Have a question about our home loans? We may have your answer. Check out our Frequently Asked Questions here.
Whether you’re a first home buyer, buying your next home, looking to invest, or searching for a better deal, we’re here to help with your unique home loan needs. We offer a range of competitive home loans and niche borrowing options to help our Members achieve their home buying goals with confidence.
If you’ve made the commitment to build or live in a home that is gentler the environment, our Green Home Loans could reward and save you money.
Do your bit for the environment and secure a discounted rate for the life of your loan:
There’s no doubt saving for a 20% deposit is becoming more and more challenging for first home buyers as home prices rise. We are proud to be a panel lender on the Australian Government’s Home Guarantee Scheme to help more Australians achieve their home ownership goals sooner.
We understand not all borrowers are eligible, or may not be first home buyers and we’re here to support them too. Alternative options such as a Family Pledge Loan or Monthly Lenders Mortgage Insurance (LMI) options are some of the other ways we’re able to help our Members into their dream home.
If you are a first home buyer or single parent with at least one dependant, you could be eligible for one of the government's home guarantees under the Home Guarantee Scheme (HGS).
Don't have a deposit? A Family Pledge Loan could help. A Family Pledge Loan is a smart way for your family to help you buy a home with a smaller deposit and without paying the cost of LMI. This option is becoming increasingly popular as it can provide an alternative option for family members to support in the home buying process, without the need to provide a cash gift towards the deposit which can be challenging for some. How it works: the guarantor (your family member) can use the equity in the property they own as a security guarantee for your home loan. The guarantor won’t give you or the lender any money, but will need to accept the commitments associated with entering into a Family Pledge Loan.
When applying for a home loan, most banks and lenders usually require you to have 20% deposit upfront in order to receive finance for buying a property. However, if you’re struggling to save the total deposit, and fall short of this 20% threshold, LMI could help you secure your home sooner.
Most lenders will allow LMI to be capitalised into your home loan or paid upfront. Gateway Bank is the first bank in Australia to also offer a monthly LMI premium payment option. When capitalised into the loan this will mean that your home loan will be larger, and therefore, the amount of extra interest and higher repayment amount will need to be factored into your decision.
At Gateway, we understand not one size fits all. Maybe you’re looking for more affordable housing, or an opportunity to increase your property value or rental income? Our competitive Low Rate Essentials or Premium Package home loans are available for standard home purchases and loan purposes you would expect. Additionally, due to our flexible approach to lending we can also support some loan purposes that other lenders won’t look at such as studio apartments and granny flats builds. This is just another way we’re supporting our Members with any situation life may throw at them.
There are so many benefits to studio living, however, getting finance for one can often be tricky as many lenders won’t lend for studio apartments. But not with Gateway, we understand that studio apartments are appealing to many of our Members and their families.
Whether you’re looking for additional space for the family, or to start your own investment in the backyard; renters and homeowners alike are looking for savvy solutions and more affordable housing.
We know that financing and building a granny flat is not always easy. That’s why we offer flexible home loan options such as our Low Rate Essentials or Premium Package home loans, to support granny flat builds.
Legislations and rules for building granny flats continues to vary across states and local councils so it’s important that you complete relevant checks before you go down this avenue.
Whether you’re looking to house the family, or start your own investment in the backyard, renters and homeowners alike are looking for savvy solutions for affordable housing and to enter the investment property market.
Today, multi-generational Australian households are increasingly becoming the norm. This is due to a range of reasons:
Enter – the granny flat. Once considered to be as tricky to complete as a full-blown reno, building your own granny flat is now more accessible than ever.
With a granny flat in your back yard, each generation can enjoy the benefits of living as an extended family, whilst having some privacy. It also gives the flexibility of using this space as short or long term rental accommodation. Separate living areas create independence and space, which may be important for mature, young adults and for you.
If you’re a baby boomer wanting to look after your ageing parents, a custom-built granny flat can alleviate the worry that often comes with an aged care facility. A granny flat purpose built for safety, comfort and accessibility, is often a more affordable alternative to aged care.
What about those stay-at-home young adults? A short residence in a granny flat could be the helping hand they need to get on to the property ladder. Time out from paying competitive rent will enable them to save a good deposit on a first home. Just be sure to have a conversation upfront about how long they need to stay and agree to a timetable of cohabitation. As the needs of your multi-generational family change over time, a granny flat can be rejigged for new familial requirements. The space can be transformed into a home office, or even a particularly savvy investment to help pay off your mortgage sooner.
In some Australian states, homeowners can monetise this secondary dwelling, choosing to lease the granny flat to paying tenants. Alternatively, if you don’t need that much space anymore, you may even wish to consider moving into the flat yourself and renting out the main house for a higher return. If you’re not up to the commitment of a long-term rental, consider short-term rental websites such as Airbnb and transform the space into a clever revenue stream.
And if you choose to put your home on the market, buyers will certainly be taking note of the granny flat in your backyard, which you might be able to count as an extra bedroom, study space or garden retreat.
Secondary dwellings can add significant value to a property, with investors seeing the potential of increased rental returns. So, whether you intend to build a granny flat for the extra space or even as a source of income, Gateway can help.
In 2009, the NSW government overhauled granny flat laws. The policy changes meant homeowners could gain approvals to begin building granny flats in as little as just 10 days, resulting in a boom of secondary dwellings. Thanks to the 2009 revisions, the only tough restrictions now relate to block size – granny flats may only be built on blocks larger than 450 square metres – and the size of the development – 60 square metres maximum.
Similarly, WA, NT, ACT and TAS also have quite relaxed policies on granny flat construction, supporting homeowners to reach the next step in growing their property’s capital.
In addition to the fairly simple proposal process, these three states and two territories allow homeowners to rent out their granny flats as separate properties for rental income, as long as they are approved for use as a residence.
If you’re living outside of these regions, see how your state compares below:
Legislation continues to vary state by state, and by local councils, but the potential return from a low entry point investment property such as a granny flat is becoming an increasingly attractive option to existing homeowners and renovators.
The current climate –both environmental and financial – is driving a growing awareness of Green Home Loans, with new building regulations set to make more homes qualify for the product later this year.
Owning an apartment doesn’t mean you can’t make energy efficient upgrades to the building. You may not be able to make changes as freely as a house owner as any changes will need to be discussed with other owners in the strata scheme and the owners corporation.
Gateway has been recognised by leading finance comparison site Mozo for our Green Plus Home Loan. It was selected as the Experts Choice in the Green Home Loan category, beating more established lenders in this space.
Gateway are now offering the flexibility to pay for Lender's Mortgage Insurance monthly. This helps meets the needs of buyers struggling to save for a deposit.
Things you should know:
Applications for finance are subject to our standard credit assessment criteria. Full terms and conditions are included in the loan offer. Fees and charges apply.
1 The Green Plus Home Loan interest rate is linked to the Premium Package base rate and will have a 0.25%pa discount from Gateway’s Premium Package Variable Rate (LVR up to 80%) Home Loan. This does not apply to Special Offer Premium Package interest rates.
2 The Green Home Loan interest rate is linked to the Premium Package base rate and will have a 0.15%pa discount from Gateway’s Premium Package Variable Rate (LVR up to 80%) Home Loan. This does not apply to Special Offer Premium Package interest rates.