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Gateway Bank announces home loan interest cuts

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Sam Nichols 6 minute read

The mutual lender has lowered the variable interest rates on four of its home loan products, including two green loan offerings.

As of today (26 October), Gateway Bank (Gateway) has decreased the principal and interest variable rates to four of its home loan products, including the environmentally geared Green Plus Home Loan and Green Home Loan. 

Under these changes, the rates for the Green Plus Home Loan and Green Home Loan have declined from 2.34 per cent per annum (2.68 per cent comparison rate) and 2.44 per cent per annum (2.78 per cent comparison rate) to 1.89 per cent per annum (2.24 per cent comparison rate) and 1.99 per cent per annum (2.34 per cent comparison rate) respectively, with an LVR up to 80 per cent

Also included in these changes are the Premium Package Home Loan and the Low Rate Essentials Home Loan. 

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According to the mutual lender, the Premium Package Home Loan has dropped from 2.34 per cent per annum for a loan with up to 80 per cent LVR and over $500,000 (2.68 per cent comparison rate) to 1.99 per cent for a loan up with up to 80 per cent LVR and over $250,000 (2.34 per cent comparison rate).

The rate for the Low Rate Essentials Home Loan has decreased from 2.51 per cent per annum for a loan with up to 80 per cent LVR and over $500,000 (2.54 per cent comparison rate) to 2.04 per cent for a loan up with up to 80 per cent LVR and over $250,000 (2.07 per cent comparison rate).

Gateway chief executive Lexi Airey said that the lender is “looking to be even more competitive in the home loan space, especially for green home loans”. 

“With the upcoming COP26 and recent [Intergovernmental Panel on Climate Change’s Sixth Assessment Report] focusing attention on the need to reach net zero, we want to make it as economical as possible for Aussies to build or retrofit their homes to be energy efficient,” Ms Airey said.

“We don’t believe you should have to pay more for doing the right thing with your home.” 

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In September, Gateway announced it would be introducing a $2,000 cashback deal for eligible Green Home Loan and Green Plus Home Loan applications made between 20 September and 31 December this year. 

It was also around this time that Suncorp Bank announced a cashback offer for any home transitioning to renewable energy

Earlier that month, Commonwealth Bank of Australia (CBA) introduced a green commercial property loan upgrade for businesses with intentions to reduce both their operating and environmental costs. 

Find out more about green loans and the environmental case for reducing carbon footprints in the September issue of The Adviser, out now.

[Related: Going Green]

Gateway Bank announces home loan interest cuts
interest rate
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Sam Nichols

Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has featured in a range of outlets including ABC News, SBS' The Feed, and VICE.

 

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