8.2 / 10

based on 60 reviews as rated by Mozo community

Gateway Bank home loans

Borrow from a champion at Gateway Bank, formerly known as Gateway Credit Union - winner of two 2019 Mozo Experts Choice Awards for best Investor Home Loan and best Low Cost Home Loan. 

Gateway Bank began in 1955, and while some financial institutions certainly started small, Gateway takes the cake, starting as no more than a receipt book and a briefcase. It's since grown into a thriving business with more than 30,000 members who enjoy great rates and customer service. Check out the award winning home loan options from Gateway Bank below.

What home loans do Gateway Bank offer?

Rates and fees verified as correct at 27 October, 2020. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

The start-up costs of a Gateway Bank loan might seem a little steep - you’ll be up for application, legal and valuation fees - but don’t let that turn you away from this great home loan option! The good news is you won’t pay any ongoing service fees, plus, you’ll get unlimited fee free extra repayments. Just remember that if you pay off your entire home loan before the fixed term is up, you may be hit with an early break fee. Gateway Bank home loans are available starting from $50,000 and for up to 95% of the property’s value - although higher LVRs will attract higher interest rates and as with most lenders, if you’ve got a deposit of less than 20%, you will have to shell out for lenders mortgage insurance as well.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

2.59% p.a.

4.05% p.a.

$0.00

$800

2.99% p.a.

4.66% p.a.

$0.00

$800

Variable Rate Home Loans

If you’re looking for a little added flexibility in your home loan, then check out the variable rate home loans on offer from Gateway Bank. These loans are available starting from $20,000, and like the fixed rate alternative, are available for borrowers with an LVR of up to 95%, although again, any LVR over 80% will mean paying lenders mortgage insurance. You’ll pay the same application, legal and valuation fees on the variable rate option and in return, you can cash in on flexible features like unlimited extra repayments, the ability to make redraws (a minimum amount applies), and the use of an offset account, although this feature is not available with the variable Low Rate Essentials home loan option.

Home loan repayments calculator

years

Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

2.69% p.a.

2.72% p.a.

$0.00

$275

3.15% p.a.

3.18% p.a.

$0.00

$275

2.60% p.a.

2.63% p.a.

$0.00

$275

2.56% p.a.

2.59% p.a.

$0.00

$275

4.48% p.a.

4.54% p.a.

$0.00

$800

3.40% p.a.

3.42% p.a.

$0.00

$275

3.60% p.a.

3.62% p.a.

$0.00

$275

3.01% p.a.

3.04% p.a.

$0.00

$275

3.38% p.a.

3.40% p.a.

$0.00

$275

3.24% p.a.

3.27% p.a.

$0.00

$275

2.96% p.a.

2.99% p.a.

$0.00

$275

5.18% p.a.

5.24% p.a.

$0.00

$800

Fixed Package Home Loan

If you’re looking to skip the set-up fees, a fixed rate Premium Package home loan from Gateway might be the solution - but remember that you’re trading them in for a yearly service fee. The good news is that one of the perks of this package is that the service fee is waived for the first year. Other benefits include increased interest on your Gateway Bank term deposits and discounts on Gateway general insurance covers, like home and contents, car and travel insurance. You’ll also have the option to make extra repayments on your home loan, but keep in mind that an early break cost fee will apply if you pay off the entire loan before the fixed term is up. Premium Package home loans are available starting from $150,000 and conditionally for LVRs up to 95%.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

2.29% p.a.

3.37% p.a.

$299.00 yearly

$0

3.29% p.a.

3.84% p.a.

$299.00 yearly

$0

2.49% p.a.

3.64% p.a.

$299.00 yearly

$0

Variable Package Home Loan

Add some flexibility to your mortgage with the variable rate Premium Package home loan. You’ll get all the benefits of the fixed rate alternative, including discounts on general insurance, a boost on your term deposits and no annual fee for the first year. The variable rate package from Gateway Bank allows you to make unlimited free repayments without the worry of a break fee, and added to this, you’ll have use of an offset account and the option to redraw funds. Can’t decide between the fixed and variable rate options? No problem - you can opt to split your home loan and have the best of both worlds.

Home loan repayments calculator

years

Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

2.75% p.a.

3.08% p.a.

$299.00 yearly

$0

2.95% p.a.

3.28% p.a.

$299.00 yearly

$0

2.59% p.a.

2.92% p.a.

$299.00 yearly

$0

2.64% p.a.

2.97% p.a.

$299.00 yearly

$0

3.25% p.a.

3.57% p.a.

$299.00 yearly

$0

3.15% p.a.

3.48% p.a.

$299.00 yearly

$0

3.42% p.a.

3.74% p.a.

$299.00 yearly

$0

3.29% p.a.

3.61% p.a.

$299.00 yearly

$0

2.99% p.a.

3.31% p.a.

$299.00 yearly

$0

Line of Credit

What are your next spending goals? Renovation? An investment property? Make it happen with an EquitiSmart home loan from Gateway Bank. With this loan, you’ll have access to funds between $20,000 and $1,000,000 (up to 80% of the value of your property), which you can access with a Gateway debit card, over the phone or through online banking. Some of the great features of an EquitiSmart home loan include the option to set up automatic payments, and complete portability - you can sell your house, buy a new one, and take your Gateway Bank EquitiSmart home loan with you.

