Rates and fees verified as correct at 23 May 2022. Other information correct at the time of writing. Advertiser disclosure.
If you prefer the certainty of fixed rate home loans, Heritage Bank offers one, two, three and five-year fixed terms, with a full range of features. If you’ve got some spare cash, you can make extra repayments and dip into this later thanks to the redraw facility. This might be a good option particularly as the attached account only offers partial interest offset. At the end of the term, the loan reverts to the Standard Variable Rate, or you may wish to re-fix at no cost.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
4.49% p.a. |
4.60% p.a. |
$8.00 monthly |
$150 |
||
|
4.79% p.a. |
5.08% p.a. |
$8.00 monthly |
$150 |
||
|
4.69% p.a. |
5.05% p.a. |
$8.00 monthly |
$150 |
Heritage Bank offers two stand-alone Home Loans for those who aren’t interested in a package loan. The Standard Variable Rate Home Loan is ideal for those with a smaller loan amount aiming to pay it down in the medium term, as it offers an offset account and the option to make additional repayments without penalties. You can skip repayments if you’re ahead on your loan and can even choose between weekly, fortnightly or monthly repayments.
The Discount Variable Home Loan may be more suitable if you’re borrowing more than $150,000, want the best possible rate and do not require an offset account. You still get the benefit of unlimited extra repayments and unlimited redraw, as well as the ability to vary the frequency of your repayments.
Both loans have an upfront application fee and a redraw fee, but the Standard Variable Rate Home Loan will also set you back a small monthly fee, which the Discount Variable Home Loan does not charge.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
2.44% p.a. |
2.46% p.a. |
$0.00 |
$150 |
||
|
3.09% p.a. |
3.11% p.a. |
$0.00 |
$150 |
||
|
2.15% p.a. |
2.17% p.a. |
$0.00 |
$150 |
||
|
2.15% p.a. |
2.17% p.a. |
$0.00 |
$150 |
||
|
2.15% p.a. |
2.17% p.a. |
$0.00 |
$150 |
||
|
4.49% p.a. |
4.64% p.a. |
$8.00 monthly |
$750 |
||
|
2.99% p.a. |
3.01% p.a. |
$0.00 |
$150 |
||
|
2.94% p.a. |
2.96% p.a. |
$0.00 |
$150 |
||
|
2.68% p.a. |
2.70% p.a. |
$0.00 |
$150 |
||
|
2.68% p.a. |
2.70% p.a. |
$0.00 |
$150 |
||
|
2.68% p.a. |
2.70% p.a. |
$0.00 |
$150 |
||
|
2.68% p.a. |
2.70% p.a. |
$0.00 |
$150 |
||
|
2.38% p.a. |
2.40% p.a. |
$0.00 |
$150 |
||
|
2.38% p.a. |
2.40% p.a. |
$0.00 |
$150 |
||
|
2.69% p.a. |
2.71% p.a. |
$0.00 |
$150 |
||
|
2.64% p.a. |
2.66% p.a. |
$0.00 |
$150 |
||
|
2.38% p.a. |
2.40% p.a. |
$0.00 |
$150 |
||
|
2.38% p.a. |
2.40% p.a. |
$0.00 |
$150 |
||
|
5.04% p.a. |
5.19% p.a. |
$8.00 monthly |
$750 |
The Heritage Bank Home Advantage Package might be the one for you if you’d like to bundle your banking products, although on the fixed rate option, it won’t change your interest rate. There is an annual package fee, but your home loan application fees, monthly loan servicing fees and fee per redraw are waived. There are no account-keeping or annual fees on the attached transaction account and credit card, and you may also be eligible for discounted insurance policies.
