Gateway Bank Personal Loan – Variable Rate
- Interest Rate (p.a.)
- 11.59%
- Comp. Rate (p.a.)
- 12.63%
- Min Loan Amount
- $3,000
Summary
Borrow from $3,000 up to $30,000 with terms up to 7 years. Interest rate charges and establishment fees apply.
The Gateway Bank Variable Rate Personal Loan has a minimum borrowing limit of $3,000 and a maximum of $30,000. They offer terms up to 7 years. As this loan has a variable interest rate, your monthly repayments will fluctuate based on market interest rates. It can either reduce or increase, based on the market. This loan comes with a redraw facility, no monthly or annual fees and doesn’t charge for additional repayments or for exiting the loan early. The interest rate starts from 11.59% p.a., with a comparison rate of 12.63% p.a. An establishment fee of $149 applies.
Pros
-
$0 account keeping fee to pay
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No penalty for additional repayments
Cons
-
Minimum loan amount of $3,000
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There is a minimum redraw amount
Details
Product details
| Product Name | Gateway Personal Loan - Variable Rate |
| Interest Rate (p.a.) | 11.59% |
| Comp. Rate (p.a.) | 12.63% |
| Interest Rate Type | Variable |
| Min Loan Amount | $3,000 |
| Max. Loan Amount | $30,000 |
| Loan Security | Unsecured |
How to apply
To get your own Gateway Bank Variable Rate Personal Loan, click 'Go to Site'. To be considered for this loan you must meet the following requirements:
- You must be an Australian resident.
- You must have a good credit rating.
- You must be at least 18 years old.
You will need to have the following documentation and details ready to complete your online application:
- Most recent payslip
- Details of any other income or assets
- Monthly expenses
- Any other loans or forms of credit
- Driver's licence details
- Employment history for the past three years
- Residential history for the past three years
- A personal reference
With plenty of features and a competitive interest rate, the Gateway Bank Variable Rate Personal Loan is worth considering. If you've compared your options and decided this is the right loan for you, apply today.
Things to consider about Gateway Bank Variable Rate Personal Loan
Some personal loans are more flexible than others, and allow you to use the loan amount to finance the things you need. The Gateway Bank Variable Rate Personal Loan is a simple loan with plenty of features. There are no monthly fees, you can choose from the range of loan amounts that are available, you can take advantage of flexible repayment options and there are no restrictions on additional repayments.
Gateway Credit Union also offers home loans, car loans and funeral loans, along with a Fixed Rate Personal Loan, if you're looking for a different borrowing option.
Features of this loan
- Variable rate. Enjoy a competitive variable rate of 11.59% and a comparison rate of 12.63% The variable rate can help you save money when you take advantage of low market interest rates.
- Additional repayments. The Gateway Bank Personal Loan allows you to make additional repayments on your loan with no restrictions. This way you can pay off your loan faster and save on potential interest costs.
- Loan amount. This personal loan offers a minimum loan amount of $3,000 and a maximum of $30,000.
- Loan term. For the Variable Rate Personal Loan, the loan term is up to 7 years to give you the time you need to pay back the loan.
- Redraw. With this loan you can make additional payments and then access these funds when you need them the later on. The minimum redraw amount is $250.
- Online application. Applying for the Variable Rate Personal Loan is made easy with the online application process.