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Gateway Credit Union has reduced the variable rate and waived the annual fee on its premium home loan for owner-occupiers and investors, as it seeks to build its brand awareness.
The lender has reduced the variable rate on its Premium Package Home Loan from 4.18 per cent to 4.09 per cent (with a comparison rate of 4.37 per cent) for new owner-occupier and investor applications with an LVR of up to 80 per cent, received between 1 July 2015 and 1 August 2015.
Gateway’s existing customers are also eligible to apply for the new rate if they top up their current loan by at least $50,000 between 1 July and 1 August. The approved loan top-up must be funded before 1 November 2015.
Gateway is also waiving the annual Premium Package fee of $299 for the first year of new loans, as well as offering up to four free split loans, no valuation fee, free 100 per cent loan offset accounts and loan redraw, and a free Visa debit card as part of the package product.
Phillip Horder, Gateway’s senior manager of partnerships and alliances, said the new promotion is part of the credit union’s strategy to build its brand awareness.
“We want to get more brokers and consumers talking about us, and ultimately, enjoying the Gateway experience,” he told The Adviser.
Mr Horder said Gateway is currently reshaping its end-to-end broker value proposition, and will be rolling it out over the next 12 months.
“Gateway is as committed and as passionate about brokers today as we were when we entered the broker space in 2009,” he said.
“While we have a broad and loyal broker following, we know that we need to continually work hard to earn and retain brokers’ trust, and remain competitive and relevant.”
[Related: Better Mortgage Management announces rate cuts]
