Gateway Bank Variable Rate Loan


The Gateway Bank Variable Rate Loan has a minimum and maximum loan amount and owner-occupiers can borrow up to 95 per cent of the value of the property, while investors and those refinancing can borrow up to 90 per cent. However, lenders mortgage insurance may be required for any loan over 80 per cent of the property value.

Repayments can be made weekly, fortnightly and monthly as principal and interest, or as interest-only for up to five years. Note that interest only repayments can only be made monthly.

Additional payments are permitted and customers can use an online redraw facility to access these extra payments, with a minimum redraw amount of $500.

There is also a 100 per cent offset account to allow borrowers to use their savings to reduce the amount of interest paid on the mortgage. The loan gives customers a VISA debit card to access this account and waives the monthly service fee.

The loan can be split with a Gateway Bank fixed rate loan option and can be transferred to another property with the portability option.

Who is the Gateway Bank Variable Rate Loan good for?

The Gateway Bank Variable Rate Loan is good for homebuyers who want the flexibility and options of a variable interest rate and different repayment options.

Investors may be attracted by the ability to make interest-only repayments for up to five years.

Review - What RateCity says

The Gateway Credit Union Variable Rate Loan is a standard variable loan that gives customers a lot of options in how and when they repay their loan.

The ability to make additional repayments, redraw on these payments and use an offset account to minimise the interest owed on the loan are all attractive options for those looking to pay off their mortgage quickly or at a changing pace.

However, while the loan has no ongoing fees, it does have a high variable comparison rate, which makes it more suitable for those planning on using the offset account and additional repayment options to reduce their loan. Otherwise, customers may find lower rates elsewhere without the added features.


Investors can only borrow up to 90 per cent of the property value and interest-only payments are only allowed for five years, which doesn’t give investors as much freedom as other loans might. 

Gateway Bank Variable Rate Loan Options

The Gateway Bank Variable Rate Loan is a standard variable loan offered to both owner-occupiers and investors.

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  • Offset account.
  • Additional repayments allowed.
  • No ongoing fees.
  • High rate.
  • Very limited branch access.
  • Large upfront fees.

Must be over 18 years of age.

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

Must meet Gateway Bank’s serviceability criteria.


Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $800.00
  • Discharge fees: $300
  • Ongoing fees: $0

The Gateway Bank Variable Rate Loan charges substantial upfront fees but no ongoing fee.

Borrowers will also pay a small discharge fee at the time of closing the loan.

A split loan fee may also be applicable but no redraw or repayment fees apply.

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

Gateway Bank is an Australian member-owned bank with headquarters in Sydney, NSW. They can be contacted online or via email, or by phone and in person.

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