based on 1632 Heritage Bank product reviews as rated by Mozo community

Heritage Bank home loans

Heritage Bank is Australia’s largest customer-owned bank, which means profits go straight back to members in the form of lower interest rates and fees. With no shareholders to please, Heritage Bank also gives back to the local community through grants to community organisations. If you’re looking for a home loan provider offering a touch of personal service, competitive pricing and flexible features, Heritage Bank may be the right fit.

What home loans do Heritage Bank offer?

Rates and fees verified as correct at 24 February 2024. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

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.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

5.99% p.a.

8.05% p.a.

$8.00 monthly

$810

6.39% p.a.

8.56% p.a.

$8.00 monthly

$810

6.19% p.a.

8.48% p.a.

$8.00 monthly

$810

Variable Rate Home Loans

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.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

6.64% p.a.

6.66% p.a.

$0.00

$210

6.79% p.a.

6.81% p.a.

$0.00

$210

5.99% p.a.

6.01% p.a.

$0.00

$210

6.04% p.a.

6.06% p.a.

$0.00

$210

6.04% p.a.

6.06% p.a.

$0.00

$210

8.74% p.a.

8.89% p.a.

$8.00 monthly

$810

7.19% p.a.

7.21% p.a.

$0.00

$210

7.19% p.a.

7.21% p.a.

$0.00

$210

6.54% p.a.

6.56% p.a.

$0.00

$210

6.54% p.a.

6.56% p.a.

$0.00

$210

6.59% p.a.

6.61% p.a.

$0.00

$210

6.59% p.a.

6.61% p.a.

$0.00

$210

6.24% p.a.

6.26% p.a.

$0.00

$210

6.24% p.a.

6.26% p.a.

$0.00

$210

6.89% p.a.

6.91% p.a.

$0.00

$210

6.89% p.a.

6.91% p.a.

$0.00

$210

6.29% p.a.

6.31% p.a.

$0.00

$210

6.29% p.a.

6.31% p.a.

$0.00

$210

9.29% p.a.

9.44% p.a.

$8.00 monthly

$810

Fixed Package Home Loan

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.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

5.99% p.a.

6.48% p.a.

$350.00 yearly

$210

6.39% p.a.

6.96% p.a.

$350.00 yearly

$210

6.39% p.a.

6.96% p.a.

$350.00 yearly

$210

6.39% p.a.

6.96% p.a.

$350.00 yearly

$210

6.39% p.a.

6.96% p.a.

$350.00 yearly

$210

6.39% p.a.

6.96% p.a.

$350.00 yearly

$210

6.39% p.a.

6.96% p.a.

$350.00 yearly

$210

6.39% p.a.

6.96% p.a.

$350.00 yearly

$210

6.39% p.a.

6.96% p.a.

$350.00 yearly

$210

6.39% p.a.

6.96% p.a.

$350.00 yearly

$210

6.19% p.a.

6.71% p.a.

$350.00 yearly

$210

6.19% p.a.

6.71% p.a.

$350.00 yearly

$210

6.19% p.a.

6.71% p.a.

$350.00 yearly

$210

6.19% p.a.

6.71% p.a.

$350.00 yearly

$210

6.19% p.a.

6.71% p.a.

$350.00 yearly

$210

6.19% p.a.

6.71% p.a.

$350.00 yearly

$210

6.19% p.a.

6.71% p.a.

$350.00 yearly

$210

6.19% p.a.

6.71% p.a.

$350.00 yearly

$210

6.19% p.a.

6.71% p.a.

$350.00 yearly

$210

Variable Package Home Loan

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.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

6.14% p.a.

6.48% p.a.

$350.00 yearly

$210

6.79% p.a.

7.13% p.a.

$350.00 yearly

$210

6.79% p.a.

7.13% p.a.

$350.00 yearly

$210

6.74% p.a.

7.08% p.a.

$350.00 yearly

$210

6.89% p.a.

7.23% p.a.

$350.00 yearly

$210

6.94% p.a.

7.28% p.a.

$350.00 yearly

$210

6.94% p.a.

7.28% p.a.

$350.00 yearly

$210

6.14% p.a.

6.49% p.a.

$350.00 yearly

$210

6.09% p.a.

6.44% p.a.

$350.00 yearly

$210

6.14% p.a.

6.49% p.a.

$350.00 yearly

$210

6.19% p.a.

6.53% p.a.

$350.00 yearly

$210

6.19% p.a.

6.53% p.a.

$350.00 yearly

$210

6.69% p.a.

7.01% p.a.

$350.00 yearly

$210

7.29% p.a.

7.60% p.a.

$350.00 yearly

$210

7.34% p.a.

7.65% p.a.

