Gateway Bank cuts regular and green home loan rates

homeowners happy for gateway banks new rate cuts

Gateway Bank announced new rate cuts to some of their variable interest rate home loans.

The new rates came into effect this morning:

  • Green Plus Home Loan: This eco-friendly home loan decreased by 45 basis points (bps), meaning rates start at a low 1.89% p.a. At the time of writing, this loan is amongst the lowest in Mozo’s database.  
  • Green Home Loan:  This loan, designed to help people get more energy efficient homes, decreased by 45 bps, and its new rate starts at 1.99% p.a.
  • Premium Package Home Loan: The new variable rate for owner occupiers lowered by 35 bps, making the new rate start 1.99% p.a. for loans over $250,000.
  • Low Rate Essentials Home Loan: The new variable rate for owner occupiers decreased by 47 bps, giving a new starting rate of 2.04% p.a. for loans over $250,000.

Gateway Banks’s chief executive officer Lexi Airey said that the bank is always looking for ways to be more competitive, especially in the green home loans space.

“With the upcoming COP 26 and recent IPCC report focusing attention on the need to reach net zero, we want to make it as economical as possible for Aussies to build or retrofit their homes to be energy efficient,” she said.

The bank is also offering a $2000 cashback deal until the end of this year for their green loans. (Terms and conditions apply).

How does Gateway Bank’s new rates compare?

For starters, all four loans are well below the 3.14% average variable home loan rate for owner occupiers in Mozo’s database. Its green loans are also below the average rate of 2.21% for home loans made for environmentally friendly homes found in our database. And both of Gateway Bank green loans are the lowest green loans available in Mozo’s database.

Gateway Bank is one of many home lenders slashing their rates. In the last two weeks Orange Credit Union, CBA, ING, and UBank have announced rate cuts. In the past year, interest rates have been some of the lowest they have been in years, which has led to a boom of homeowners refinancing their loans.

If you are looking to buy or refinance your home, check Mozo’s home loan comparison hub to find which loan is perfect for you.

Home loan comparisons on Mozo - last updated 25 May 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

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  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.01% p.a.

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

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  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.25% p.a.
    fixed 3 years
    6.20% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

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  • Elevate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.20% p.a.

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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