Gateway Bank Home Loan Review for Australian Expats
Gateway Bank is a reputable financial institution in Australia, known for its focus on customer-centric services, innovative solutions and ethical practices. For Australian expats, Gateway Bank can be quite the promising option due to its understanding of their circumstances and needs.
Is Gateway Bank the right lender for your overseas mortgage to buy Australian property?
- Borrow up to 80% of the property purchase price
- Online banking with personalised service
- Ethical banking practices
Gateway Bank Home Loan Options
Gateway Bank offers the following home loan products.
Variable Rate Home Loan
Fixed Rate Home Loan
Split Rate Home Loan
The interest rate on this loan will vary over time, based on market conditions. This means that your repayments could go up or down, depending on the market. The variable rate home loan is the most common type of home loan, and it is a good option if you are comfortable with the risk of your repayments changing.
This type of home loan has a fixed interest rate for a set period of time, usually 1, 2, 3, or 5 years. This means that your repayments will be the same each month for the fixed rate period. The fixed rate home loan can be a good option if you want to know exactly how much your repayments will be each month, and if you are concerned about interest rates rising.
This type of home loan allows you to have two separate home loans, one with a fixed interest rate and one with a variable interest rate. The split home loan can be a good option if you want to hedge your bets against interest rate changes. For example, you could have a fixed rate loan for the first 5 years, and then a variable rate loan for the remaining years.
Gateway Bank Home Loan Review
Here are the pros and cons of choosing Gateway Bank to buy property in Australia.
| Pros | Cons |
|---|---|
Ethical banking | May require a guarantor |
Faster processing times | Interest rates may be higher than some other banks |
Personalised service | Not all products and services available to expats |
Online banking |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Gateway Bank Home Loan Features
Gateway Bank can help you get the following home loan features.
| Feature | Details |
|---|---|
Offset Account | Transactional account that is linked to your home loan. Any money that you keep in your offset account will be deducted from your outstanding loan balance, which can save you money on interest. |
Redraw Facility | Allows you to make additional payments to your home loan without penalty. This can be useful if you have unexpected expenses or if you want to pay off your loan faster. |
Split Loan | Allows you to have two separate home loans, one with a fixed interest rate and one with a variable interest rate. This can be a good way to hedge your bets against interest rate changes. |
Interest Rate Lock | Allows you to lock in your interest rate for a set period of time, even if interest rates go up. This can be a good way to protect yourself from rising interest rates. |
Facts About Gateway Bank
Gateway Bank is a customer-owned bank that was founded in 1955 in Sydney, Australia. It has branches in New South Wales, Victoria, Queensland, and Western Australia.
It is one of the leading customer-owned banks in Australia, with over 100,000 members. The bank puts people before profits, and 100% of its profits are used to benefit its members rather than shareholder return.
It offers a wide range of banking products and services, including savings accounts, term deposits, home loans, personal loans, and credit cards. The bank also offers a number of ethical banking products and services, such as its Eco Visa Debit Card, which is made from plants, not plastic.
How Do I Apply for an Expat Mortgage with Gateway Bank?
To apply for an Australian expat home loan with Gateway Bank while living overseas, you can follow these steps.
- Contact a Mortgage Broker: The first step is to contact Gateway Bank and speak to a lending specialist. The lending specialist will be able to answer your questions about the home loan application process and help you get started.
- Gather Your Documentation: You will need to gather some documentation to support your application. This generally includes documents such as your passport and visa, proof of income and expenses, etc.
- Complete the Application Form: Once you have gathered your documentation, you can complete the home loan application form. The application form can be found on Gateway Bank’s website.
- Submit Your Application: Once you have completed the application form, you will need to submit it to Gateway Bank. You can submit your application online or by mail.
- Wait for Approval: Gateway Bank will assess your application and let you know if you are approved. The approval process can take a few weeks.
If you are approved for a home loan, Gateway Bank will provide you with a loan contract. You will need to sign the loan contract and return it to Gateway Bank. Once the loan contract is signed, Gateway Bank will release the funds to you.
