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ISCOVER
Staff Reporter
One of Australia’s credit unions has trimmed its fixed rate products by 40 basis points.
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Last week, Gateway Credit Union reduced the interest on its premium package two- and three-year fixed rates by 40 basis points, taking the new rates to 5.09 per cent and 5.14 per cent respectively.
In addition to the rate cuts, Gateway is also offering a free rate guarantee on its premium package.
For a limited time, the fixed rates on the premium package are guaranteed for 60 days from the date Gateway receives the loan application. Borrowers typically pay to lock in the rate.
Gateway chief operating officer Gary English said the changes represent good value to borrowers.
“As well as the free 60-day rate lock offer, by combining it with our Premium Package variable rate at 5.53 per cent per annum, it is an opportunity for borrowers to get a fantastic blended rate,” he said.
