From time to time Gateway may reduce its lending interest rates. If this happens, you may wonder how this affects you or what action you should take. The following information will be of assistance.
I have an ‘Interest Only’ loan or an EquitiSmart Home Loan – what should I do?
- No action is required. Your monthly interest charge will automatically reduce.
Do I need to instruct Gateway to reduce my ‘principal and interest’ repayments?
- If your payments are presently deducted from your nominated account to match the ‘minimum loan repayment’ amount in your loan contract, the change will happen automatically with effect from the next due date after the date interest rates are reduced.
- If you are unsure as to whether this applies to you, check your recent loan statements to see whether your payments have varied to accommodate interest rate changes over the last few months. If your payments have varied without instructing Gateway to do so, they will automatically reduce.
My repayments do not change unless I instruct Gateway to do so – what should I do?
- If you would like to arrange for your loan repayments to change automatically to the minimum amount required, please download, complete and send us a Direct Debit Authority selecting the ‘agreed loan repayment’ option.
- If you would like to change the fixed payment amount transferred from your regular pay to your Gateway loan account, please contact your pay office.
- If you would like to change the fixed payment amount transferred from your Gateway savings account to your Gateway loan account please contact Member Services on 1300 302 474.
How much will my repayments reduce by?
Check out our 'What will your repayments be?' calculator for an approximation.
Further Enquiries?
If you would like any further information about how these interest rate changes may affect your loan account please contact Member Services on 1300 302 474 or contact us online.