Loans FAQs

You may submit an application for assessment, but you will need to become a Member of Gateway Bank before a loan is funded.

Lodge your application with Gateway or apply online at www.firsthome.gov.au or in person at any Office of State Revenue.

Contact us online or call 1300 302 474 (Monday - Friday, 8am - 6pm AEST). We’ll assess your application and if approved, arrange for your current loan to be paid out.

You can borrow up to 80% of the value of your property or up to 95% of the value of your property with Lenders Mortgage Insurance. To get an indication of how much you can borrow, check out our calculators or call us on 1300 302 474 (Monday - Friday, 8am - 6pm AEST) and speak to one of our Lending Specialists.

You need to have saved at least 5% of the value of the property plus sufficient funds to cover stamp duty and conveyancing costs. A deposit of between 5% and 20% of the property value will require Lenders Mortgage Insurance (LMI).

A comparison rate is used to help borrowers see a more complete cost of a loan, it factors in the interest rate and any associated fees with the loan – displaying it as a single percentage rate. This allows borrowers to more easily compare loans across the market.

Lenders Mortgage Insurance (LMI) protects the lender in the event of the borrower defaulting on their home loan. If the property is sold and the amount from the sale is not sufficient to repay the loan in full, the LMI insurer will make a payment to the lender to cover the shortfall. The LMI insurer may seek recovery from the borrower where the LMI insurer has paid the shortfall to the lender.

A valuation is a professional assessment of how much a property is worth.

Upon receipt of the signed offer and the correctly completed loan documentation.

Payments received by Gateway for repaid loans will be automatically credited to your Savings account held with Gateway. If you have a Direct Credit to your account from another institution you will need to contact them directly to cancel the authority. Direct debits are automatically cancelled when the loan is paid out.

We encourage you in times of genuine financial hardship to contact us immediately on 1300 728 995 (Monday - Friday, 8am - 6pm AEST) to discuss your situation.