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Gateway Bank Low Rate Essentials Home Loan

Advertiser disclosure

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 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $500,000 and $2,000,000 with an LVR below 80%

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 $500,000 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 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 $500,000 and $2,000,000 with an LVR below 80%

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 this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

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

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $500,000 $2,000,000

  • Owner Occupier (Principal & Interest)

    LVR 80%-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: $500,000 $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: $500,000 $2,000,000

  • Investor (Interest Only)

    LVR < 80%

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

Rate
2.55% p.a.
Comparison Rate
2.58% p.a.
Service fee
$0.00
Upfront fee
$275
Rate
2.51% p.a.
Comparison Rate
2.54% p.a.
Service fee
$0.00
Upfront fee
$275
Rate
2.64% p.a.
Comparison Rate
2.67% p.a.
Service fee
$0.00
Upfront fee
$275
Rate
2.99% p.a.
Comparison Rate
3.02% p.a.
Service fee
$0.00
Upfront fee
$275
Rate
2.96% p.a.
Comparison Rate
2.99% p.a.
Service fee
$0.00
Upfront fee
$275
Rate
3.01% p.a.
Comparison Rate
3.04% p.a.
Service fee
$0.00
Upfront fee
$275
Rate
3.40% p.a.
Comparison Rate
3.42% p.a.
Service fee
$0.00
Upfront fee
$275
Rate
3.60% p.a.
Comparison Rate
3.62% p.a.
Service fee
$0.00
Upfront fee
$275
Rate
3.24% p.a.
Comparison Rate
3.27% p.a.
Service fee
$0.00
Upfront fee
$275
Rate
3.38% p.a.
Comparison Rate
3.40% p.a.
Service fee
$0.00
Upfront fee
$275

Mozo editorial review Gateway Bank Low Rate Essentials Home Loan

Last updated: 12 November 2020.

binocular icon
What's hot
  • Variable rates from a low 2.51% rate (2.54% 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 2.51% (2.54% comparison rate*), helping first home buyers break into the property market and investors tackle their next property, plus there are also no application or ongoing service fees to worry about. 

key icon
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 2.51% (2.54% comparison rate*) for owner occupiers and 2.96% (2.99% 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 80% 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 2.99% (3.02% comparison rate*). The loan also carries a maximum LVR for investors of 90%, although this will also increase your rate up to 3.60% (3.62% comparison rate*). You’ll also need to remember that once you’ve paid out your loan, you’ll need to pay a $300 discharge fee.


snapshot
Who is it 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.

question icon
Any catches

Keep in mind that while the maximum LVR is 80% 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 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.55% p.a.

  • n/a

  • n/a

  • n/a

  • 2.58% 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

  • n/a

  • $0.00

  • $300.00

Other financial bits
  • $50,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Details

Rates and fees information correct as at 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.51% p.a.

  • n/a

  • n/a

  • n/a

  • 2.54% 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

  • n/a

  • $0.00

  • $300.00

Other financial bits
  • $500,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Details

Rates and fees information correct as at 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.64% p.a.

  • n/a

  • n/a

  • n/a

  • 2.67% 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

  • n/a

  • $0.00

  • $300.00

Other financial bits
  • $50,000

  • $2,000,000

  • 80.00%

  • 85.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Details

Rates and fees information correct as at 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.99% p.a.

  • n/a

  • n/a

  • n/a

  • 3.02% 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

  • n/a

  • $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

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Details

Rates and fees information correct as at 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.96% p.a.

  • n/a

  • n/a

  • n/a

  • 2.99% 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

  • n/a

  • $0.00

  • $300.00

Other financial bits
  • $500,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Details

Rates and fees information correct as at 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.01% p.a.

  • n/a

  • n/a

  • n/a

  • 3.04% 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

  • n/a

  • $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

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Details

Rates and fees information correct as at 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.40% p.a.

  • n/a

  • n/a

  • n/a

  • 3.42% 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

  • n/a

  • $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

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Details

Rates and fees information correct as at 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.60% p.a.

  • n/a

  • n/a

  • n/a

  • 3.62% 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

  • n/a

  • $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

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Details

Rates and fees information correct as at 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.24% p.a.

  • n/a

  • n/a

  • n/a

  • 3.27% 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

  • n/a

  • $0.00

  • $300.00

Other financial bits
  • $500,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free

  • $500.00

  • yes

  • no

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Details

Rates and fees information correct as at 28 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.38% p.a.

  • n/a

  • n/a

  • n/a

  • 3.40% 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

  • n/a

  • $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

  • A $95 fee applies for each security discharge in addition to the first. A valuation fee may apply if non-standard or more than one security is used.

  • none

  • none

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.

Customer Reviews

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

Overall
8.5/10
Price
8.7/10
Features
7.8/10
Customer service
8.5/10
Convenience
7.1/10
Trust
8.8/10

Latest review of Gateway Bank Low Rate Essentials Home Loan

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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.

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Thumbnail icon for 86 400

86 400

Neat Home Loan

2.19% p.a.

2.20% p.a.

$0.00

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Well Home Loans

Well Balanced

2.17% p.a.

2.20% p.a.

$0.00

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Yard

Variable Home Loan Special

2.09% p.a.

2.12% p.a.

$0.00

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Suncorp

Back to Basics

2.54% p.a.

2.55% p.a.

$0.00

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Athena

AcceleRATES Variable Home Loan

2.29% p.a.

2.23% p.a.

$0.00

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.