Different interest rates apply depending on the size of the loan as a proportion of the property value. Borrowing is available for up to a maximum of 95 per cent for owner-occupiers and 90 per cent for investors and refinancers. Lenders mortgage insurance may apply for loans over 80 per cent of the property value.
Customers have the ability to split the loan between fixed and variable options and repayments can be made weekly, fortnightly or monthly. However, interest-only repayments can only be made monthly and for a period of up to three years on fixed rate loans.
Additional repayments are permitted and a redraw facility is available online for those with variable rate loans. A 100 per cent offset account is also offered on variable loans.
The Gateway Premium Package loan also offers an interest bonus on associated Gateway term deposit accounts and a discount on CGU general insurance premiums.
The Gateway Bank Premium Package Loan is good for homebuyers happy to pay for extra features on their variable or fixed rate loans and with a variety of deposit amounts.
Customers with variable rate loans are given the flexibility of an offset account and redraw facility, whilst the fixed rate option will suit those looking for the relative security of predictable interest payments for up to three years.
Investors may be attracted by the option to make interest-only repayments for up to three years on fixed rate loans.
Customers have the flexibility of making additional repayments to pay down their loan faster and variable rate loans are given the option of an offset account and redraw facility. Small bonuses to deposit accounts and insurance are an added perk, but comparison rates may vary significantly from loan to loan based on a number of factors.
The loan is offered at a variety of different rates depending on the per cent of the property value borrowed, so it’s worth double-checking to see if the loan is suitable for your circumstances, such as the size of your deposit and whether you require a variable or fixed rate loan.
The Gateway Bank Premium Package Loan is available as both a variable and fixed rate loan for owner-occupiers and investors and varies depending on the per cent of property value borrowed. For more information about the options available, click on the links below.