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With no headline-making profit pressures Gateway uses its earnings to provide home loans that offer great rates with no or low fees, according to CEO Paul Thomas, as the credit union announces the launch of two new straight forward and fairly priced products.
The products are the Gateway Low Rate Essentials and Low Rate Plus Package.
Thomas said competitors might consider it an unfair advantage that Gateway can spend profits on creating better value products for Australians, instead of paying out profits to shareholders.
“But it’s our Aussie families and first home buyers that benefit, so we think it’s fair play.”
He said the new products are designed to remove the guess work from selecting a home loan.
“Consumers are bombarded with thousands of products, rates, options and extras. It’s overwhelming. But life doesn’t need to be so complicated, and that’s why we believe we have made choosing a great loan simple,” he said.
The basic Gateway Low Rate Essentials caters for loans up to $250,000.
After that the Low Rate Plus Package includes extra features, like discounts on general insurance.
In 2009 Gateway and Yellow Brick Road formed a relationship to distribute home loans and other banking services through the Yellow Brick Road network.
Innovation the last stand as exit fee ban stays - Non-bank lenders and mortgage managers will come out fighting with more innovation to provide competitive products and choice for borrowers and brokers, said MFAA CEO Phil Naylor, in response to the Senate's backing of the government's ban on exit fees.
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