Gateway Bank Fixed Rate Personal Loan

Fixed rate

A personal loan from Gateway Bank, with rates from 12.34% a year.

Monthly repayment

$20,000 over 3 years

What it would cost

At the lowest published rate of 12.34%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

BorrowOver

Against the other personal loans we compare. Typical means the middle half of them.

Comparison rate

13.39%

From 13.39%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$7,049

Interest and fees at its starting rate. Typical is $5,513.

Setup fee

$149

A typical setup fee is $150.

Most you can borrow

$30,000

Typically you can borrow up to $60,000.

Longest term

5 years

7 years is the usual longest term.

A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
Redraw. You can take back extra repayments later if you need the money.
No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

A higher starting rate. Its comparison rate starts at 13.39%, above the typical 10.14%, so it's likely to cost more than most similar loans unless you're offered less.
Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 12.34% to 14.34%, and only some people get the starting rate.
A lower limit. Up to $30,000, less than the typical $60,000, so it may not cover a larger purchase.

Personal loans from other lenders that start at a similar comparison rate.