Interest Rate Change
Following the Reserve Bank of Australia’s (RBA) decision to reduce the cash rate in its November meeting, Gateway Bank is reducing its interest rates across variable and fixed rate mortgage products.
As of 13 November 2020, we will be reducing all variable interest rates across owner-occupied, principal and interest (P&I) loans by 0.05% p.a. for new and existing members, and by up to 0.30% p.a. across a range of our fixed rate loans.
There will be no changes to the interest rates for our savings products, however some term deposit rates will reduce in line with the market.
The decision to reduce our interest rates follows the careful consideration of the needs of both our mortgage and deposit customers, while balancing the long-term sustainability interests of the bank. We remain committed to providing some of the market’s most competitive mortgage and savings products, and supporting the ongoing financial needs and aspirations of our members.