based on 64 Gateway Bank product reviews as rated by Mozo community

Gateway Bank personal loans

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.

In fact, Gateway Bank won multiple awards in the 2024 Mozo Experts Choice Awards, so if you want to borrow from an award-winning credit union where you’re a member and the staff know your name,  check out the personal loan options from Gateway Bank.

Gateway Bank offers the following personal loans

Rates and fees verified as correct at 4 March 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Eco Personal Loan (Variable, Unsecured)

5.75% p.a.

6.76% p.a.based on $10,000
over 3 years

$149.00

Edge Overdraft (Variable, Unsecured)

11.74% p.a.

n/a

$149.00

New Car Loan (Variable, Secured)

7.04% p.a.

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

$149.00

Unsecured Personal Loan (Fixed)

12.34% p.a.

13.39% p.a.based on $10,000
over 3 years

$149.00

Unsecured Personal Loan (Variable)

11.59% p.a.

12.63% p.a.based on $10,000
over 3 years

$149.00

Used Car Loan (Over 5 years old, Variable, Secured)

9.74% p.a.

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

$149.00

Used Car Loan (Under 5 years old, Variable, Secured)

5.99% p.a.

6.20% p.a.based on $30,000
over 5 years

$149.00

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 $75,000, 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 $75,000 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. This loan also won a 2023 Mozo Experts Choice Award for Best Used Car Loan. 

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, loan terms only go up to 5 years, where with the variable option you can borrow for up to 7 years. 

Overdraft

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. 

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.

How are Gateway Bank personal loans rated?

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

Icon of personal-loans
Gateway Bank personal loans
Overall
Price
Features
Customer service
Convenience
Trust

4 Reviews

Recent Gateway Bank personal loan reviews

Gateway Bank Unsecured Personal Loan
Overall 6/10
Hope what they say

Seems to be ok

Read full review

Seems to be ok

Price
6/10
Features
6/10
Customer service
6/10
Convenience
10/10
Trust
5/10
Less
Leesa, Victoria, reviewed almost 8 years ago
Gateway Bank Personal Loan
Overall 10/10
Easy to lodge online and great customer support

Easy to lodge, great customer support, and quick to come through. 10/10.

Read full review

Easy to lodge, great customer support, and quick to come through. 10/10.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Abbey, New South Wales, reviewed over 9 years ago
Gateway Bank Unsecured Personal Loan
Overall 8/10
Again great customer service

Competitive rate friendly staff minimal paperwork.

Read full review

Competitive rate friendly staff minimal paperwork.

Price
8/10
Features
8/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Jason, New South Wales, reviewed over 10 years ago
See all personal loan reviews
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