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
Go To Site