Finty
Gateway Bank

Gateway Bank Green Plus Home Loan

Variable rateOffsetRedraw

Green Plus Home Loan

Written byDavid Boyd

6.10%

interest rate a year, from

6.38%

comparison rate

Upfront fees
None
Annual fee
$598
Monthly fee
Not published

What it would cost

At the lowest rate of 6.10% (variable, live in, principal and interest), repayments on $600,000 over 30 years would be about $3,636 a month. Use the comparison on the home loans page to see the rate for your own deposit and loan.

Rates

Every rate Gateway Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestAny6.10%6.38%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
None
Annual fee
$598
Monthly fee
Not published

Features

Offset account
Yes
Redraw
Yes
Highest LVR
80%
Loan amount
From $250,000 up to $2,000,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.10%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.38%

For the same rate. Typical is 6.70%.

Upfront fees

None

Typical upfront fees are $600.

Annual fee

$598

A typical annual fee is $350.

Smallest deposit

20%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.10%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • No upfront fees. Less cash needed at settlement.
  • An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • An annual fee. $598 a year, above the typical $350. Over a 30 year loan that's $17,940, though package fees often bring rate discounts.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.