Frequently Asked Questions
1. How do I apply for a loan?
2. How much can I borrow?
3. What is LVR?
4. What is Loan Mortgage Insurance?
5. I am self employed, can I get a loan with Great Southern Loan?
6. Will I have redraw access for my loan?
7. How long does it take to clear a deposit for redraw?
8. Is there a minimum manual redraw amount?
9. Can I make extra repayments on my mortgage?
10. Are minimum payments required even if my loan is in advance?
11. Can I cancel payments if I go on holiday?
13. Why can there be delays in Settlements?
14. How long after settlement will the final payment come out?
15. Why is it when I transfer funds into or from my account they show up as uncleared funds?
16. Can I get a line of credit using my mortgage?
17. Can my loan be divided between fixed and variable rates?
18. How long does it take to get a statement?
19. How much does a further advance cost?
20. How do I arrange a loan against commercial property?
21. How do I put in my LSN details on my remote telephone?
22. If I forget my LSN, how many goes do I get before the system locks me out?
23. Who can I speak to if I am unhappy with my loan?
24. Who do I contact when I need help?
- How do I apply for a loan?
You can apply for a loan by printing out an application form and faxing or mailing it to us:
c/l Great Southern Loan
Sydney Office Level 12/74 Castlereagh St Sydney NSW 2000
- How much can I borrow?
Fill out a borrower’s guide and send it through to us and we will tell you how much you can borrow.
Download Borrower's Guide
- What is LVR?
LVR stands for Loan to Value Ratio. It is the percentage of the purchase price that you wish to borrow, i.e. a 100% LVR provides you with a loan amount which equals the purchase price.
At Great Southern Loan we offer up to 100% LVR* (*conditions apply)
- What is Loan Mortgage Insurance?
Loan Mortgage Insurance (or LMI) protects lenders against loss if borrowers default on their loan. It is a one off payment that is made by the borrower at settlement and is calculated as a percentage of the loan amount.
- I am self employed, can I get a loan with Great Southern Loan?
Yes, as well as offering fully verified loans, we also offer No Doc (low doc) loans to people who are self employed.
- Will I have redraw access for my loan?
Yes.
- How long does it take to clear a deposit for redraw?
5 business days
- Is there a minimum manual redraw amount?
Yes -$2,000. Try using the internet it is easy and the minimum is only $50.
- Can I make extra repayments on my mortgage?
Yes, they can be made at anytime using the internet or phone banking with no charge with all variable rate loans only.
- Are minimum payments required even if my loan is in advance?
Yes, minimum payments are always required
- Can I cancel payments if I go on holiday?
No, the minimum monthly payment must ALWAYS be deposited - even if you have a redraw facility.
- Why can there be delays in Settlements?
Please make sure that your representative is providing the correct information. We are always keen to get the matter settled so you can get back to your normal day to day business.
- How long after settlement will the final payment come out?
1 Month, The final payment is always a monthly payment.
- Why is it when I transfer funds into or from my account they show up as uncleared funds?
As with all electronic transactions it depends on the Financial Institute and as to what time of the day the transfer was done. Generally if transferred before 4pm the funds will be available the next business day, but suggest 2-3 days as a precaution.
- Can I get a line of credit using my mortgage?
Yes.
- Can my loan be divided between fixed and variable rates?
You can obtain a fixed rate for a maximum of 5 years during the loan period. The loan can be divided between fixed and variable up to a maximum of 4 times during your loan term.
- How long does it take to get a statement?
Immediate if you use the internet, but 3 days if you request it manually.
- How much does a further advance cost?
Application fee of $250 applies
- How do I arrange a loan against commercial property?
Contact us via email on: reception@greatsouthernloan.com
- How do I put in my LSN details on my remote telephone?
We recommend you don't as it is poor security.
- If I forget my LSN, how many goes do I get before the system locks me out?
3 times, then you will need to contact us to complete a form to obtain a new password.
- Who can I speak to if I am unhappy with my loan?
At Great Southern Loan we value our customers, please contact us if you are unhappy and we will do our best to help you. Email: reception@greatsouthernloan.com or call us on (02) 9239 0399
- Who do I contact when I need help?
Call us: (02) 9239 0399 or 1300 655 473 or email: reception@greatsouthernloan.com