Great Southern Bank home loan review
Great Southern Bank is an established Australian lender, and Ratesniffers tracks 50 of its home loan products across variable, fixed and interest-only options. Its lowest variable rate Ratesniffers tracks is 6.04% p.a., and its lowest fixed rate is 6.50% p.a. That sits about 15 basis points below the market median of 6.19% p.a., putting it among the more competitive lenders right now.
Is Great Southern Bank a good home loan lender?
Great Southern Bank suits borrowers who want a customer owned lender and an offset without a monthly or annual fee. Ratesniffers checked its published home loan and offset product pages on 3 Sept 2026. The trade-off is upfront cost and offset mechanics: a $600 establishment fee plus a $235 security administration fee, and $500 must sit in each offset account.
What we looked at
Ratesniffers ranked and described this lender from the verified rate snapshot on this page, then read the lender's own published product pages and fee documents listed under Sources below. Sources were checked on 3 Sept 2026. There are no scores, no stars and no user reviews here, only what the lender publishes and what the snapshot shows.
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 based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
Great Southern Bank home loan interest rates by term
The lowest owner-occupier, principal and interest rate Great Southern Bank has published per term, from the same rate snapshot as the panel above.
| Term | Interest rate | Comparison rate |
|---|---|---|
| Variable | 6.04% p.a. | Not available |
| 1-year fixed | 6.50% p.a. | Not available |
| 2-year fixed | 6.50% p.a. | Not available |
| 3-year fixed | 6.50% p.a. | Not available |
| 5-year fixed | 6.55% p.a. | Not available |
The case for
- Its sharpest variable rate sits below the market median of 6.19% p.a. in the rate snapshot on this page.
- The Offset Variable Home Loan carries a $0 monthly fee and a $0 annual fee, and up to six Great Southern Bank accounts can be nominated to offset the loan.
- Redraw is free, with a $200 minimum withdrawal for redraws conducted in branch, and extra repayments are unlimited.
- Published LVR ceilings run to 95% for owner occupier principal and interest, 90% for owner occupier interest only, 90% for construction and 90% for investors.
- Fixed terms are published for 1, 2, 3 and 5 years, and interest only runs to a maximum 36 months for owner occupiers and 60 months for investment loans.
- Great Southern Bank is customer owned and states its profits go back into its products and services rather than to shareholders, and it publishes dedicated first home buyer and single parent government scheme pages.
What to weigh up
- The Offset Variable Home Loan lists a $600 establishment fee and a $235 security administration fee.
- A minimum balance of $500 must be kept in each offset account to obtain the offset benefit, and no interest is paid on funds held in an offset account.
- Advertised new home loan discounts require a minimum loan of $100,000.
- Applications run through an enquiry form and a Home Loan Specialist before a formal application, rather than a straight online submission.
- Great Southern Bank states that borrowers who prioritise a lower interest rate with no monthly or ongoing fees may be better suited by its Basic Variable Home Loan than by the Offset Variable.
Who Great Southern Bank suits and who it does not
Great Southern Bank tends to suit borrowers who want a customer owned lender with a national footprint, offset users who can keep at least $500 in each of up to six offset accounts, and first home buyers and single parents using the government schemes it publishes pages for. It suits less well where the upfront cost matters most, since the Offset Variable lists a $600 establishment fee and a $235 security administration fee, where the loan is under the $100,000 its advertised discounts require, or where a 4 year fixed term is wanted, since the published fixed terms are 1, 2, 3 and 5 years.
Great Southern Bank home loans: our verdict
Great Southern Bank is a credible choice whose lowest variable rate of 6.04% p.a. currently sits about 15 basis points below the market median, which is competitive today (last updated 23 Sept 2026). Whether it's right for you comes down to your deposit, the features you'll use, and how its real approved rate compares, so treat the headline as a starting point, not the final answer.
Sources checked 3 Sept 2026: Great Southern Bank, Home loans; Great Southern Bank, Offset Variable Home Loan. Fees and product terms change, so confirm them with Great Southern Bank before applying.
See if you can do better than Great Southern Bank
The advertised rate isn't always the rate you'll be approved for. Compare Great Southern Bank against the wider panel, or have your scenario negotiated, at no cost.