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Personal Loan questions and answers

What is the difference between a secured and unsecured loan? What is a comparison rate, and how much can I borrow?

We answer these and a range of questions about your personal loan journey, from applying all the way through to paying off your loan.

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Our Personal Loans and interest rates

Check out our range of personal loans and our current interest rates.

What does that loan-related word or phrase mean?


A comparison rate combines the:

  1.  loan interest rate you will be charged per year on the balance of your loan, with
  2.  the upfront, ongoing and final loan fees and charges you will also need to pay.

The comparison rate can help you estimate the total cost of a loan over a year.

An initial notification from the bank of how much they could lend you, subject to certain criteria, such as the value of the car you’re looking to buy.

The date your loan starts (is drawn down).

This is also the date your repayments and interest are calculated from.

You might also hear it referred to as ‘settlement’ or ‘funding’.

A fixed interest rate is a set interest rate which does not change for the period of your loan.

All Greater Bank Personal Loans feature a fixed interest rate for the life of the loan.

This type of loan may be suitable if you want certainty that your repayments will stay the same throughout the life of the loan which can help to make budgeting easier.

Plus, there are no penalties if you’d like to make extra or early repayments or if you fully repay your loan early.

Help deciding on a personal loan


You can pay for something specific by borrowing the money through a personal loan.

A personal loan will be for a set amount which you will need to repay over an agreed period of time.

You will also need to pay the interest accrued on the amount owed.

Check out range of personal loans. You can apply online and get approval in as little as 24 hours!

Secured Personal Loans

A secured loan means you nominate an acceptable asset of yours (something valuable you already own) as security against the money you’ve borrowed.

It means if you’re unable to repay the loan, we may be able to sell the asset to pay towards your loan.

Unsecured Personal Loans

An unsecured loan is a loan without an asset as security for the debt.

The interest rate for an unsecured loan is usually higher than a secured personal loan since this is a higher risk scenario for the bank.

Greater Bank offers both secured and unsecured personal loans to suit your needs.


For a Secured Personal Loan and New Car Loan, you can apply for a loan between $5,000 to $100,000.

For an Unsecured Personal Loan, you can apply for a loan between $5,000 to $50,000.


You can use a Greater Bank Fixed Rate Personal loan for any worthwhile personal purpose.

It’s worth noting, however, that our New Car Loan can only be used for the purchase of new cars (including dealer demonstrator vehicles with less than 5,000 kms on the odometer).

Your credit score, which is sometimes called your credit rating, is based on the personal and financial information on your credit report.

Under the Comprehensive Credit Reporting system, Greater Bank shares information with credit reporting bodies about the lending products you have with Greater Bank, including personal loans, credit cards, home loans and overdrafts.

Your credit report shows details of your repayment history (including when you make repayments on time and when you miss any repayments).

It also shows your loan and credit accounts, as well as details on every application for credit (and the amount) you’ve made.

Too many applications can have a negative impact on your report, so try and keep them to a minimum.

Making your personal loan repayments on time will demonstrate good credit-based behaviour and this will be reflected on your credit report and credit score.

Yes, you can apply but your application for a Greater Bank Personal Loan will be subject to Greater Bank’s credit assessment criteria.

Your liabilities and other financial commitments, such as an existing personal loan with another lender, will be taken into account when we assess your application for a Personal Loan with Greater Bank.

Applying for a personal loan or refinancing


Anyone can apply for a Personal Loan with Greater Bank, providing that you:

  • are 18 years or older,
  • have a satisfactory credit history, and;
  • are an Australian permanent resident.


We know sometimes it's hard for you to visit us when applying for a home loan, so we will come to you.

Our experienced lenders can visit you at home or work, at a time that suits you.

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At Greater Bank, we don’t think you should have to wait to get what you want.

That’s why we aim to approve your Personal Loan within 24 hours.

For some products and services, we’ll need to verify your identity.

