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Gateway Credit Union Low Rate Essentials Loan

Features

The Gateway Credit Union Low Rate Essentials Loan allows owner-occupiers to borrow up to 95 per cent of their property value and up to 90 per cent for investors or refinancers. However, rates vary depending on the percentage borrowed and lender’s mortgage insurance is required for loans over 80 per cent. The loan amount has a minimum of $50,000 and a maximum of $1 million.

The loan can also be transferred if selling and moving to a new property making it a good option for those who plan to move houses in the future. The Gateway Credit Union Low Essential Rate Loan can also be split with a Gateway Credit Union Fixed Rate Loan.

Repayments can be made weekly, fortnightly or monthly and interest only repayments are available for up to five years. Additional repayments are permitted with no restrictions and come with the ability to redraw, although this is unavailable for loans split with a Fixed Rate Loan.

Who is the Gateway Credit Union Low Rate Essentials Loan good for?

The Gateway Credit Union Low Rate Essentials Loan is suitable for owner-occupiers and investors looking for more flexibility in repaying their loan.

Unrestricted additional repayments are permitted meaning customers can potentially pay off the loan at a quicker rate. Interest only repayments are also available for borrowers who need to reduce the size of their repayments for a short period.

Review - What RateCity says

The Gateway Credit Union Low Rate Essentials Loan is a variable loan that offers a moderate interest rate, additional repayments and no ongoing fees, making it suitable for first homebuyers and investors looking for freedom in paying off their loan in a timely or flexible manner.

Owner-occupiers can borrow up to 95 per cent of the property value, making it suitable for those with small deposits, although rates increase for those borrowing a higher percentage or making interest only repayments, meaning customers should be wary of their financial stability when choosing these options.

Gateway Credit Union Low Rate Essentials Loan Options

The Gateway Credit Union Low Rate Essentials Loan is a variable rate loan available to both owner-occupiers and investors.

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Variable Rates from

4.39%

Advertised rate

4.41%

Comparison rate
Pros
  • No ongoing fees.
  • Flexible repayment options.
  • Loan is portable.
Cons
  • Limited branch access.
  • Upfront fees.
  • No offset account available.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet Gateway Credit Union’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $275
  • Discharge fees: $300
  • Ongoing fees: $0

The Gateway Credit Union Low Rate Essentials Loan charges a moderate upfront fee. There are no ongoing monthly or annual fees after this initial cost, however, fees apply for split loans and locking in fixed rates. The loan also requires a low discharge fee which is payable at the conclusion of the loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Gateway Credit Union

Gateway Credit Union is an Australian member-owned credit union with a branch in Sydney. They can be contacted online and via phone, or in person. Customers of Gateway Credit Union can also access their funds and information through online banking.

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