The Fixed Rate Loan is available on mortgages from $50,000 upwards, and can be taken out for one, two or three years. Gateway Credit Union offers you the choice of splitting your loan with the Variable Rate Home Loan too. By doing this you could add a 100 per cent offset loan and put your savings to work.
The great news with the Fixed Rate Loan is that you can make an unlimited number of repayments on your mortgage within the fixed term without penalty. However, if you happen to completely pay off your loan within the fixed term you may have to pay an early repayment adjustment. Once your Fixed Rate Loan term ends, it will default to the Variable Rate Loan. During your fixed rate term though you can take full advantage of free access to your Everyday Savings Account via a Visa Debit Card. You won’t be charged any fees for this service while signed-up to the Fixed Rate Loan.
Gateway Credit Union won’t charge you an annual fee for the Fixed Rate Loan and you can borrow up to 95 per cent of the value for your dream property. There is also flexibility with regards to the repayments schedule as you can choose whether you want weekly, fortnightly or monthly repayments paying off the principle and interest, or interest-only for up to three years.
Who is the Gateway Credit Union Fixed Rate Loan good for?
This is a good all-round loan suitable for anyone wanting to purchase property with a fixed interest rate loan. There are different borrowing criteria for investors and people refinancing, but the same benefits apply to everyone who buys this product. Owner-occupiers, with only a small deposit saved up, in particular will find this loan caters to their borrowing needs.
The unlimited repayment feature of the loan may also appeal to borrowers who are looking to contribute extra to their mortgage during the fixed period.
Review - What RateCity says
The Gateway Credit Union Fixed Rate Loan suits those looking to take advantage of low interest rates for a limited period of time. If you’re an investor wanting a short-term investment, this product may appeal given the opportunity to make interest only repayments for up to three years.
It’s a dynamic mortgage and one that allows you to split a portion of your fixed loan with a variable portion, adding flexibility to how you manage repayments and savings. Gateway Credit Union also allows owner-occupiers to borrow up to 95 per cent of the property’s value, which enables you to access the market and ‘lock down’ an interest rate in the process.
Gateway Credit Union Fixed Rate Loan Options
You can take out a Fixed Rate Loan from $50,0000 for one, two or three years and make unlimited repayments during the loan term.
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