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Gateway Bank is a member-owned financial institution. They offer two types of unsecured personal loans, a fixed and variable rate loan. The credit limit for both loans is capped at $30,000, with a minimum loan amount of $3,000. The interest rate for its variable loan is slightly lower than the fixed loan, starting from 9.84% p.a., while for fixed it is 10.59% p.a. The maximum term for the variable rate loan is 7 years, while the fixed rate loan has a maximum term of 5 years. While there is no ongoing account keeping fee, an establishment fee of $149 applies.
Gateway Bank personal loan comparison
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- Personal Loan. Renovate your home or go on holiday with a personal loan from Gateway Bank. You could borrow between $3,000 and $30,000 for your personal needs. This loan can be repaid over a period of up to 7 years. This loan could offer a debt consolidation solution for those wanting to reduce what they pay in interest.
- Car Loan. The Car Loan package can be used to finance a new or used vehicle. Gateway has competitive interest rates for this loan, but the exact rate you will receive depends on a variety of factors. You can also access discounts on car insurance.
- Funeral loans. If you can't cope with the unexpected costs of a funeral, consider Gateway Bank's Funeral Loan. The loan allows you to borrow funds for prepaid funerals and also lets you access additional funds without penalty.
Features and benefits of a Gateway Bank personal loan
- No account-keeping fees. Unlike some other financial institutions that charge a minimum of $10 a month as account-keeping fees, Gateway Bank does not charge this fee for its members.
- Loan term of up to 7 years. The repayment time frame can be extended to 7 years if you have a variable rate loan, while the limit is 5 years for fixed interest rate loans.
- Flexible repayment schedule. Make your repayments every week, every fortnight or every month.
- Unrestricted additional repayments. Gateway gives you the freedom to make additional repayments to save on interest costs and pay off your loan sooner.
What other products does Gateway Bank offer?
- Home Loans. The bank has a variety of home loan packages to suit the needs of various types of home buyers.
- Transaction Accounts. These accounts are designed to offer convenient everyday banking solutions.
- Term Deposits. Place your savings in a term deposit account to earn higher interest rates compared to average savings accounts.
How you can apply for a personal loan from Gateway Bank
To apply for a personal loan with Gateway, just click "Go to Site" to start your application. You can either download and fill in the application form or if you are an existing member you can apply via Internet banking. The process is quick and simple. You simply need to determine the type of loan you want, the interest rate – either fixed or variable – and the amount you want to apply for.
Make sure you meet the below criteria to ensure you're eligible to apply:
- You're at least 18 years of age
- You're a permanent resident or Australian citizen
- You are currently employed
- You receive a regular income
- You haven't declared bankruptcy or insolvency or had defaults on any loans, credit cards, interest-free finance or store cards in the last five years
Your submission should include the following documents:
- Income. Gross and net salary information and income from shares or other sources.
- Employment. Information regarding your employment.
- Assets. Approximate values of any property, vehicles, savings or superannuation.
- Liabilities. Your current loan balances, repayment amounts, credit card and overdraft limits.
Compare your loan options before deciding on the right product for you, but if a personal loan from Gateway Bank sounds like the right option for you, apply today.
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
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.
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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