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Flexible payment options for Great Southern borrowers


12/12/2014

Yesterday's Supreme Court approval of the Great Southern settlement means 2000 people who borrowed money from our bank now must repay it in the same way all our other borrowers do.

Media reports have speculated that the bank will now start throwing people out of their homes if they can't repay us immediately. That's not right.

The court decision confirms that borrowers must repay the principal and interest due on their loans. The bank agreed with the Judge's request to delay any action to recover loans until 2 February 2015.

Many borrowers will be able to repay us immediately and will do so to clear their debt and move on.

Some borrowers won't have the money to do that, and although we are entitled to demand immediate repayment, we won't be doing so. Instead, we'll be happy to discuss options including restructuring loans over longer periods to provide borrowers with flexible options.

Our aim is to work with people to ensure they don't suffer hardship. Legal action or foreclosure is the last thing we want, but as we have always said, we do expect the money to be repaid.

The best thing borrowers can do is contact us immediately on 1300 677 885. The sooner they talk to us, the sooner we can agree arrangements that will provide them with certainty about their finances.

Borrowers will next week receive a letter from us explaining the situation.