Home Loan Products

the Great Start promotion (available from 1 June), will provide a $2,000 cash contribution to eligible first home buyers (FHB) who take out a home loan with Great Southern Bank. This cash contribution will be included in the application to reduce the loan amount, LVR and LMI paid.

The $2,000 will be paid into the customer's account at settlement so that it can be used towards their purchase. This is available to FHBs who aren't eligible for the FHLDS and is our way of helping all Australians own their home

• Great Start is a $2000 contribution to be paid at settlement for Eligible First Home Buyers who meet the criteria set out in these Terms and Conditions.
• Great Start is available to new or existing customers of Great Southern Bank who apply for a Home Loan to purchase or construct their first home between 1 June 2021 and 31 December 2021 and let us know that they are a First Home Buyer when applying for their loan.
• The Great Start contribution will be added to eligible first home buyer applications as a deposit contribution to reduce the loan amount by $2000.
• Great Start applications will have the Establishment Fee waived (however the Security Administration Fee of $235 remains payable for all applications).
• Applicants must open a Great Southern Bank transaction account to settle the loan and receive the Great Start contribution and become members of Credit Union Australia Ltd.
• Approved Great Start first home purchases must settle 90 days from the promotion end date
• Approved Great Start first home construction loans must have the first draw down 90 days from the promotion end date.
• The Great Start can be used together with State Government First Home Owner Grants (FHOG for all states and territories), however FHOG approval or participation is not a requirement for Great Start..
• Great Start will be paid only once per application, regardless of the number of loans taken out over the same security or the number of applicants.

Eligability

To be an Eligible First Home Buyer you must:
• Borrow a minimum of $250,000 to purchase or construct your first owner occupied home.
• Be purchasing or constructing your first property in Australia.
• Show genuine savings according to Great Southern Bank's lending policy (in addition to your Great Start or other First Home Owner Grant payments).
• Not be an approved applicant or recipient of the Australian Government's First Home Loan Deposit Scheme with Great Southern Bank or any other Financial Institution.
• Be individuals who are permanent Australian residents aged 18 and over. Offer excludes loans to businesses, companies, trusts, non-resident borrowers and other non-natural persons. On joint loans, all applicants must be an Eligible First Home Buyer.