Great Southern Bank Home Loans Review for Australian Expats
Great Southern Bank (GSB), formerly known as CUA, is a customer-owned financial institution with a long and distinguished history in Australia. It was founded in 1946 through the amalgamation of several small credit unions in Queensland, initially serving around 180 members. Over the years, it has grown through mergers and acquisitions, becoming the largest customer-owned bank in Australia today.
Is this the right lender for your overseas mortgage to buy property in Australia?
- Borrow up to 80% of the property purchase price
- Extensive experience in expat home loans
- Competitive interest rates and flexible terms
Great Southern Bank Home Loan Options
Great Southern Bank offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.
Basic Variable Home Loan
Fixed Rate Loan
First Home Buyer Loan
The basic variable home loan is a flexible home loan with no ongoing account fees and allows extra repayments without penalty. It's a suitable option for expats seeking a straightforward loan structure with competitive interest rates.
The fixed rate home loan provides fixed interest rates for a set period, offering predictability and protection against interest rate fluctuations. It's a good choice for expats who prefer stability and want to budget effectively.
First home buyer loans are designed for first-time homebuyers, including expats, and offer competitive interest rates and features tailored to those purchasing their first property.
Great Southern Bank Home Loan Review
Here are the pros and cons of choosing Great Southern Bank to buy property in Australia.
| Pros | Cons |
|---|---|
Dedicated expat home loan team | More documentation required |
No application fees or early repayment charges | Limited availability of certain products |
Range of online tools and resources | Not all Great Southern Bank branches can assist with expat home loans |
Competitive interest rates and flexible terms |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Features of Great Southern Bank Home Loans
Great Southern Bank can help you get the following home loan features.
| Feature | Details |
|---|---|
Flexible Loan Terms | You can choose from a range of terms, including 10, 15, 20, 25, and 30 years. They also offer the flexibility to make additional repayments without penalty. |
100% Offset Accounts | Allows you to link your savings accounts to your home loan. This can help reduce the amount of interest paid over the life of the loan. |
No Application Fees or Early Repayment Charges | This can save you money upfront and give you the flexibility to repay your loan early without penalty. |
Facts About Great Southern Bank
The roots of Great Southern Bank can be traced back to the 1940s when a group of community-minded individuals established credit unions to provide affordable financial services to those who were often overlooked by traditional banks.
As the decades progressed, GSB underwent a series of mergers and acquisitions, expanding its reach across Australia. In 2007, it adopted the Great Southern Bank name, reflecting its broader geographic presence. The bank continued to grow and diversify its offerings, becoming a trusted provider of financial products and services to a wide range of customers.
The bank is also deeply committed to its communities, actively supporting local initiatives and organisations. It recognises that its success is intertwined with the well-being of the communities it serves, and it strives to make a positive impact.
How Do I Apply for an Expat Mortgage with Great Southern Bank?
The process for applying for an Australian expat home loan with Great Southern Bank is straightforward and can be completed online or by phone. Here’s a step-by-step guide.
- Check Eligibility: Before initiating the application process, ensure you meet the eligibility criteria for an expat home loan. This means you need to meet requirements such as being an Australian citizen or permanent resident and having a regular and verifiable source of income from your overseas employment or business.
- Gather Required Documents: Prepare the necessary documentation to support your application. This includes documents such as driver’s licence, recent pay slips, bank statements, and the contract of sale.
- Contact a Mortgage Broker: The bank offers two options for initiating an expat home loan application: online or by phone. Taking the help of a specialist mortgage broker can speed up the process and make it smoother.
- Provide Additional Documentation: Once you’ve submitted your initial application, the bank may request additional documentation to support your eligibility and assess your borrowing capacity. This may include documents such as a letter verifying your overseas employment.
- Pre-Approval and Loan Approval: Upon review of your application and supporting documents, the bank will provide a pre-approval for a specified loan amount. This will be valid for a certain period, giving you time to finalise your property purchase.
- Submit Formal Loan Application: Once you’ve identified a suitable property and finalised the purchase agreement, you can submit your formal loan application. The bank will conduct a final assessment and provide a formal loan approval, outlining the loan terms, interest rates, and repayment schedule.
Odin Mortgage specialises in overseas expat home loans. We can help you apply with GSB or recommend a more suitable lender for your specific situation.
Who is Eligible?
Australian expats can apply for home loans with Great Southern Bank, even if they are currently living overseas. The general eligibility criteria for overseas expats are as follows.
