Heritage Bank cuts variable home loan interest rates

By Kirsty Timsans ·

In light of recent interest rate hikes by the Big 4 Banks and some smaller lenders, Heritage Bank has announced that it will cut rates on several of its variable home loans effective from 5 November 2015.  

The bank revealed that its special Discount Variable home loan rate will fall to 3.98% and several cuts have also been made on its Home Advantage Variable package available on loans from $150,000.

Both home loan products have been reduced by 10 bps.

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Heritage Bank’s head of third party channels, David Ure, said the rate cuts are another reason for prospective homeowners to look beyond the big banks.

“We are all about delivering great value for our customers and we are committed to offering low rates that are among the best in the marketplace,” he said.

“These offers deliver on that commitment, especially given what’s happening in the wider market.”

If you’ve been stung by the recent interest rate hikes it may be time to get a better deal on your home loan. Find the best rates in the market using our comparison tool or head on over to our Refinance Hub for helpful tips and tricks to make the switch.

Home loan comparisons on Mozo - rates updated daily

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    Mozo Experts Choice 2021
    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

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    1.99% p.a.variable for 12 months and then 2.48% p.a. variable
    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.

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    UHomeLoan

    Owner Occupier, Principal & Interest

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    1.75% p.a.
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    2.22% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

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    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

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    2.09% p.a.
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    2.43% p.a.

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    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

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    2.19% p.a. variable
    2.19% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.

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    Star Gold Home Loan

    Owner Occupier, Principal & Interest, Refinance Only, <60% LVR

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    Initial monthly repayment
    1.79% p.a. variable
    1.84% p.a.

    An exceptional low rate for owner occupiers with 40% or more equity in their home. No ongoing fees. Unlimited additional repayments with free online redraws. loan size $250k to $850k, no construction loans. Metro Areas Only.

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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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