Heritage Bank offers lowest variable rate home loan at 4.39%

Heritage Bank have swiped the title of lowest variable rate home loan, slashing its Variable Rate Home Loan to a market low 4.39%, down from 4.69%.

The competitive rate came into force yesterday, and will be available for loans greater than $150,000, with a maximum loan-to-value ratio of 80%.

The customer-owned bank is also waiving home loan application fees of up to $600 until Christmas Day.

Heritage Bank CEO John Minz said the changes represented the difference between the big banks and smaller institutions.

“As a customer-owned bank, Heritage is all about giving people an excellent deal on their home loans,” he said.

“We’re more concerned about the best financial interests of our customers than about maximising profit. We believe we offer the best overall package of rates, fees and services to borrowers.”

Will loans.com.au come to the table and match Heritage Bank’s variable rate cut? Watch this space...