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Gateway Bank personal loans
Gateway Bank is a customer-owned bank that offers a wide variety of financial services.
Formerly known as Gateway Credit Union, its history dates back to 1955 when there was just one employee with a briefcase.
Today, Gateway Bank has more than 30,000 members across Australia, dozens of employees and assets worth more than $1 billion.
Gateway Bank’s head office and only branch is in central Sydney. Members have free access to all Westpac Group ATMs.
Property & Personal Finance Writer
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Why choose Gateway Bank
Gateway Bank Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
Total interest
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Total repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
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)
Fees
- 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:
- 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.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
