Gateway Bank Inv Allium Prem 1Yr Fixed IO
Fixed rate
A home loan from Gateway Bank with fixed rates from 7.22% a year.
- Interest rate a year, from
- 7.22%
- Comparison rate
- 6.84%
- Upfront fees
- Not published
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 7.22% (1 year fixed, investment, interest only). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,610
- Total repayments
- $1,899,600
- Interest
- $1,299,600
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.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| 1 year fixed | Investment | Interest only | Any | 7.22% | 6.84% |
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
- Not published
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- No
- Redraw
- No
- Highest LVR
- Not published
- Loan amount
- Not published
Pros and cons
Pros
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- Fixed rates on offer. You can fix for 1 year if you'd like repayments that don't change for a while.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.