In some cases, we may ask you to provide us with certified copies of your identification. If so, the following requirements must be met:

  • Certified copies of previously certified copies will NOT be accepted. A properly certified copy of the ORIGINAL document must be provided.
  • The person certifying the document must have sighted the ORIGINAL document/s

Proper certification must appear on EACH PAGE to be certified and should show

  • The date; and
  • The signature of the person certifying the document; and
  • The name, occupation and contact number of the person certifying the document (this should be clearly printed or evident in any official stamp that is used); and
  • The title of the person certifying the document; and
  • Where relevant, the registration number of the person certifying the document (for example a Justice of the Peace must include their registration number when certifying a document).

NOTE: a certified copy is not a photocopy of a previously certified document. The original document must be sighted and certified as a true copy of the original.

You’ll find the list of people who can certify a document for you (like a copy of your ID), and the legal requirements for this, on the Federal Register of Legislation website.

Check this register to make sure the occupation of the person who is to certify your document meets certification requirements.

If any of these requirements are not met, the certified copy CANNOT be accepted.

What you need to provide with your application


We will need to take a copy of your ID as part of your application.

You can provide:

  • Driver Licence, or;
  • passport/International Travel Document, or;
  • photo Card (includes photo and signature).

We will need to take copies of:

  • your two most recent consecutive payslips (no more than four [4] weeks old), or;
  • a current signed letter from your employer on their letterhead, stating your gross annual income, role or position, length of employment and employment status.

We also need to see:

  • wage deposits into a transaction account over three (3) months.
If you're self-employed

Personal tax returns and, where relevant, business tax returns as well as financial statements, Australian Tax Office (ATO) Notice of Assessments for the last two consecutive years.

If you're eligible for a Family Tax Benefit

A letter from Centrelink, issued within the last six (6) months showing:

  • the type of benefit received
  • the information used by Centrelink to calculate the payment

We also need to see:

  • a transaction account statement showing your two (2) most recent payments.
If you receive child support
  • A Letter of Assessment form from the Child Support Agency within the last six (6) months, plus
  • account statements showing three (3) months of payments.
If you receive rental income
  • A current letter or statement from the Managing Real Estate Agent, or;
  • Transaction account statements showing the three (3) most recent months of rental credits.

We’ll need documents confirming that any loans you currently have are up to date.

For example, a recent statement showing your name, account number, monthly repayments, credits, debits and loan balance.

For a home loan:
  • Six (6) months of consecutive statements.
For a personal Loan
  • Three (3) months of consecutive statements.
For credit/store cards and interest-free loans:
  • Your most recent statement.

If you’re a home renter, we need copies of:

  • rent receipts or a rental statement issued by a Real Estate Agent, or;
  • three (3) most recent months payments shown in a Greater Bank transaction account.
Private purchase (car only):
  • Current registration papers.

If your loan is for more than $60,000.00 you may need a vehicle inspection certificate.

Dealer purchases:
  • Dealer's invoice.
If you've already purchased the asset and are refinancing:
  • Current registration papers.
  • Comprehensive insurance policy.

If you’re applying for a Greater Bank Unsecured Personal Loan and your application is approved, you won’t need to provide any security as this is an unsecured loan.

But if you apply for a Greater Bank Secured Personal Loan or New Car Loan and your application is approved, we’ll use the car you have purchased, or other collateral you’re able to provide as security.

As a result, we may be able to offer you a lower interest rate than an unsecured loan.

How do I work out my repayments


If you’re applying for a loan and want to know what your repayments will be, use our repayments calculator and find out.

Once your loan is approved, your repayments will be detailed in your loan contract.

If you’re registered for Online Banking, you’ll be able to see your repayments and where your account details are.

Paying off a personal loan


You sure can.

All of our Personal Loans offer you the option to make extra repayments and pay out your loan early without being penalised.

Calculating interest


The interest charged depends on a variety of factors, such as the number of days in that month, the applicable annual interest rate and the unpaid balance of your loan.

Interest is calculated on the unpaid daily balance of your loan and is charged to the loan on a monthly basis (depending on which product you have).

The interest rate applied each day is equal to your annual interest rate, divided by 365.

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