A redraw facility allows you to make additional payments, without penalty, to your loan. Generating an interest reduction on your loan and allowing you access to the funds should you need.
Gateway Bank can help you achieve your investment goals with our Low Rate Essentials Home Loan. Offering all investment home buyers a low variable rate with no establishment, monthly or annual fees and the ability to make fee free extra repayments.
With the option to borrow up to 90%^ of the property value, and your choice of weekly, fortnightly or monthly repayments, you can secure the loan that suits you. Not sure if you want a fully variable rate? You can also split your loan across fixed* and variable rates. Plus, with the redraw facility, you can access any additional payments you make on your loan. Our Low Rate Essentials Investment Home Loan combines flexibility and affordability to make purchasing an investment property more accessible than ever.
What is a redraw facility?
Having an investment home loan with a redraw facility provides you the flexibility to make unlimited, fee free additional payments to your loan with the ability to withdraw these funds should the need arise. Any additional funds, whether it be leftover money at the end of each month or windfalls from bonuses or gifts, can be contributed to your redraw facility which helps reduce the interest you’ll pay on your loan. In addition, if you need emergency funds later down the track, you will be able to access these additional payments conveniently through Online Banking.
Want to apply for a Gateway Low Rate Essentials Investment Home Loan online? In order to submit the application, you’ll need all of the following for all applicants:
Home Loans |
|
|---|---|
| Establishment Fee : | 0 |
| Valuation Fee : | $0 |
| Annual Fee : | $0 |
| Monthly Fee : | $0 |
| Discharge Fee : | $300 |
| Redraw Facility : | Minimum $500 per redraw |
| Redraw Fee : | 0 |
| Loan Repayment Insurance : | No |
| Additional Repayments Accepted : | Yes |
| Additional Repayments Fee : | $0 |
| ATM/EFTPOS Access : | No |
| Branch Access : | Yes |
| Split Loans : | Yes |
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. 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.
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 example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Low Rate Essentials variable rate is available for a limited time only and may be varied or withdrawn at any time. This offer is available for new loans of $150,000 or more and top ups of $50,000 or more.
^Subject to lending criteria. LMI required if borrowing more than 80% of the security property value.
*Standard Investment Fixed Home Loan or Premium Package Investment Fixed Home Loan. The Redraw facility isn’t available on fixed rate loans.
