Gateway Credit Union home loans

Gateway Credit Union
Gateway Credit Union's overall rating for home loans

(as rated by the Mozo community)

8.6 / 10

based on 8 reviews

Borrow from a champion at Gateway Credit Union - winner of a 2016 Mozo Experts Choice Award for both Best Value Fixed Rate Home Loan and Best Value Offset Home Loan. Gateway Credit Union 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 Credit Union below.

Rates and fees verified as correct at 08 December, 2016. Other information correct at the time of writing.

What home loans do Gateway Credit Union offer?

Fixed Rate Home Loans Fixed Rate Home Loans

The start-up costs of a Gateway Credit Union 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 Credit Union 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 ‡

4.39% p.a.

5.08% p.a.

$0.00

$750

4.13% p.a.

4.71% p.a.

$0.00

$750


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Variable Rate Home Loans 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 Credit Union. 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 ‡

4.76% p.a.

4.78% p.a.

$0.00

$275

4.34% p.a.

4.36% p.a.

$0.00

$275

5.16% p.a.

5.18% p.a.

$0.00

$275

4.74% p.a.

4.76% p.a.

$0.00

$275

4.62% p.a.

4.64% p.a.

$0.00

$275

4.20% p.a.

4.22% p.a.

$0.00

$275

5.26% p.a.

5.32% p.a.

$0.00

$750

4.84% p.a.

4.90% p.a.

$0.00

$750


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Fixed Package Home Loan 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 Credit Union 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 ‡

4.19% p.a.

4.93% p.a.

$299.00 yearly

$0

3.93% p.a.

4.56% p.a.

$299.00 yearly

$0


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Variable Package Home Loan 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 Credit Union 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 ‡  

4.09% p.a.

4.39% p.a.

$299.00 yearly

$0

3.83% p.a.

4.14% p.a.

$299.00 yearly

$0

4.09% p.a.

4.39% p.a.

$299.00 yearly

$0

3.83% p.a.

4.14% p.a.

$299.00 yearly

$0

3.99% p.a.

4.30% p.a.

$299.00 yearly

$0

3.73% p.a.

4.05% p.a.

$299.00 yearly

$0

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Line of Credit Line of Credit

What are your next spending goals? Renovation? An investment property? Make it happen with an EquitiSmart home loan from Gateway Credit Union. 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 Credit Union EquitiSmart home loan with you.

Product Rate Comparison Rate* Service fee Upfront fee

5.41% p.a.

n/a

$0.00

$750

4.99% p.a.

n/a

$0.00

$750

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Gateway Credit Union home loan features in a glance

Low depositLow deposit

Many of the Gateway Credit Union 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.

No ongoing service feesNo ongoing service fees

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

Free extra repaymentsFree extra repayments

All Gateway Credit Union 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.

Flexible repayment scheduleFlexible 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 Credit Union mortgage.

How are Gateway Credit Union home loans rated?

You’ve heard what we think about Gateway Credit Union home loans, but there's nothing better than first hand knowledge from real customers. So check out the customer reviews of Gateway Credit Union to find out how real people think it stacks up in terms of things like price, customer service and features.

Gateway Credit Union home loans

Overall 8.6*

Price

Features

Customer service

Convenience

Trust

8 Reviews

* Overall rating based on reviews in the past 12 months.

Recent Gateway Credit Union home loan reviews Recent Gateway Credit Union home loan reviews

Gateway Credit Union

Gateway Credit Union Fixed Rate Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   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 /...

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 (QLD), reviewed about 1 year ago

Gateway Credit Union

Gateway Credit Union Variable Rate Home Loan (Owner Occupier) home loan review

Overall rating   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.

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 (VIC), reviewed about 1 year ago

Gateway Credit Union

Gateway Credit Union home loan review

Overall rating   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.

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 (NSW), reviewed over 1 year ago

Gateway Credit Union

Gateway Credit Union home loan review

Overall rating   10 / 10

Excellent credit union

Gateway really works with you to help you pick a product suited to you, helps you in times of hardship and also are very conservative lenders - they won't let you borrow more than you can repay! They are also competitive on interest rates :)...

Full review

Gateway really works with you to help you pick a product suited to you, helps you in times of hardship and also are very conservative lenders - they won't let you borrow more than you can repay! They are also competitive on interest rates :) Their service is fantastic and I have never had a problem with any of their staff in 4 years! Excellent.

    Price   10 / 10

    Features   10 / 10

    Customer service   8 / 10

    Convenience   6 / 10

    Trust   10 / 10

Less

Daniela (VIC), reviewed almost 2 years ago

Gateway Credit Union

Gateway Credit Union Variable Rate Home Loan (Owner Occupier) home loan review

Overall rating   10 / 10

Competitive interest rates

Competitive rates with excellent offset facility.

Full review

Competitive rates with excellent offset facility.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Jeannette (NSW), reviewed almost 2 years ago

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Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ 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.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

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

Decided a Gateway Credit Union 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 Credit Union 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
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