the adviser logo

Gateway slashes rates by up to 50 basis points

by Huntley Mitchell7 minute read
Gateway slashes rates by up to 50 basis points

Gateway Credit Union has announced significant rate reductions across its fixed-rate home loan products.

The lender’s three-year Standard Fixed Rate Home Loan with an LVR of up to 80 per cent has seen the biggest decrease – down 50 basis points to 4.49 per cent (with a comparison rate of 5.07 per cent).

Gateway has also introduced special offers for any new fixed Premium Package Home Loans for owner-occupiers with principal-and-interest payments and an LVR of up to 80 per cent.

Its three-year fixed Premium Package Home Loan has been reduced by 30 basis points to 4.09 per cent (with a comparison rate of 4.85 per cent), while its two-year and one-year fixed Premium Package Loans have been reduced by 20 basis points and 10 basis points respectively to 4.09 per cent (with comparison rates of 4.91 per cent and 4.97 per cent).

Gateway CEO Paul Thomas said the lender has noticed a spike in demand from borrowers enquiring about fixed-rate loans.

“With mortgage holders looking to take advantage of current market conditions, Gateway has responded by reviewing and reducing the pricing on a range of fixed-rate home loans,” he said.

“This means some of our products have dropped by up to 50 basis points, creating a significant saving for the borrower.”

[Related: QPCU cuts rates below 4%]

rate cut  x