powering smart financial decisions

Pros and cons

  • No monthly fees
  • No fees for additional payments
  • Can apply online
  • Application fee charged
  • Limited branch access
  • Minimum personal loan amount of $3,000

Gateway Bank personal loans rates


Personal loan repayment calculator

Thinking about taking out a personal loan with Gateway Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Gateway Bank personal loans compare with other options.

I'd like to borrow


Loan term

Credit Score ()

Your estimated repayment

at interest rate 5.75 %

Total interest payable


Total amount payable


Features of Gateway Bank personal loans

Gateway Bank offers a wide variety of personal loans for a range of reasons, such as debt consolidation, holidays, renovations or special events.

Gateway Bank offers only secured loans, where an asset is put up for collateral.

Personal loan amount

$3,000 - $30,000.

Interest rates

  • Variable or fixed
  • Interest is calculated daily and charged monthly

Personal loan terms

  • Variable-rate loans for up to seven years
  • Fixed-rate loans for up to five years

Repayment options

  • Weekly, fortnightly, monthly
  • Principal and interest (interest-only not available)
  • Unlimited extra repayments without penalty
  • Redraw facility available (conditions apply)


  • Establishment fee charged
  • No monthly fees
  • No exit fees

Gateway Bank customer service

Applications can be made 24/7 online for a personal loan with Gateway Bank. However, to speak to a Gateway Bank employee in person or on the phone, you must make contact during the following times:

  • Phone - 8am-6pm AEST Monday to Friday
  • Branch - 8.30am-4.30pm AEST Monday to Friday

Applicants and members can also seek customer service in the following ways:

  • Email
  • Fax
  • Post

Who is eligible for a Gateway Bank personal loan?

You won’t be able to get a Gateway Bank personal loan if, in the last five years, you’ve declared bankruptcy or insolvency, or defaulted on any other loans, credit cards or store cards.

You don’t have to be a member to submit an application, but you will need to become a member before the loan is funded to you. You will also need to be:

  • 18 years or older
  • An Australian permanent resident or citizen
  • Currently employed and receiving a regular income

How to apply for a Gateway Bank personal loan?

Online applications can be made 24/7 or you can apply in person at the Sydney CBD branch. You will likely need the following information and documents:

  • Your name, address, email address and phone number
  • Your date or birth
  • Proof of ID (driver’s license or passport)
  • Employment details
  • Proof of income
  • Proof of assets and liabilities

Gateway Bank personal loans review

Gateway Bank offers personal loans with a wide variety of features to suit a range of borrowers.

Interest rates vary depending on the type of personal loan a member takes out. Interest rates are generally lower for variable-rate loans than fixed-rate loans. Debt consolidation personal loans where the value is smaller than 50 per cent have lower interest rates than those where the value is higher than 50 per cent.

Overall, the interest rates on personal loans are moderately high compared to other lenders. However unlike many lenders, Gateway Bank doesn’t charge members when they make extra repayments or choose to pay the entire loan off early. There are also no ongoing monthly fees charged on personal loans with Gateway Bank.

Gateway Bank also offer loans to cover funeral expenses as well as car loans that have slightly different features.

Learn more about personal loans

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.