As for the loan itself, unrestricted redraw facilities and the option to make additional or lump-sum payments are on offer.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
4.49% p.a. |
3.61% p.a. |
$350.00 yearly |
$150 |
||
|
4.49% p.a. |
3.54% p.a. |
$350.00 yearly |
$150 |
||
|
4.49% p.a. |
3.47% p.a. |
$350.00 yearly |
$150 |
||
|
4.49% p.a. |
3.98% p.a. |
$350.00 yearly |
$150 |
||
|
4.49% p.a. |
3.98% p.a. |
$350.00 yearly |
$150 |
||
|
4.49% p.a. |
3.98% p.a. |
$350.00 yearly |
$150 |
||
|
4.49% p.a. |
3.32% p.a. |
$350.00 yearly |
$150 |
||
|
4.49% p.a. |
3.39% p.a. |
$350.00 yearly |
$150 |
||
|
4.49% p.a. |
3.36% p.a. |
$350.00 yearly |
$150 |
||
|
4.49% p.a. |
3.28% p.a. |
$350.00 yearly |
$150 |
||
|
4.79% p.a. |
3.95% p.a. |
$350.00 yearly |
$150 |
||
|
4.79% p.a. |
3.95% p.a. |
$350.00 yearly |
$150 |
||
|
4.79% p.a. |
3.87% p.a. |
$350.00 yearly |
$150 |
||
|
4.79% p.a. |
3.65% p.a. |
$350.00 yearly |
$150 |
||
|
4.79% p.a. |
3.69% p.a. |
$350.00 yearly |
$150 |
||
|
4.79% p.a. |
3.58% p.a. |
$350.00 yearly |
$150 |
||
|
4.79% p.a. |
3.65% p.a. |
$350.00 yearly |
$150 |
||
|
4.79% p.a. |
3.73% p.a. |
$350.00 yearly |
$150 |
||
|
4.79% p.a. |
3.76% p.a. |
$350.00 yearly |
$150 |
||
|
4.69% p.a. |
3.74% p.a. |
$350.00 yearly |
$150 |
||
|
4.69% p.a. |
3.77% p.a. |
$350.00 yearly |
$150 |
||
|
4.69% p.a. |
3.85% p.a. |
$350.00 yearly |
$150 |
||
|
4.69% p.a. |
3.52% p.a. |
$350.00 yearly |
$150 |
||
|
4.69% p.a. |
3.48% p.a. |
$350.00 yearly |
$150 |
||
|
4.69% p.a. |
3.41% p.a. |
$350.00 yearly |
$150 |
||
|
4.69% p.a. |
3.59% p.a. |
$350.00 yearly |
$150 |
||
|
4.69% p.a. |
3.48% p.a. |
$350.00 yearly |
$150 |
||
|
4.69% p.a. |
3.55% p.a. |
$350.00 yearly |
$150 |
If you’re opting for either the standard variable or line of credit rate options of the Home Advantage Package from Heritage Bank, you can bundle your home loan with a transaction account and credit card for a discount. The variable rate option comes with all the benefits of the fixed rate alternative, but also includes a 100% offset account to help you clear your home loan debt as soon as possible. Or, if your monthly budget is stretching thin, you can opt for and interest only repayment option for up to five years.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
2.34% p.a. |
2.75% p.a. |
$350.00 yearly |
$150 |
||
|
2.79% p.a. |
3.19% p.a. |
$350.00 yearly |
$150 |
||
|
2.69% p.a. |
3.09% p.a. |
$350.00 yearly |
$150 |
||
|
2.59% p.a. |
2.99% p.a. |
$350.00 yearly |
$150 |
||
|
3.29% p.a. |
3.68% p.a. |
$350.00 yearly |
$150 |
||
|
3.29% p.a. |
3.68% p.a. |
$350.00 yearly |
$150 |
||
|
3.29% p.a. |
3.68% p.a. |
$350.00 yearly |
$150 |
||
|
2.39% p.a. |
2.80% p.a. |
$350.00 yearly |
$150 |
||
|
2.24% p.a. |
2.65% p.a. |
$350.00 yearly |
$150 |
||
|
2.34% p.a. |
2.75% p.a. |
$350.00 yearly |
$150 |
||
|
2.44% p.a. |
2.85% p.a. |
$350.00 yearly |
$150 |
||
|
2.49% p.a. |
2.90% p.a. |
$350.00 yearly |
$150 |
||
|
2.74% p.a. |
3.09% p.a. |
$350.00 yearly |
$150 |
||
|
3.14% p.a. |
3.49% p.a. |
$350.00 yearly |
$150 |
||
|
3.04% p.a. |
3.39% p.a. |
$350.00 yearly |
$150 |
||
|
3.14% p.a. |
3.49% p.a. |
$350.00 yearly |
$150 |
||
|
2.74% p.a. |
3.09% p.a. |
$350.00 yearly |
$150 |
||
|
2.64% p.a. |
2.99% p.a. |
$350.00 yearly |
$150 |
||
|
2.79% p.a. |
3.14% p.a. |
$350.00 yearly |
$150 |
||
|
2.84% p.a. |
3.19% p.a. |
$350.00 yearly |
$150 |
||
|
2.89% p.a. |
3.24% p.a. |
$350.00 yearly |
$150 |
||
|
2.54% p.a. |
2.94% p.a. |
$350.00 yearly |
$150 |
||
|
2.89% p.a. |
3.29% p.a. |
$350.00 yearly |
$150 |
||
|
2.94% p.a. |
3.33% p.a. |
$350.00 yearly |
$150 |
||
|
3.04% p.a. |
3.43% p.a. |
$350.00 yearly |
$150 |
||
|
2.59% p.a. |
2.99% p.a. |
$350.00 yearly |
$150 |
||
|
2.54% p.a. |
2.94% p.a. |
$350.00 yearly |
$150 |
||
|
2.44% p.a. |
2.85% p.a. |
$350.00 yearly |
$150 |
||
|
2.69% p.a. |
3.09% p.a. |
$350.00 yearly |
$150 |
||
|
2.64% p.a. |
3.04% p.a. |
$350.00 yearly |
$150 |
Whether you fancy a facelift to your kitchen or just want to go on holiday, you can use the equity you hold in your home for additional borrowing. Heritage Bank’s Living Equity loan offers loan terms of one to thirty years, with the ability to make unlimited extra repayments. The upfront application fee and monthly loan service fee will set you back, however, you can take advantage of free redraw facilities, as well as interest-only terms up to a maximum of ten years. You can also request a bank card free of charge for unlimited withdrawals at Heritage ATMs, and up to 10 free withdrawals network-wide.
