Great Southern Bank Fixed Rate Personal Loan, Up to $75,000 with No Penalties on Extra Repayments and Redraw Facility
Great Southern Bank fixed-rate personal loan offering up to $75,000 with no early‑repayment penalties, handy redraw access, competitive rates and flexible fortnightly repayments for Australian borrowers
If you’re looking for a straightforward fixed-rate personal loan with practical flexibility in Australia, Great Southern Bank offers a competitive unsecured option that suits a range of needs. Borrowers can access substantial amounts with predictable repayments and features that make managing cash flow easier.
Loan overview and repayment predictability
Great Southern Bank’s fixed-rate personal loan lets you borrow up to $75,000 with a locked interest rate, so fortnightly repayments stay consistent throughout the fixed term. That stability is useful for budgeting and avoids the surprise of variable-rate movements.
The loan is unsecured, which means no property or asset is required as security. You can choose weekly, fortnightly or monthly repayment schedules, making it simple to match loan repayments to your pay cycle.
Key features, fees and redraw access
The product includes no ongoing account-keeping fee and a one-off establishment fee around $175, which is typical for fixed personal loans in Australia. Importantly, there are no penalties for making extra repayments, so you can reduce interest costs by paying more when you have spare cash.
A handy redraw facility lets you withdraw any extra repayments you’ve made, providing a safety net for unexpected expenses. Note the minimum redraw amount for in-branch transactions (commonly $200), which is worth considering if you plan small redraws.
Benefits and trade-offs for borrowers
Pros include predictable fortnightly repayments, the ability to borrow up to $75,000, no penalty extra repayments and a redraw feature that adds flexibility. These elements make it a solid choice for consolidating debt, funding renovations or handling large one-off costs.
On the downside, fixed-rate loans can carry early repayment or break costs if you try to refinance during the fixed period, so check the full terms. Also, the minimum redraw threshold may be an inconvenience for very small balances.
Who should apply and how to proceed
This loan suits Australian residents who prefer certainty in repayments and want the option to pay extra without fees. It’s particularly helpful for people planning home improvements, consolidating higher-interest debt, or funding significant life events while keeping repayments predictable.
To apply, start online via the lender’s website, prepare ID and proof of income, and compare the fixed rate on offer with other lenders. Always run numbers on total interest and the effect of extra repayments using a repayment calculator so you know how much you’ll save by paying more over the term.