Gateway Bank personal loans

Gateway Bank
Gateway Bank's overall rating for personal loans

(as rated by the Mozo community)

7.3 / 10

based on 4 reviews

Gateway Bank, formerly known as Gateway Credit Union has been around for over 60 years, and started as just one man with a briefcase. It’s come a long way since then, and today offers its members competitive loan products and personalised service.

So if you want to borrow from a credit union where you’re a member and the staff know your name, then check out the personal loan options from Gateway Bank.

Gateway Bank offers the following personal loans

Rates and fees verified as correct at 13 July, 2020. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

11.74% p.a.



7.04% p.a.

7.25% p.a.based on $30,000
over 5 years


10.59% p.a.

11.63% p.a.based on $10,000
over 3 years


9.84% p.a.

10.87% p.a.based on $10,000
over 3 years


9.74% p.a.

9.95% p.a.based on $30,000
over 5 years


7.94% p.a.

8.15% p.a.based on $30,000
over 5 years


*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured 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.

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What personal loans does Gateway Bank offer?

New car loan

That shiny new car has your name on it, and a Gateway Bank new car loan means you could have it in your garage in no time. This is a variable rate loan, available for up to $50,000, for terms ranging between 1 and 7 years. The car you’re buying will go up as security on this loan. There are flexible features like the free redraw facility and free extra repayments to help pay off your loan faster, but don’t forget to budget for the upfront fee.

Used car loan

If you’ve got your eye on a second-hand set of wheels, there are loan options for cars both under and over 5 years old. These variable rate loans are available for up to $50,000 and for terms up to 7 years. They do come with an application fee to budget for, but you’ll get the chance to make free extra repayments and use the free redraw facility, as well as choosing a weekly, fortnightly or monthly repayment schedule to manage your budget how you want.

Unsecured personal loan

When you choose an unsecured personal loan from Gateway Bank, you can borrow up to $30,000 to spend on whatever your heart chooses - be it a much deserved holiday or a kitchen reno. There are fixed and variable rate options, and each gives you the option of making free extra repayments and using a free redraw facility. Just remember that on the fixed rate option, paying your whole loan off before the term is up could incur a penalty fee. And don’t forget to budget for the application fee.


Are you financially ready for all the little speed bumps life might throw at you? If your emergency fund is not what it could be, an overdraft from Gateway could put your mind at ease. This is an unsecured, variable rate loan that will let you borrow up to $20,000. You can pay it back on a weekly, fortnightly or monthly basis, and you’ll have the option to make extra repayments and use the free redraw facility. Don’t forget to factor the upfront application fee into your budget!

Gateway Bank personal loan features at a glance

Flexible repayment schedule: You can make your Gateway Bank loan repayments weekly, fortnightly or monthly, so that you can tailor your schedule to fit your budget.

Extra repayments: Speaking of repayments - you’ll have the option to make as many free additional repayments on your loan as you like. That way, you can pay it off faster and save on interest. But remember, if you chose a fixed rate loan, there may be a penalty for paying the whole thing off early.

Free redraw facility: Find yourself needing some of those funds back in your pocket? No worries - you can make use of the free redraw facility.

Fees: Although there is an application fee to consider, the good news is there are no ongoing service fees when you take out a personal loan with Gateway Bank. 

How to apply

When you’re ready to apply for a personal loan with Gateway Bank, you’ll need to supply your personal details and information about your finances, such as your income, assets and debts.

You can apply for the loan without becoming a member, but for it to be approved and for you to receive the money, you will need to become a member of Gateway Bank. To do this, you’ll have to fill in the application and pay for a small membership share.

Gateway Bank customer reviews

So now you know the facts, it’s time to find out what Gateway Bank customers think of their personal loan experience. Head over to our customer reviews to see how Gateway stacks up in areas like trust, customer service and price.

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