Product Rate Comparison Rate* Service fee Upfront fee

5.15% p.a.

n/a

$0.00

$800

5.67% p.a.

n/a

$0.00

$800

*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.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Gateway Bank home loan features in a glance

Free icon

Low deposit

Many of the Gateway Bank home loan options allow owner occupiers to borrow up to 95% of the property’s value - but remember that generally, the higher the LVR, the higher your interest rate.

Free icon

No ongoing service fees

Other than the Premium Package home loan options, no Gateway Bank mortgages attract ongoing service fees - but the tradeoff is you’ll pay application, legal and valuation fees up front.

Free icon

Free extra repayments

All Gateway Bank home loans come with the flexibility of making unlimited, fee free extra repayments - even the fixed rate options! The catch is if you pay off an entire fixed rate loan before the loan term is up you may incur an early break fee.

Repayment Icon

Flexible repayment schedule

Make sure your monthly home loan repayments don’t clash with payday by choosing between monthly, fortnightly or weekly repayments on your Gateway Bank mortgage.

How are Gateway Bank home loans rated?

Mozo users have rated Gateway Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Gateway Bank home loans
Overall
8.5/10
Price
Features
Customer service
Convenience
Trust
24 reviews

Recent Gateway Bank home loan reviews

Gateway Bank Fixed Rate Home Loan (Premium Package) review
Overall 1/10
Terrible

Buyer beware. They claim to be a member bank but they certainly do not put their members first.

Read full review

Buyer beware. They claim to be a member bank but they certainly do not put their members first.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Ej, Victoria reviewed 4 months ago
Gateway Bank Variable Rate Home Loan (Premium Package) review
Overall 7/10
Competitive rates, simple, no-frills.

The only reason I scored them low on product features and convenience is because they don't (yet) support NPP/OSKO transfers, or Apple/Android Pay. Their rates are great though, and so is their service over the phone (they don't have branches - only a head office in Sydney). They did a great job in picking up some fraudulent usage of my Visa debit card and are always very friend and helpful.

Read full review

The only reason I scored them low on product features and convenience is because they don't (yet) support NPP/OSKO transfers, or Apple/Android Pay. Their rates are great though, and so is their service over the phone (they don't have branches - only a head office in Sydney). They did a great job in picking up some fraudulent usage of my Visa debit card and are always very friend and helpful.

Price
10/10
Features
1/10
Customer service
9/10
Convenience
5/10
Trust
9/10
Less
Alex, Queensland reviewed 9 months ago
Gateway Bank Fixed Rate Home Loan review
Overall 6/10
Good value and personalised service

The credit union ('CU') had very competitive pricing at the time, a simple easy to use web site and very helpful staff on their phone help line. The CU also has really interesting news letters that make customers feel a little less like a number / statistic. On the negative side I am a little concerned about their credit rating and would not take out a variable rate home loan with them.

Read full review

The credit union ('CU') had very competitive pricing at the time, a simple easy to use web site and very helpful staff on their phone help line. The CU also has really interesting news letters that make customers feel a little less like a number / statistic. On the negative side I am a little concerned about their credit rating and would not take out a variable rate home loan with them.

Price
7/10
Features
4/10
Customer service
6/10
Convenience
4/10
Trust
6/10
Less
B, Queensland reviewed almost 5 years ago
Gateway Bank Variable Rate Home Loan review
Overall 9/10
Great customer service t

Gateway credit union, Yellow brick road, have been awesome. Would not hesitate to recommend to family and friends. No hidden costs, do not have the fees associated with lots of big banks. Very friendly, always helpful.

Read full review

Gateway credit union, Yellow brick road, have been awesome. Would not hesitate to recommend to family and friends. No hidden costs, do not have the fees associated with lots of big banks. Very friendly, always helpful.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
9/10
Trust
9/10
Less
Robyn, Victoria reviewed about 5 years ago
Gateway Bank Home Loan review
Overall 9/10
A credit union worth leaving your bank for

Such friendly service, and I always speak to the same person. Everything has been explained to me properly and I understood the process. They also have low fees - much better than the banks.

Read full review

Such friendly service, and I always speak to the same person. Everything has been explained to me properly and I understood the process. They also have low fees - much better than the banks.

Price
9/10
Features
10/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Scarlet, New South Wales reviewed over 5 years ago

What do you need to apply for a Gateway Bank home loan?

Decided a Gateway Bank mortgage is right for you? First things first, because Gateway is a member-owned institution, to get your hands on a home loan here you’ll need to become a member. The form to do this is the same one you’ll use to apply for your home loan, plus you’ll need to provide photo I.D. and pay a small membership fee.

When you fill out a Gateway Bank home loan application, you should have some details handy, including:

  • What kind of loan you’re applying for
  • The estimated value of the property you’re buying
  • Your personal information like address and contact details
  • Details about your employment, including position and salary
  • Your financial position, including any debts or assets you currently have

Home loan quick links