Gateway Bank Low Rate Essentials Home Loan

The details shown below are for an owner occupier taking out a principal & interest loan between $50,000 and $2,000,000 with an LVR below 85%

The details shown below are for an owner occupier taking out a principal & interest loan between $50,000 and $2,000,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan between $50,000 and $2,000,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan between $50,000 and $2,000,000 with an LVR below 85%

The details shown below are for an investor taking out a principal & interest loan between $50,000 and $2,000,000 with an LVR below 90%

The details shown below are for an investor taking out a interest only loan between $50,000 and $2,000,000 with an LVR below 80%

Choose the version of loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 85%

    Loan: $50,000 $2,000,000

  • Owner Occupier (Principal & Interest)

    LVR 85%-95%

    Loan: $50,000 $2,000,000

  • Investor (Principal & Interest)

    LVR < 80%

    Loan: $50,000 $2,000,000

  • Investor (Principal & Interest)

    LVR 80%-85%

    Loan: $50,000 $2,000,000

  • Investor (Principal & Interest)

    LVR 85%-90%

    Loan: $50,000 $2,000,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $50,000 $2,000,000

3.67% p.a.

3.69% p.a.

$0.00

Gateway Bank Low Rate Essentials Home Loan

3.67% p.a.

3.69% p.a.

$0.00

4.93% p.a.

4.95% p.a.

$0.00

Gateway Bank Low Rate Essentials Home Loan

4.93% p.a.

4.95% p.a.

$0.00

3.92% p.a.

3.94% p.a.

$0.00

Gateway Bank Low Rate Essentials Home Loan

3.92% p.a.

3.94% p.a.

$0.00

5.23% p.a.

5.25% p.a.

$0.00

Gateway Bank Low Rate Essentials Home Loan

5.23% p.a.

5.25% p.a.

$0.00

5.63% p.a.

5.65% p.a.

$0.00

Gateway Bank Low Rate Essentials Home Loan

5.63% p.a.

5.65% p.a.

$0.00

4.17% p.a.

4.19% p.a.

$0.00

Gateway Bank Low Rate Essentials Home Loan

4.17% p.a.

4.19% p.a.

$0.00

Mozo Review   Gateway Bank Low Rate Essentials Home Loan Review

Last updated: 17 May 2018.

What's hot:
  • Mozo 2018 Experts Choice winner

  • Variable rates from a low 3.67% rate (3.69% comparison rate)

  • No application fee or service fees

  • Free extra repayment and redraw facilities

What's not:
  • $300 discharge fee

Mozo snapshot:

The Gateway Bank Low Rate Essentials Home Loan could be the ‘no frills’ home loan option you’ve been searching for. This loan features variable rates starting from a low 3.67% (3.69% comparison rate), helping first home buyers break into the property market and investors tackle their next property. There’s also no application or ongoing service fees, so it’s no surprise this low rate loan took out a 2018 Mozo Experts Choice Award for best Low Cost Home Loan.

Key features:

Whether you’re after your first home or have your eyes on your next investment, rest assured that the Gateway Bank Low Rate Home Loan could offer great value through competitive rates and handy features. The loan offers a variable rate starting at 3.67% (3.69% comparison rate) for owner occupiers and 3.92% (3.94% comparison rate) for investors, plus there’s no application, settlement or service fees, but there is a $275 legal fee.

If you happen to fall into some extra cash, you’ll be able to make extra repayments towards your loan for free. And if you ever need any of those extra contributions back, there’s also a free redraw facility attached to this loan - just be aware that the minimum amount you can redraw is $500. There’ also no offset account with this loan.

With a maximum LVR of up to 85% for owner occupiers, if you’re a first home buyer keen to break into the market you’ll be able to apply with a deposit under 20%, however, this does mean that your rate will jump to 4.93%. The loan also carries a maximum LVR for investors of 90%, although this will also increase your rate up to 5.63%. You’ll also need to remember that once you’ve paid out your loan, you’ll need to pay a $300 discharge fee.

Who it's good for:

The Gateway Bank Low Rate Essentials Home Loan is a great choice for first home buyers or investors after a ‘no frills’ option who aren’t fussed with having features like an offset account.

Any catches?

Keep in mind that while the maximum LVR is 85% for owner occupiers, if you are planning to apply with a deposit of less than 20%, you will have to pay lenders mortgage insurance.


Details

Rates and fees information correct as at 19 August 2018.

Rates
  • 3.67% p.a.

  • n/a

  • 0 Months

  • none

  • 3.69% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $275.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits
  • $50,000

  • $2,000,000

  • none

  • 85.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • none

  • none

Details

Rates and fees information correct as at 19 August 2018.

Rates
  • 4.93% p.a.

  • n/a

  • 0 Months

  • none

  • 4.95% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $275.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits
  • $50,000

  • $2,000,000

  • 85.00%

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • none

  • none

Details

Rates and fees information correct as at 19 August 2018.

Rates
  • 3.92% p.a.

  • n/a

  • 0 Months

  • none

  • 3.94% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $275.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits
  • $50,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • none

  • none

Details

Rates and fees information correct as at 19 August 2018.

Rates
  • 5.23% p.a.

  • n/a

  • 0 Months

  • none

  • 5.25% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $275.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits
  • $50,000

  • $2,000,000

  • 80.00%

  • 85.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • none

  • none

Details

Rates and fees information correct as at 19 August 2018.

Rates
  • 5.63% p.a.

  • n/a

  • 0 Months

  • none

  • 5.65% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $275.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits
  • $50,000

  • $2,000,000

  • 85.00%

  • 90.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • none

  • none

Details

Rates and fees information correct as at 19 August 2018.

Rates
  • 4.17% p.a.

  • n/a

  • 0 Months

  • none

  • 4.19% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $275.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits
  • $50,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • none

  • none

Customer Reviews

How are Gateway Bank home loans rated by the Mozo community?

Overall customer rating
8.6/10
Price
9.4/10
Features
8.4/10
Customer service
8.5/10
Convenience
8.4/10
Trust
8.8/10

Latest review of Gateway Bank Low Rate Essentials Home Loan

  • Overall
    8/10
    Low interest rate and great customer service

    They have a low interest rate. It does not cost anything to revert to a fixed interest rate. They...

    They have a low interest rate. It does not cost anything to revert to a fixed interest rate. They have great customer service. They're not big and arrogant.

    Price
    10/10
    Features
    4/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    9/10

    Michael | VIC

    31 Mar 2014

Gateway Bank

About Gateway Bank

Gateway Bank is a deposit taking institution that is open to all Australians, who in turn will receive the excellent service and value from Gateways' products. Gateway Bank has a comprehensive range of products in home loans, term deposits, personal loans, kids savings accounts, car loans, everyday banking accounts, savings accounts and debit cards.

See Gateway Bank home loans

*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.