Have a question about our home loans? We may have your answer. Check out our Frequently Asked Questions here.
The New Home Guarantee, formally known as the First Home Loan Deposit Scheme (New Homes), is an initiative from the Federal Government to help first home buyers to build or purchase a newly built home with as little as a 5% deposit without the need for Lenders Mortgage Insurance, also known as LMI. NHFIC will then provide a guarantee to the lender covering up to 15% of the property’s value. Gateway Bank is proud to be helping first home buyers get on the property ladder faster, while also saving them the cost of LMI.
Gateway Bank is one of the select lenders able to offer access to the Family Home Guarantee. The FHG enables eligible single parents with at least one dependent child, to enter, or re-enter, the property market, with a deposit of as little as 2%, without the need for Lenders Mortgage Insurance (LMI). NHFIC will then provide a guarantee to the lender covering up to 18% of the property’s value. Unlike the other Government Guarantees (FHLDS & NHG), this Scheme is available for eligible single parents regardless of whether they’re a first home buyer or have owned a property before.
The FHLDS is an Australian Government initiative that supports eligible first home buyers to purchase an existing home with a deposit of as little as 5% without the need for Lender's Mortgage Insurance, or LMI. The National Housing Finance and Investment Corporation (NHFIC) will then provide a guarantee to the lender covering up to 15% of the property’s value. There will be up to 10,000 loans this financial year. The FHLDS can help you buy your first home sooner with a smaller deposit. Please note that FHLDS places have been exhausted for 2021.
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.
Are you looking at ways to save interest on your home loan? An Offset Account can help you manage your finances, reduce the interest you pay on your home loan and put money back in your pocket.
When applying for a loan, you’ll be sharing your full financial profile, not just your credit score. To be an ideal borrower, just think of the four C’s of lending.
Buying a house can be daunting, and you need to be prepared. Use your time at the open inspections to speak directly with the agent and make sure to ask these key 10 questions.
It can be difficult to choose a home loan, so we’ve developed a playful guide on how to choose the right one for you based on your mortgage holder personality.
Things you should know:
Please note that the number of available Scheme places are limited each financial year and applying with Gateway Bank does not guarantee a successful application.
Rates advertised apply to principal and interest repayment types only. Gateway reserves the right to vary these interest rates at any time. Interest rates quoted are for new lending only. Existing borrowers should contact Gateway to discuss their requirements. Comparison rates are calculated based on a loan amount of $150,000 over a 25 year term. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Applications for finance are subject our standard credit assessment criteria. Full terms and conditions are included in the loan offer. Fees and charges apply.