Gateway Bank Premium Package Home Loan
For a home loan package that offers discounts across multiple financial products, check out the Gateway Bank Premium Package Home Loan.
The Gateway Bank Premium Package Home Loan offers discounts on Gateway Bank’s standard variable and fixed rates, as well as fee waivers and special offers on other Gateway Bank products in exchange for an annual package fee.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
This loan is available for both investors and owner occupiers. Gateway Bank’s variable or fixed rate loans can be packaged, or the package can be split between fixed and variable portions. There are no establishment fees charged with this loan. In exchange for a $299 annual package fee, package members receive discounts on Gateway Bank’s variable and fixed rates, along with a bonus on term deposits and discounts on insurance products.
About this loan
What are the features and benefits of the Gateway Bank Premium Package Home Loan?
- Loan amount and term. You can borrow a minimum loan amount of $150,000 with this loan and the maximum loan term is 30 years. There is no maximum borrowing amount.
- Loan-to-value ratio (LVR). You can borrow up to 95% LVR. However, if you borrow more than 80% LVR, you will have to pay for lenders mortgage insurance (LMI). Also, lower LVRs attract bigger interest rate discounts.
- Interest rate discounts. Package members receive discounts on Gateway Bank's standard variable rates and fixed rates. For variable rates, the size of the discount depends on the LVR, and for fixed rates, it depends on the fixed rate term.
- Rate lock. You can lock in the rate available at the time of your application for up to 90 days. However, this attracts a fee of 0.15% of the locked amount.
- Bonuses on other Gateway Bank products. Package members receive a 0.10% bonus on term deposit rates and discounts on CGU Insurance products.
- Additional repayments and redraw facility. The Gateway Bank Premium Package Home Loan allows variable rate customers to make unlimited additional repayments without penalty. You can access any additional funds using the loan's redraw facility. However, there is a redraw minimum of $500.
- 100% offset account. This home loan comes with a 100% offset account, but this feature is only available on variable rate loans. An offset account allows you to reduce the amount of interest you pay by offsetting the interest calculated by the amount of funds in the account.
- Split facility. The Gateway Bank Premium Package Home Loan offers the option to split your loan into fixed and variable rate portions.
What fees and charges come with this loan?
Below are some of the fees you may be charged:
- Annual package fee: $299. In exchange for this annual package fee, package members receive discounts across a variety of products.
- Discharge fee: $300. This fee is charged when you discharge your home loan.
How to apply
If you think the Gateway Bank Premium Package Home Loan might be right for you, click the link below or fill out the form for more information. When you apply for the loan, you'll need to provide:
- Personal details. You'll need to provide your name, address, date of birth and contact info.
- Property details. Gateway Bank will want the details of the property that you're looking to purchase, as well as the loan amount that you'll be applying for.
- Information about your income and expenses. You'll have to provide the details of your income, your assets and liabilities, along with the details of your employment.
The Gateway Bank Premium Package Home Loan offers a range of features and discounts and may be worth considering in your search for a home loan.