Credit union drops fixed rates by up to 50bps

by Julia Corderoy17 Dec 2015
Gateway Credit Union has announced fixed rate cuts across its one, two and three year fixed home loans, with some rates dropping by up to 50 basis points.

Effective 15 December, Gateway’s one, two and three-year fixed Premium Package rates have been reduced to 4.09% (comparison rates of 4.97%, 4.91% and 4.85% respectively). The special offer is available for new owner-occupier home loans, principal and interest repayments with a loan to value ratio up to 80%.

“We have noticed a spike in demand from borrowers enquiring about fixed rate home loans. With mortgage holders looking to take advantage of current market conditions, Gateway has responded by reviewing and reducing the pricing on a range of fixed rate home loans,” Paul Thomas, chief executive of Gateway Credit Union said.

“This means some of our products have dropped by up to 50 basis points, creating a significant saving for the borrower.”