- You must be over 18 years of age.
- You must provide proof of a regular and verifiable source of income from your overseas employment or business.
- You must have a satisfactory credit history.
- If you are not an Australian citizen, you must hold a valid visa that allows you to purchase property in Australia.
Foreign investors living overseas can also apply for home loans with GSB, but the eligibility criteria are more stringent.
- You must be a citizen of a country with a strong credit rating.
- You must have a significant deposit of at least 30% of the property value.
- You must provide proof of overseas income and assets.
- You must have a clear understanding of Australian tax laws and regulations.
In addition to these general eligibility criteria, the bank may also consider other factors, such as your credit history, debt-to-income ratio, and overall financial situation.
What Documents Do I Require?
The specific documents required for a home loan from Great Southern Bank in Australia as an overseas applicant will depend on your individual circumstances and the type of loan you are applying for. However, there are some general documents that are typically required, which include the following.
Proof of Identity
This includes documents such as a valid passport, driver's licence, or birth certificate.
Proof of Income and Employment
This includes documents such as recent pay slips or employment contracts, tax returns from your overseas country of residence, and proof of business ownership (if applicable).
Proof of Financial Assets
This includes documents such as bank statements, investment statements, and superannuation statements.
Property Information
This includes documents such as the property valuation report, contract of sale or purchase agreement, and building and pest inspection reports.
Visa Information
This includes documents such as a valid visa that allows you to purchase property in Australia and evidence of visa application or processing (if applicable).
Other Supporting Documentation
This includes documents such as evidence of child support payments (if applicable), divorce decree or separation agreement (if applicable), and evidence of any outstanding debts or financial commitments.
In addition to these general documents, the bank may also request additional documentation depending on your specific circumstances. For example, if you are applying for a joint loan, you will need to provide documentation for both applicants. If you are applying for a loan as a foreign investor, you may need to provide additional evidence of your financial assets and visa status.
Other Related Products from Great Southern Bank
Construction Loan
Construction loans are specifically tailored for expats who are building a new home in Australia. It provides progressive funding as the construction progresses, catering to the unique needs of self-builders.
Top-up Home Loan
Top-up home loans allow expats to borrow additional funds against the equity in their existing property. It’s a convenient way to finance renovations, extensions, or other expenses related to their Australian property.
Bridging Home Loan
Bridging home loans are short-term loans that can be used to bridge the gap between selling an existing property and purchasing a new one. It’s a helpful option for expats who need temporary financing during the transition period.
Need a Mortgage With Great Southern Bank?
Great Southern Bank stands as a testament to the power of customer ownership and the importance of community banking. It has successfully navigated the challenges of the financial landscape while remaining true to its founding principles. As it continues to evolve, GSB is poised to play an even more significant role in the Australian banking sector, shaping the future of financial services for its customers and communities.
We can help you secure your overseas home loan with Great Southern Bank or any other lender that could be more suitable for your specific circumstances. Please speak with us today to discuss your situation and requirements!
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Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Great Southern Bank
Can Australian expats apply for a home loan from Great Southern Bank while living overseas?
Yes, Australian expats are eligible to apply for a home loan from Great Southern Bank even if they are residing overseas. The bank has specific loan products designed for expatriates, but it’s important to check the eligibility criteria and documentation requirements. You can find all this in the respective section above.
What are the key considerations for Australian expats when applying for a home loan with Great Southern Bank?
Australian expats should consider factors such as currency exchange rates, taxation implications, and any legal restrictions when applying for a home loan with GSB. It’s essential to be aware of the potential impact on repayments due to currency fluctuations and to seek professional advice to navigate tax implications both in Australia and the country of residence.
Can Australian expats use foreign income to qualify for a home loan with Great Southern Bank?
Yes, the bank often allows Australian expats to use their foreign income to qualify for a home loan. However, it may have specific criteria and documentation requirements for verifying overseas income. Expats may need to provide documents such as tax returns, employment contracts, and proof of currency conversion to demonstrate their financial capacity.
How does Great Southern Bank handle the property valuation process for Australian expats living abroad?
The property valuation process for Australian expats is typically managed by GSB through their network of approved valuers. Expats may need to coordinate with the bank to schedule a valuation, and it’s essential to consider any time zone differences. It’s advisable for expats to provide detailed information about the property and its local market conditions to facilitate an accurate valuation process.
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