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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