Great Southern Bank has reported another year of robust performance, with home lending up 6.5% to $17.5 billion.
“Our continued growth reflects not only our competitive products, but the fact that more and more Australians are looking for a lender they can trust that shares their values,” said Paul Lewis (pictured), CEO of Great Southern Bank.
Almost a third (29%) of new home lending supported first-home buyers, including $1.24 billion in additional lending to this group.
“Their support means we have been able to increase our home lending in every state and territory in Australia,” Lewis said.
Notably, more than a quarter (27%) of borrowers via the Home Guarantee Scheme are key workers.
“Helping them achieve homeownership is not only life-changing for them, it’s a positive investment in Australia’s future,” Lewis said.
Recent research from Great Southern Bank shows younger Australians, especially Gen Z, are reimagining homeownership as a way to generate income and build wealth. The bank’s No Place Like Home report found 58% of Gen Z homeowners are considering using their home as a source of income, with many looking to invest, rent out, or run a business from their property.
Net profit after tax rose 15.8% to $43.2 million, which as a customer-owned bank will be fully reinvested to enhance products and services. Net interest income increased 5.4% to $368.1 million, with revenue growth outpacing costs.
“In a competitive environment we have delivered strong and sustainable financial results, underpinned by solid product performance and disciplined cost management,” Lewis said.
Total deposits increased 2.5% to $14.5 billion.
Home lending growth was achieved in every state and territory, with Tasmania up 19.9%, South Australia up 11.6%, Victoria up 10.3%, and Queensland (the bank’s largest lending market) up 6.4%.
The bank’s Net Promoter Score remained strong at 51, and it was voted by brokers as one of the top four lenders in Australia and first among non-major banks.
Great Southern Bank continues to expand its support for small businesses, launching new products on its digital platform Business+ and introducing an embedded finance product in partnership with MYOB and Constantinople.
The bank also upgraded social housing properties through a partnership with Mission Australia and celebrated the first year of its First Nations entrepreneur support program.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
