This variable mortgage offers competitive interest rates for investors and homebuyers
and keeps fees low.
Gateway Bank's Low Rate Essentials Variable Home Loan offers discounted rates and has low fees. It allows for flexible repayments, extra repayments, split and redraw facilities.
|Product Name||Gateway Bank Low Rate Essentials Variable Rate Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$2,000,000|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$275|
|Ongoing Fees||$0 p.a.|
- Competitive rates
- Low fees
- Lowest rates require a 20% deposit
What do I need to know about this loan?
This loan has a principal-and-interest variable rate and a maximum insured LVR of 95%. For some of the more competitive rates you will need a 20% deposit.
What are the features and benefits of the Gateway Bank Low Rate Essentials Variable Rate Home Loan?
- Low rates. The loan comes with some competitive interest rates for owner-occupiers and investors.
- Loan amount. You can borrow up to $2,000,000 with this loan.
- Purpose. This product is available for both owner-occupiers and investors.
- Repayment types. This loan has both principal and interest and interest only rates for investors and owner-occupiers.
- Repayment flexibility. You can repay this loan monthly, weekly or fortnightly. You can make extra repayments too.
- Redraw. This loan has a redraw facility with a minimum redraw amount of $500 and a maximum amount of $5,000.
What fees and charges come with this loan?
The Gateway Bank Low Rate Essentials Variable Rate Home Loan comes with very few fees aside from discharge and legal fees.
- Legal fee: $275. This fee covers the legal costs of finalising your mortgage.
- Discharge fee: $300. You pay a discharge fee when you end the home loan, either by repaying it or refinancing to another lender.
- Switching fee: $99. This fee will only apply if you switch from one Gateway Bank mortgage to another.
How do I apply for this loan?
To apply for this product or to get more information, click the green "Go to site" button and leave your details on Gateway Bank's website. Then a Gateway Bank lending specialist will get in touch and talk you through eligibility requirements and help you with your application.