Here are some additional things to keep in mind when applying for an Australian expat home loan with Gateway Bank:
- You will need to have a good credit history.
- You will need to be able to prove that you have a stable income.
- You will need to be able to afford the repayments.
- You may need to provide a guarantor.
We can help you qualify for a home loan with Gateway Bank or any other lender that’s more suitable for your personal situation.
Who is Eligible?
Australian expats and Aussie permanent residents living overseas are eligible for a home loan with Gateway Bank. However, they may need to meet certain criteria, such as:
- Be at least 18 years old
- Be able to afford the repayments
- Have a deposit of at least 20% of the purchase price
- Having a stable income from overseas
- Having a guarantor who is an Australian citizen or permanent resident
- Providing proof of ties to Australia, such as family or friends
Foreign investors living overseas may also be eligible for a home loan with Gateway Bank. However, they may need to meet even more stringent criteria, such as:
- Having a very high income
- Providing a large deposit
- Having a guarantor who is an Australian citizen or permanent resident
It is also important to remember that the lending environment is constantly changing. The interest rates and fees that are available today may not be the same in the future. So, it is important to keep an eye on the market and re-evaluate your options if your circumstances change.
What Documents Do I Require?
Gateway Bank requires the following documents for a home loan from overseas.
Passport and Visa
You will need to provide a copy of your passport and visa. This will show that you are legally allowed to live and work in the country where you are applying for the loan.
Proof of Income
You will need to provide proof of your income from overseas. This can be in the form of payslips, tax returns, or bank statements.
Proof of Expenses
You will need to provide proof of your expenses from overseas. This can be in the form of bank statements or utility bills.
Proof of Deposit
You will need to provide proof of your deposit. This can be in the form of a bank statement or a letter from your financial institution.
A Letter From Your Employer
You will need to provide a letter from your employer stating that you are still employed and that your income is stable.
A Letter From Your Bank
You will need to provide a letter from your bank stating that you have a good credit history.
Gateway Bank may also require additional documents, such as a guarantor’s details or a letter from a financial advisor. The exact documents required will depend on your individual circumstances.
Other Related Products from Gateway Bank
Line of Credit Home Loan
This type of home loan gives you access to a revolving line of credit, which you can use as needed. This can be a good option if you need flexibility in your repayments.
Offset Account Home Loan
This type of home loan allows you to link your home loan to an offset account. Any money that you keep in the offset account will be deducted from your outstanding loan balance, which can save you money on interest.
Shared Equity Home Loan
The shared equity home loan allows you to borrow up to 95% of the purchase price, with the government providing the remaining 5%. This can be a good option if you do not have a large deposit.
Need a Mortgage With Gateway Bank?
Investing in property from overseas as an Australian expat can be daunting, but Gateway Bank simplifies the process with its tailored services, competitive rates, and expat-focused approach. Whether you’re dreaming of a homecoming or building a property investment portfolio, Gateway Bank can be your reliable partner.
Odin Mortgage is here to help you with all of your dealings with Gateway Bank or any other lender that’s more suitable for your unique circumstances. We are the experts in overseas mortgages, so simply reach out to us and have one of our team members handle your home loan from application through to settlement and beyond!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Gateway Bank
Can I apply for a home loan with Gateway Bank if I'm living abroad?
Yes, Gateway Bank offers home loan solutions specifically designed for Australian expats looking to invest in property in Australia.
How can I reach Gateway Bank's customer support as an expat?
Gateway Bank provides dedicated customer support for expats, which you can reach through their website or by contacting their international hotline.
Are the interest rates competitive compared to other banks?
Absolutely, Gateway Bank offers competitive interest rates to ensure that expats can manage their investments effectively.
Can I make loan repayments in a foreign currency?
Gateway Bank offers currency conversion services, allowing you to make repayments in Australian dollars regardless of your location.
Is Gateway Bank transparent about its fees and charges?
Yes, Gateway Bank is known for its transparent fee structures, ensuring that you have a clear understanding of the costs associated with your loan.
Featured In
