The Gateway Bank EquitiSmart Loan offers a line of credit through the equity accrued in your property, so you can make purchases such as making renovations, purchasing an investment property or making other investments. However, as is typical with a line of credit loans since you’re gaining access to the equity in your home, the EquitiSmart Line of Credit Loan has high interest rates for both owner-occupiers and investors.
There is an option to split your home loan between a fixed and variable rate, however you will be charged a fee any time you split this loan. This loan is portable so if you move homes you can keep this same loan and avoid having to go through the application process again. The monthly fee for using the Visa debit card provided with this loan is waived and can be used at ATMs globally.
This card also features no minimum balance, free transactions at a number of partner banks and 24/7 account access through internet banking. There is a maximum and minimum loan amount that can be borrowed for the EquitiSmart Loan, and customers can borrow up to 80 per cent of their property’s value.
This home loan is best suited for people who are disciplined with their spending since this is a line of credit loan and you do not have to make regular repayments.
Since line of credit loans do tend to have higher interest rates, it’s always best to compare your options against your defined needs and see if the features of this loan tick off all the boxes for what you want out of your loan besides the line of credit.
Gateway Credit Union only has one branch so it won’t be suited for people who prefer in-person customer service, but this could be a good option for those who prefer handling everything online.
Find out more about the EquitiSmart Loan options by following the links below.
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