| Product | Rate | Comparison Rate | Service fee | Upfront fee |
|---|---|---|---|---|
|
4.86% p.a. |
n/a |
$10.00 monthly |
$750 |
|
|
4.86% p.a. |
n/a |
$10.00 monthly |
$750 |
All of Heritage Bank’s variable and fixed rate home loans allow you to make unlimited extra repayments without penalty, an important feature which will allow you to pay down your debt faster and avoid making unnecessary interest payments.
Putting away your monthly savings in an offset account is another great way to reduce the amount of interest you pay on your loan. The total value of the savings in your offset account is deducted from the principal amount owing before interest is calculated, so you could potentially save thousands.
In case you find yourself in need of cash at a later date, Heritage Bank’s fixed, variable and line of credit loans all feature a redraw facility.
If you want to combine the flexibility of a variable loan with the certainty of fixed repayments, Heritage Bank allows you to split your loan between fixed and variable loans to get the best of both worlds.
Heritage Bank’s fixed and variable loans offer an interest only repayment option up to a maximum of five years, while the Living Equity line of credit loan lets you skip payments on the principal for up to 10 years.
Mozo users have rated Heritage Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
267 Reviews
Without a doubt the worst bank to deal with in terms of timelines and processing. They have such an archaic way of handling paperwork and no one seems to know what status the application is. Not only painful to deal with, however at the last minute they changed the goalposts to a granny flat construction application costing me an extra $80k in personal funding. They have kept my LMI despite the fact they haven't lent me 90%. They choose when it suits to have separate loan applications and credit contracts, but then say it's under the one banner when it's convenient. Very disappointing and poor service. Can't wait to refinance and will never use them again.
Read full reviewWithout a doubt the worst bank to deal with in terms of timelines and processing. They have such an archaic way of handling paperwork and no one seems to know what status the application is. Not only painful to deal with, however at the last minute they changed the goalposts to a granny flat construction application costing me an extra $80k in personal funding. They have kept my LMI despite the fact they haven't lent me 90%. They choose when it suits to have separate loan applications and credit contracts, but then say it's under the one banner when it's convenient. Very disappointing and poor service. Can't wait to refinance and will never use them again.
I have had my bank account with Heritage for many years. When I first opened the account I was living near a branch but have since moved to a regional area without a branch or home branded ATMs but due to their great products and service and the ability to use Westpac ATMs with no fees I have not felt the need to change banks. They are reasonably competitive with our home loan and since changing to heritage we have built quite a redraw amount just by continuing to pay what we were paying with or previous bank.
Read full reviewI have had my bank account with Heritage for many years. When I first opened the account I was living near a branch but have since moved to a regional area without a branch or home branded ATMs but due to their great products and service and the ability to use Westpac ATMs with no fees I have not felt the need to change banks. They are reasonably competitive with our home loan and since changing to heritage we have built quite a redraw amount just by continuing to pay what we were paying with or previous bank.
They gave us a homes loan when no-one else would so do. However, on rollover of the fixed rate loan, the local staff member charged us .10% above the going rate.
Read full reviewThey gave us a homes loan when no-one else would so do. However, on rollover of the fixed rate loan, the local staff member charged us .10% above the going rate.
Friendly and knowledgeable staff when having to contact, however their internet banking is lacking. No option for online statements for joint home loan and overly lengthy process to change mailing address resulting in lost statements.
Read full reviewFriendly and knowledgeable staff when having to contact, however their internet banking is lacking. No option for online statements for joint home loan and overly lengthy process to change mailing address resulting in lost statements.
Very easy to deal with. Great customer service.
Read full reviewVery easy to deal with. Great customer service.
You can start the application process online, but to complete it you’ll need the following:
Purchasing?
- Signed copy of Contract of Sale
- Copy of the deposit receipt that shows the full agreed purchase price and balance owing, or a copy of the front page of the signed Contract of Sale
- Copy of registered Strata plan, if applicable
Renovating or constructing?
- Signed copy of fixed price contract
- Copy of building plan and specifications
- Copy of deposit receipt, if applicable
Refinancing?
- Home Loan statements (last six months)
- Latest Council Rates notice
- Latest Water Rates notice