Great Southern Bank lending policy requires a documented borrower contribution, acceptable income and suitable residential security. Your broker commission forecast also depends on the remuneration agreement for the settled facility. A government guarantee can reduce the deposit needed, while Great Southern Bank still decides whether the borrower and loan meet its credit requirements.
For a file with several deposit sources, explain where each amount comes from and whether anyone expects repayment. Keep that evidence separate from the commission calculation. Use the lender policy directory to compare another lender’s requirements.
Settlement Payments and Trail
Great Southern Bank upfront entitlement comes from the remuneration terms applying to your broker channel and the loan that actually settles. Pre-approval and the approved limit alone do not establish the payment due. Retain the applicable schedule with the settlement advice and reconcile the eligible balance against the commission statement.
Your forecast needs the upfront rate, its tax treatment and the balance on which that rate applies. Record any offset adjustment or later utilisation adjustment required by the agreement. Separate the lender’s payment from your share after the aggregator’s deductions.
Trail starts according to the agreement’s commencement rule and payment cycle. As the eligible balance changes, the amount payable changes. A discharge ends the loan’s ongoing trail. Arrears, offset balances and loan variations need their own treatment under the schedule before you explain a reduction as missing commission.
Record the first expected trail period beside the settlement reference. When payment differs, compare the statement’s loan reference and balance with the settled facility before raising a discrepancy.
Recovery, Refinance and Split Loans
For a Great Southern Bank clawback calculation, match the event to the recovery clause in the agreement for that loan. Full repayment or an external refinance can expose upfront to recovery during the applicable period. The clause determines the recoverable amount and any exceptions.
Keep these transactions separate when you build the forecast:
| Transaction | Balance to identify | Commission question to resolve |
|---|---|---|
| Another lender’s loan refinances into Great Southern Bank | Debt paid out elsewhere and new Great Southern Bank funds | Which settled amount qualifies for upfront and when does trail commence? |
| An existing Great Southern Bank loan is internally refinanced | Original balance carried into the replacement facility | Does the agreement preserve trail, pay for additional lending or trigger recovery? |
| A top-up adds funds | Existing balance and additional funds separately | Which additional funds qualify for payment and what recovery period applies to them? |
| An existing facility is split | Original balance allocated across the new accounts | How do the new references retain the original entitlement and settlement history? |
A split does not itself show that the borrower received more money. In a hypothetical file, splitting a $500,000 balance into $300,000 and $200,000 leaves total lending unchanged. Adding a $40,000 top-up produces $540,000 of total lending, with $40,000 of additional funds to classify separately.
Retain the original settlement history when account references change. Track My Trail’s Clawback Risk shows loans inside their clawback period, with days remaining and upfront exposure under the applicable aggregator or lender rules.
Deposit Sources and Borrower Contribution
Great Southern Bank’s application checklist requires funds for purchase costs as well as the deposit. It also calls for genuine-savings evidence where the deposit is 10% or less. Bank statements showing regular savings deposits are its stated example of evidence.
Build a funds-to-complete calculation that includes the purchase price and settlement costs. Deduct the proposed loan and any deposit already paid. Match the remaining contribution to money the borrower can actually use at settlement.
For gifted funds, collect the donor’s written explanation of the amount and whether repayment is expected. Trace the transfer into the borrower’s account. If repayment is expected, record the liability and its repayments in the servicing assessment. That distinction affects both the available contribution and affordability.
For sale proceeds, retain the sale evidence and expected net proceeds after any debt payout. A grant or other contribution needs evidence of entitlement and when the money becomes available. Avoid counting funds twice after transfers between accounts.
Great Southern Bank participates in the Australian Government 5% Deposit Scheme. It describes deposits from 5% for eligible first home buyers and 2% for eligible single parents or legal guardians. Government scheme eligibility and the bank’s credit approval are separate decisions.
A gift arriving in the account establishes that money is available. Acceptance of that gift as the required contribution is a separate assessment. Specify the gift and savings amounts in the credit question, together with the scheme category and the documents supporting each source.
Income and Residency Requirements
Great Southern Bank’s application checklist states a minimum age of 18 and Australian permanent residency. Prepare identification for each applicant and record their residency status before assessing the proposed ownership and borrowing structure.
For salary income, the checklist identifies recent payslips, salary-credit bank statements or a tax statement as typical evidence. Declare regular overtime and bonuses separately from base pay. Give credit enough employment history to assess whether variable income can continue.
The standard self-employed checklist asks for two years of financial statements and business and individual tax returns. Explain debts or expenses that appear in those documents but differ from the application.
Great Southern Bank also has a simplified self-employed assessment. Its stated conditions include at least two years of trading, no more than two directorships and a maximum 80% loan-to-value ratio (LVR). This route uses the two most recent Notices of Assessment.
Where income rises by up to 50%, the bank uses the latest income with a satisfactory explanation of sustainability. For a larger increase it uses the two-year average. If income falls, it uses the latest year’s income. Rental income is excluded from this simplified policy except for a new investment-property purchase in the application.
Property, Purpose and Repayment Structure
Great Southern Bank assesses the security and loan purpose alongside the borrower. Calculate LVR from the bank’s valuation, which can differ from the contract price. A deposit sufficient for an ordinary residential purchase does not establish acceptance of every property.
For an unusual security, describe the property precisely in the credit submission. Include its location, land area and dwelling type, plus any title or use restriction. Obtain a decision on that security and proposed LVR before treating the loan as ready for unconditional approval.
For an investment application, identify the rental income and its evidence. A government first-home scheme requires an eligible home to live in, so an investment purchase needs a different assessment path.
For refinance, supply the existing address and property value, together with the outstanding balance and repayments. Explain any additional borrowing separately from the payout amount.
Great Southern Bank’s construction process requires a signed building contract with payment stages and specifications, plus construction plans. Before builder payments, it requires council-approved plans and builder insurance evidence. Its process includes valuations during construction.
Record the requested repayment structure and the repayment after any interest-only period ends. The bank’s home-loan terms limit interest-only periods to 36 months for owner-occupiers and 60 months for investors. Fixed interest-only periods must match the fixed-rate period.
Documents and Policy Exceptions
A Great Southern Bank submission needs evidence that reconciles the contribution, liabilities and property with the figures in the application. Organise the file so credit can follow the source of each figure without rebuilding your calculation.
Retain the following evidence where it applies:
- Identity and residency documents for each applicant.
- Savings statements, gift evidence and proof of other contributions, matched to funds to complete.
- Income documents for the chosen assessment route and evidence supporting variable income.
- Existing debt balances, limits and repayments, including any money borrowed for the deposit.
- Purchase or refinance details and the security information needed for valuation.
- Construction documents and scheme evidence for those application types.
For a mixed-deposit exception, send one precise question. In a hypothetical file, the borrower contributes $20,000 of savings and a $15,000 family gift toward a $700,000 purchase. The total deposit is $35,000, or 5%, before purchase costs.
Ask credit, Does this contribution meet the bank’s requirements for the proposed scheme loan, and what gift evidence is required? Attach the savings statements and donor declaration. Include the separate funds for costs, the requested loan amount and the property’s postcode.
Keep the written answer with its conditions in the file. Resolve broker-channel access or support through the Great Southern Bank broker portal guide. Before lodgement, reconcile the final contribution and liabilities against the credit response so the application reflects the arrangement the bank assessed.