$350.00 yearly

$210

7.34% p.a.

7.65% p.a.

$350.00 yearly

$210

6.64% p.a.

6.96% p.a.

$350.00 yearly

$210

6.69% p.a.

7.01% p.a.

$350.00 yearly

$210

6.69% p.a.

7.01% p.a.

$350.00 yearly

$210

6.74% p.a.

7.05% p.a.

$350.00 yearly

$210

6.74% p.a.

7.05% p.a.

$350.00 yearly

$210

6.39% p.a.

6.73% p.a.

$350.00 yearly

$210

6.99% p.a.

7.33% p.a.

$350.00 yearly

$210

7.04% p.a.

7.37% p.a.

$350.00 yearly

$210

7.04% p.a.

7.37% p.a.

$350.00 yearly

$210

6.34% p.a.

6.68% p.a.

$350.00 yearly

$210

6.39% p.a.

6.73% p.a.

$350.00 yearly

$210

6.39% p.a.

6.73% p.a.

$350.00 yearly

$210

6.44% p.a.

6.78% p.a.

$350.00 yearly

$210

6.44% p.a.

6.78% p.a.

$350.00 yearly

$210

Heritage Bank home loan features in a glance

Repayment Icon

Additional repayments

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.

Image of coins

100% offset account on the Standard Variable Rate Home Loan or Standard Variable Home Advantage Package

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.

Free icon

Redraw facility

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.

Image of coins

Ability to split your loan

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.

Image of coins

Interest only repayment option

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.

How are Heritage Bank home loans rated?

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.

Icon of home-loans
Heritage Bank home loans
Overall
Price
Features
Customer service
Convenience
Trust

271 Reviews

Recent Heritage Bank home loan reviews

Heritage Bank Home Loan
Overall 5/10
Great, if you love filling in hard copy forms..

Just unbelievably archaic systems that waste everyones time. Every few months there is a form I need to print and sign, scan and email back. Might be quicker with a fax. Not worth the hassle. Used them for two years but gladly leaving asap.

Read full review

Just unbelievably archaic systems that waste everyones time. Every few months there is a form I need to print and sign, scan and email back. Might be quicker with a fax. Not worth the hassle. Used them for two years but gladly leaving asap.

Price
8/10
Features
6/10
Customer service
7/10
Convenience
1/10
Trust
3/10
Less
Former, New South Wales, reviewed 3 months ago
Heritage Bank Home Loan
Overall 10/10
I would highly recommend this bank for loans.

they have been very helpful any time I call with suggestions of what I can do if running low on cash fix things with ease

Read full review

they have been very helpful any time I call with suggestions of what I can do if running low on cash fix things with ease

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Karen, Queensland, reviewed 4 months ago
Heritage Bank Home Loan
Overall 6/10
15 years at Heritage and always been happy!

Always helpful and good reasonable rates - but hard at times not having a local physical branch. Good for our home loan! We have always been happy with Heritage!

Read full review

Always helpful and good reasonable rates - but hard at times not having a local physical branch. Good for our home loan! We have always been happy with Heritage!

Price
7/10
Features
4/10
Customer service
7/10
Convenience
4/10
Trust
8/10
Less
Kate, Australian Capital Territory, reviewed over 1 year ago
Heritage Bank Home Loan
Overall 1/10
The epitome of incompetence

Where to begin? This money lending business needs to be bought out and put out of it's 1990's misery. They do not use technology and therefore their processes take FOREVER. The loans officers dip feed important information, are vague and take NO accountability for mistakes or misleading information. Their "product " does not stack up against other lenders. Customer service - there is none. Nothing associated with Heritage is convenient !! They want you to print and sign and scan and send in 2022! No DOCUSIGN ( which has been a thing for 7 years). They have no respect for their customer, they need to be right at all times even when they are in the wrong. Trust? Only a fool would trust this antiquated lending business.

Read full review

Where to begin? This money lending business needs to be bought out and put out of it's 1990's misery. They do not use technology and therefore their processes take FOREVER. The loans officers dip feed important information, are vague and take NO accountability for mistakes or misleading information. Their "product " does not stack up against other lenders. Customer service - there is none. Nothing associated with Heritage is convenient !! They want you to print and sign and scan and send in 2022! No DOCUSIGN ( which has been a thing for 7 years). They have no respect for their customer, they need to be right at all times even when they are in the wrong. Trust? Only a fool would trust this antiquated lending business.

Price
2/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Anonymous, Victoria, reviewed over 1 year ago
Heritage Bank Home Loan
Overall 1/10
Worst bank lender I have ever ever used

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 review

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.

Price
5/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
James, Victoria, reviewed over 2 years ago

What do you need to apply for a Heritage Bank home loan?

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

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