Heritage Bank cuts variable home loan interest rates

By Kirsty Timsans · · 2 min read
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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 - last updated 18 August 2022

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  • Variable Home Loan 70

    interest rate
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    Initial monthly repayment
    3.10% p.a. variable
    3.12% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

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  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

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  • Featured Product
    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

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    Initial monthly repayment
    3.64% p.a. variable
    3.66% p.a.

    Low variable rate No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required. Winner of Mozo Experts Choice Australia's Best Essential Bank 2022^.

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  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

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  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

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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.

^See information about the Mozo Experts Choice Home Loan Awards

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