At Great Southern Bank, we believe all Australians should be able to own their own home. That’s why we continue to support customers at every stage of their homeownership journey, not just through competitive products, but through accessible pathways tailored to real-world needs.
From first-time buyers and regional homeowners to growing numbers of rentvestors and investors, we’re committed to evolving our approach to match the shifting dreams of Australians today.
Pathways to Homeownership: A Broader Approach
For many, the road to owning a home isn’t always straightforward. That’s why we’ve developed flexible and inclusive pathways that reflect the diverse financial circumstances of our customers. Our approach includes five key options:
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Lenders Mortgage Insurance (LMI) with tailored discounts
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Using a Family Guarantor
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Using an Extended Loan Term of up to 40 years
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Purchasing with a 20% deposit
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Accessing via Government-backed lending schemes
This framework ensures that our customers – and our broker partners – have a clear, practical guide to the range of options available.
To further support this, and in response to rising demand, we’ve launched a comprehensive Broker Guide to assist our broker network in navigating these options with their customers. Our brokers are a crucial part of this conversation, helping us deliver solutions that are not only competitive but truly customer-centric.
Supporting rentvestors and young investors is an increasingly important path to home ownership. Last year we grew our lending to investors by 9% - and a quarter of that growth was made up by lending to the under 30s.
Partnering with Brokers to Reflect a Changing Market
The Australian property landscape is evolving. More Australians are rethinking what home ownership looks like – not just buying a home to live in, but investing in property as a way to build equity and long-term financial security.
We’re proud to work alongside our broker partners to help meet these changing expectations. Through their frontline insight, we’re continuing to adapt and innovate – including offering alternative pathways for customers who may have previously been declined.
In fact, we recently approved our first Extended Loan Term of up to 40 years for a customer, which enabled them to move forward with their property goals. This outcome reflects not only our flexible lending policies, but our dedication to making home ownership accessible – even when the path isn’t straightforward.
Policy Enhancements to Support More Australians
To better meet the needs of today’s buyers, we’ve introduced several key policy enhancements that expand our support for more Australians:
1. Family Guarantor Pathway
We’ve introduced a refreshed Family Guarantor policy that allows eligible customers to use a guarantor in place of a cash deposit and to borrow without a full credit assessment of the family guarantor. Uniquely, this policy also gives borrowers the ability to borrow an additional 7% of the property value to cover stamp duty, bank and legal fees - a key point of difference that can significantly ease the upfront burden.
We’ve also refined our assessment approach, making this a more viable and accessible pathway for a wider range of borrowers.
2. Updated Genuine Savings Definition
We’ve updated our policy to no longer require borrowers to hold or evidence their genuine savings over a three month period.
This change aligns closely with findings from our No Place Like Home research, which revealed that over 25% of Australians rely on financial help from family or friends to enter the housing market. This is a significant step in reflecting the realities of modern home buying.
3. Extended Loan Term
With cash flow a growing consideration, we’ve introduced the ability for eligible applicants to extend their loan term for up to 40 years – allowing them to reduce monthly repayments and improve affordability.
4. Refreshed LMI Offering
Our enhanced LMI proposition offers a discounted premium to all first time buyers, including rentvestors. For those choosing to pay the premium upfront, we’re offering a further discount – improving affordability and helping customers into the market sooner.
Looking Ahead
At Great Southern Bank, we know that home ownership is still the dream for many Australians – but the way people achieve that dream is changing. That’s why we’re investing in flexible, inclusive policies, and strengthening our partnerships with brokers to ensure we continue to meet Australians where they are.
Whether it’s through innovative loan structures, government-backed support, or new definitions of financial assistance, we’re proud to help turn the goal of home ownership into a reality - for more people, in more ways, than ever before.
