible applicant and a purpose that fits the selected product. The bank has unsecured personal loans and secured car loans, including green options. An older Credit Union Australia (CUA) personal loan belongs with Great Southern Bank, whose legal entity remains Credit Union Australia Ltd.
For a new application, match the purchase and security to the product first. For an existing debt, work from the client’s contract and a current payout figure before modelling a replacement loan.
CUA and Great Southern Bank
Great Southern Bank is the business name of Credit Union Australia Ltd, so CUA wording on an older contract identifies the same provider. The bank’s personal-loan information names that legal entity beneath its current products.
Use Great Southern Bank’s support channels for an existing CUA facility. Have the account number and original contract ready when requesting statements, repayment information or a payout quote. An old product name alone doesn’t establish which conditions apply to that account.
Keep the original loan schedule and any later variations together. Record the client’s actual repayment obligation from those documents, even if a new Great Southern Bank product has different terms. A new application and an existing loan review answer different questions: what the bank will offer now, and what the client already owes.
Borrower, Purpose and Security
Great Southern Bank’s published applicant criteria require permanent Australian residency, an age of at least 18 and regular income. Applicants must also have had no bankruptcy or insolvency in the previous five years. These conditions appear in the Unsecured Fixed Personal Loan eligibility criteria.
Regular income is an entry condition, not an approved borrowing amount. Build the application around income evidence and the client’s expenses and existing debts. The bank assesses the application before making an offer.
Personal Loan Categories
The bank’s personal-loan comparison separates four products by purpose and security. Each has a term of one to seven years.
| Product | Supported purpose | Published loan range | Security |
|---|---|---|---|
| Unsecured Fixed Personal Loan | Personal spending or debt consolidation, including vehicles of any age | $5,000 to $75,000 | No asset security |
| Secured Fixed Car Loan | Buying or refinancing a car or motorbike up to seven years old | $5,000 to $100,000 | The eligible vehicle |
| Unsecured Green Personal Loan | Eligible green or weather resilience purchases for the home | $5,000 to $75,000 | No asset security |
| Green Car Loan | Buying or refinancing an eligible electric or hybrid car up to seven years old | $5,000 to $100,000 | The eligible vehicle |
For the Secured Fixed Car Loan, the vehicle supports the borrowing. If the borrower fails to repay, the lender can sell the security. An unsecured loan still requires an assessment of repayment capacity.
Green eligibility depends on the purchase itself. The Green Car Loan requirements require an electric or hybrid vehicle listed on the Green Vehicle Guide. A home charging station can be included when buying or refinancing the eligible vehicle.
For the Unsecured Green Personal Loan, eligible items include solar panels, batteries and specified home improvements. Equipment and installer requirements apply. Collect the supplier’s itemised quote so the proposed purchase can be matched to those requirements before choosing the green product.
Repayments and Documents
Use the bank’s loan offer to record a new repayment, and the existing contract to record a current commitment. A calculator output shows the result of entered assumptions. It doesn’t establish the rate Great Southern Bank will offer that applicant.
Evidence for the File
The bank’s personal-loan support guidance lists identity and income evidence for a full application. It also explains why the balance displayed in online banking can differ from the final payout.
- Collect photo identification and current contact details for the application.
- Match income evidence to its source, such as recent payslips, an employment contract or benefit statements.
- Gather transaction and loan statements that show expenses and existing commitments.
- For secured vehicle finance, obtain the purchase invoice, registration and insurance details.
- For an existing CUA or Great Southern Bank loan, retain the contract, variations and recent statements. Obtain a payout quote for the intended closure instead of treating the statement balance as the final amount.
Accrued interest can change the payout figure. Great Southern Bank’s support guidance says personal loans can be repaid early without an early payout fee. Its contracts start with monthly repayments, with weekly or fortnightly arrangements available through the bank.
Entered Repayment Example
Suppose a broker enters a $20,000 balance, an assumed 10% annual interest rate and a five-year term in a personal loan calculator. With monthly principal-and-interest payments and no fees, the calculated repayment is about $424.94 a month. This hypothetical rate is an input for illustration, not a Great Southern Bank quote.
If the actual offer has a different rate or financed fees, replace those inputs before comparing repayments. For an existing loan, use its remaining term rather than restarting the calculation at five years.
When replacing the facility, use the personal loan refinance process to compare the new total cost and arrange closure. Keep the payout quote with the settlement record so the amount paid can be reconciled to the account being closed.
