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Lock in a competitive fixed rate with an unsecured personal loan from Gateway.
Personal loans can act as a stepping stone to help you reach your financial goals. If you're thinking about getting a personal loan and are worried about budgeting for your repayments then you might want to consider a fixed rate loan. The personal loan options from Gateway Bank allow you to lock in a set rate that continues for the life of the loan.
The fixed rate personal loan from Gateway is also an unsecured loan, meaning that you will not need to risk a large asset such as your house or car in order to take advantage of the competitive rate. If you are interested in an unsecured fixed rate personal loan, then read on to see the competitive features of a Gateway Bank loan.
Note:
Greater 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.
Things to consider
| Product Name | Gateway Personal Loan - Fixed Rate |
|---|---|
| Interest Rate (p.a.) | From 10.59% (fixed) |
| Comparison Rate (p.a.) | 11.63% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $3,000 |
| Max. Loan Amount | $30,000 |
Pros
- $0 account keeping fee to pay
- No penalty for additional repayments
Cons
- Minimum loan amount of $3,000
- There is a minimum redraw amount
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.
As a self-employed person, what hoops will I need to jump through?
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