flagFounded: 1955

businessOwned by: Customer owned

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth

account_balanceLender type: Customer-Owned Bank

Gateway Bank (formerly Gateway Credit Union) is a great option for people who want a lender that’s going to care about them and operate for their benefit, not the benefit of its shareholders.

Gateway is customer-owned, which means that their profits get returned in the form of better home loan interest rate and lower fees.

In addition to this, Gateway also has an exceptional level of customer service and a few policy strengths that can help customers that may not fit with the major banks.

How do Gateway Bank’s home loans compare?

They’re great at

But they’ve got some drawbacks…

What home loans types do they have?

Gateway Bank (formerly GCU) has a large number of home loans available but only two or three of them are actually popular with customers.

Their Premium Package Home Loan competes with the professional packages offered by the major banks. It has a discounted rate and benefits on other banking products in return for paying an annual fee which is a little cheaper than the annual fee that you’d pay with a major bank.

Their Fixed Rate Home Loan allows you to fix for 1, 2 or 3 years. Interestingly, they don’t offer a 5 year fixed rate which is used by many people when rates are at all-time lows. That being said, their 3 year fixed rate tends to be one of the cheapest on the market or quite close to it.

Their Family Pledge Home Loan allows you to buy a home with no deposit as long as you have a guarantee from your parents. This is a great way to get into the market, avoid paying LMI and get a sharp interest rate as well.

Use Gateway Loan Application Cover Sheet to prepare for your home loan application.

Is customer-owned banking all it’s cracked up to be?

Yes! If you want to work with a company that isn’t trying to squeeze every dollar out of you, then you should definitely consider a lender like Gateway Bank or other customer-owned financial services companies.

The major banks have an advantage in that their scale, branch network and systems allows them to offer some great deals and competitive lending policies. But ultimately they’re going to play games with your interest rate and you have to monitor it all the time to make sure you don’t get ripped off.

Are you eligible to become a member?

Anybody can become a member of Gateway. All you need to do is to provide some basic identification and pay a nominal fee for a share subscription.

Gateway Bank client story: Anthony, NSW


  • To by his first investment property.




Having gone through the emotional heartache of separation, Anthony and his wife were able to remain civil and each party was paid out for their half of the home they owned together.

With a decent settlement payout, Anthony decided it was as good a time as any to buy his first investment property.

Guildford (west of Sydney) was running hot at the time but Anthony found himself missing out on a few golden investment opportunities because he didn’t have a pre-approval.


With a great deposit and earning a good income, Anthony didn’t want to pay through the nose for a home loan so he contacted a mortgage broker who was able to place him with Gateway Bank.

At the time, the credit union was able to offer him one of the lowest variable rates on the market because he was able to provide full income evidence and he was borrowing less than 80% of the property value (LVR).

Known for their great customer service, GCU was able to quickly turnaround a pre-approval and Anthony was able to get his foot into property investment with a modest 3-bedroom house.

Compare Gateway to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • Colin

    I’m planning on borrowing at least 85% so can you guys help me with some tips that can help improve my credit rating?

  • Hi Colin,
    Some tips for improving your credit score are:
    – Do not overdraw your credit card.
    – Make all of your repayments on time.
    – Pay any defaults listed on your credit file.
    – Stay in your current job and living address until you apply for your loan.
    – Show that you are good with your money by making regular deposits to a savings account.

  • Tristan

    So how much can we generally borrow to build a duplex?

  • Hey Tristan,

    You may generally be able to borrow up to 95% of the total cost of the land and contract price to build a duplex. The majority of lenders though will restrict the loan amount to below 80% of the property value or 60% if you can’t provide full financials.

  • Hynes

    What documents will I be required to provide for a construction loan?

  • Hi Hynes,
    Apart from looking at your financial situation including your payslips, last 3-6 months savings, your most recent tax return, and your deposit size, you’ll need to provide your bank with a building contract, building plans, specifications, and quotes for additional work. You’ll also need to provide certain documents such as the signed building contract, prior to the first drawdown. Please check out the construction loan documents page to learn about all this in detail: