Gateway Personal Loan – Fixed Rate

Borrow from $3,000 up to $30,000 unsecured. Establishment fees and interest charges apply.

  • Gateway Bank changed its name from Greater Credit Union on 1 March 2018. It will remain a member-owned mutual and all product information below is correct.

Gateway Bank’s personal loan has terms up to 5 years and loan amounts ranging from $3,000 up to $30,000. This loan is unsecured and does not require an asset as security. Interest rates are fixed, which means that your repayments will be the same every month. This makes it easier to budget and predict. Interest rates start from 10.59% p.a. There are no account keeping fees, but you will have to pay an establishment fee of $149.

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From 10.59% (fixed)

Interest Rate (p.a.)

11.63%

Comparison Rate (p.a.)

$3,000

Min Loan Amount

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Details

Product NameGateway Personal Loan - Fixed Rate
Interest Rate (p.a.)
From 10.59% (fixed)
Comparison Rate (p.a.)11.63%
Interest Rate TypeFixed
Min Loan Amount$3,000
Max. Loan Amount$30,000

Awards

Gateway Credit Union was awarded Credit Union of the Year at the 2012 Australian Banking and Finance Awards. They have also won two Money Magazine Awards in previous years.

Features

This loan has various features that make it a competitive personal loan to consider. Some of the features include:

  • Low fees. This loan has no regular account-keeping fees, which can save you a considerable amount over the life of the loan.
  • Loan terms. You can borrow money for the competitive fixed rate for up to 5 years.
  • Loan amount. Borrowers can choose a loan amount from between $3,000 and $30,000, making this loan suitable for many purposes.
  • Repayment options. Borrowers can choose to make weekly, fortnightly or monthly principal and interest repayments throughout the life of the loan, helping to plan these repayments and incorporate them into your budget.
  • Redraw facility. Gateway offers a redraw facility that gives you a way to reduce interest by making extra repayments, but also letting you redraw this money if you need to. The minimum redraw amount is $250.
  • Additional repayments. Borrowers are also able to make unrestricted additional repayments so you can pay off your loan sooner if you are able to and you can also save on interest.

Pros and cons

Pros

  • The ability to make unrestricted additional repayments could potentially save you a considerable amount of money on interest and can give you peace of mind when you pay off your loan sooner
  • You can create a more accurate budget knowing your repayments won't fluctuate for this life of this loan

Cons

  • There's a loan establishment fee of $149 and there are also other loan contract fees which may apply
  • Gateway Bank only has one branch location, which may be limiting to people who prefer to bank in person

Eligibility criteria

To be eligible for the fixed rate personal loan from Gateway Bank you will need to be over the age of 18 and have a good credit rating. You will also need to be a permanent Australian resident or Australian citizen.

The amount of money you are able to borrow will be determined by your current financial situation and also by how likely it is that you will be able to make the repayments. It's important to plan ahead and budget when you are considering a personal loan.

How to apply

If you would like to apply for this loan you can follow the secure link on this page to Gateway Bank's online application form. You will need to provide the following details when you apply:

  • Personal details including your name, address and contact information
  • Your employer's name and contact information
  • Details of your finances including your income, assets, debts and current active credit accounts

If you are already a Gateway customer you are able to apply in the members online banking area. You are also able to apply by downloading a personal loan application form and sending it to Gateway Bank directly.

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Citi Personal Loan Plus
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Harmoney Unsecured Personal Loan
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Alex Bank Personal Loan
From 4.99% (fixed)
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You'll receive a fixed interest rate from 4.99% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 November 2021.
SocietyOne Unsecured Personal Loan
From 5.95% (fixed)
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from $0 to $595
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A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
NAB Personal Loan Unsecured Fixed
From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
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NOW Finance No Fee Unsecured Personal Loan
From 5.95% (fixed)
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Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.

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OurMoneyMarket Personal Loan
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MoneyMe Personal Loans
From 6.25% (fixed)
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$2,100
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from $295 to $495
$10
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Wisr Personal Loan ($5,000 to $30,000)
From 6.49% (fixed)
6.49%
$5,000
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$0 - Waived Establishment Fee
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Wisr  Personal Loan ($30,001 to $64,000)
From 6.49% (fixed)
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$595
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Plenti Variable Rate Personal Loan
From 6.39% (variable)
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NAB Personal Loan Unsecured Variable Rate
From 6.99% (variable)
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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
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Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 8.99% p.a.
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Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

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Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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2 Comments

    Default Gravatar
    Maria
    January 18, 2015

    As a self-employed person, what hoops will I need to jump through?

      Avatarfinder Customer Care
      Shirley
      January 19, 2015

      Hi Maria,

      Thanks for your question.

      You’ll need to be able to provide your accountant’s name, address and phone number. Your accountant will then be asked to verify your income to Gateway CU.

      Cheers,
      Shirley

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