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Loans FAQs

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  Do I have to be a Member to apply for a loan?

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

  How do I apply for the First Home Owner's Grant?

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

  How do I transfer my existing home loan over to Gateway Bank?

Contact us online or call 1300 302 474 (Monday - Friday, 8am - 6pm AEST).

  How much can I borrow?

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.

  What are Gateway’s current loan interest rates?

Check out our interest rates.

  What deposit do I need when taking out a loan?

You need to have saved at least 5% of the value of the property plus sufficient funds to cover stamp duty and conveyancing costs.

  What is a comparison rate?

With many lenders, the annual interest rate applicable to your home loan is just part of the cost. A comparison rate not only factors in the annual interest rate but also all ascertainable ongoing, up-front and other fees. The comparison rate gives you an idea of the costs for a particular loan so you can compare your home loan with others.

  What is a property valuation?

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

  What is Lenders Mortgage Insurance?

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 borrower remains liable for any amount owing under the contract even if the LMI insurer has paid the shortfall to the lender.

  When will my loan be funded?

Upon receipt of correctly completed original, signed offer and loan documentation.

  Why do my payments continue when my loan has been paid out?

Payments received by Gateway for repaid loans will be automatically credited to your Savings account. If you have a Direct Credit to your account from another institution you will need to contact them directly to cancel the authority.

  I am experiencing financial difficulties and having trouble making my loan repayments. What can I do?

We encourage you in times of genuine financial hardship to contact us immediately on 1300 302 474 (Monday - Friday, 8am - 6pm AEST) to discuss your situation.

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