8.4 / 10

based on 1605 Heritage Bank banking 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.

This year, Heritage Bank even bagged a 2019 Mozo Experts Choice Award for Best Packaged Home Loan. So whether you’re a seasoned property investor, first-home buyer or just looking to refinance, Heritage Bank has a range of loans on offer to suit your needs.

What home loans do Heritage Bank offer?

Rates and fees verified as correct at 24 July, 2021. 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

2.19% p.a.

4.04% p.a.

$8.00 monthly

$750

2.49% p.a.

4.54% p.a.

$8.00 monthly

$750

2.39% p.a.

4.49% p.a.

$8.00 monthly

$750

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  

2.89% p.a.

2.94% p.a.

$0.00

$750

3.09% p.a.

3.14% p.a.

$0.00

$750

2.54% p.a.

2.59% p.a.

$0.00

$750

Go to site

2.39% p.a.

2.44% p.a.

$0.00

$750

Go to site

2.59% p.a.

2.64% p.a.

$0.00

$750

Go to site

4.49% p.a.

4.64% p.a.

$8.00 monthly

$750

3.39% p.a.

3.44% p.a.

$0.00

$750

3.44% p.a.

3.49% p.a.

$0.00

$750

2.99% p.a.

3.04% p.a.

$0.00

$750

2.84% p.a.

2.89% p.a.

$0.00

$750

2.99% p.a.

3.04% p.a.

$0.00

$750

2.84% p.a.

2.89% p.a.

$0.00

$750

2.79% p.a.

2.84% p.a.

$0.00

$750

2.74% p.a.

2.79% p.a.

$0.00

$750

3.19% p.a.

3.24% p.a.

$0.00

$750

3.14% p.a.

3.19% p.a.

$0.00

$750

2.79% p.a.

2.84% p.a.

$0.00

$750

2.74% p.a.

2.79% p.a.

$0.00

$750

5.04% p.a.

5.19% p.a.

$8.00 monthly

$750

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  

2.19% p.a.

3.32% p.a.

$350.00 yearly

$150

2.19% p.a.

3.25% p.a.

$350.00 yearly

$150

2.19% p.a.

3.18% p.a.

$350.00 yearly

$150

2.19% p.a.

2.96% p.a.

$350.00 yearly

$150

Go to site

2.19% p.a.

3.03% p.a.

$350.00 yearly

$150

Go to site

2.19% p.a.

3.03% p.a.

$350.00 yearly

$150

Go to site

2.49% p.a.

3.58% p.a.

$350.00 yearly

$150

2.49% p.a.

3.75% p.a.

$350.00 yearly

$150

2.49% p.a.

3.61% p.a.

$350.00 yearly

$150

2.49% p.a.

3.36% p.a.

$350.00 yearly

$150

2.49% p.a.

3.40% p.a.

$350.00 yearly

$150

2.49% p.a.

3.40% p.a.

$350.00 yearly

$150

2.39% p.a.

3.58% p.a.

$350.00 yearly

$150

2.39% p.a.

3.44% p.a.

$350.00 yearly

$150

2.39% p.a.

3.41% p.a.

$350.00 yearly

$150

2.39% p.a.

3.23% p.a.

$350.00 yearly

$150

2.39% p.a.

3.23% p.a.

$350.00 yearly

$150

2.39% p.a.

3.12% p.a.

$350.00 yearly

$150

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  

2.69% p.a.

3.09% p.a.

$350.00 yearly

$150

Go to site

2.99% p.a.

3.38% p.a.

$350.00 yearly

$150

3.09% p.a.

3.48% p.a.

$350.00 yearly

$150

3.18% p.a.

3.57% p.a.

$350.00 yearly

$150

3.29% p.a.

3.68% p.a.

$350.00 yearly

$150

3.09% p.a.

3.48% p.a.

$350.00 yearly

$150

3.29% p.a.

3.68% p.a.

$350.00 yearly

$150

2.59% p.a.

2.99% p.a.

$350.00 yearly

$150

Go to site

2.79% p.a.

3.19% p.a.

$350.00 yearly

$150

Go to site

2.79% p.a.

3.19% p.a.

$350.00 yearly

$150

Go to site

2.94% p.a.

3.29% p.a.

$350.00 yearly

$150

3.49% p.a.

3.83% p.a.

$350.00 yearly

$150

3.68% p.a.

4.02% p.a.

$350.00 yearly

$150

3.44% p.a.

3.78% p.a.

$350.00 yearly

$150

2.94% p.a.

3.29% p.a.

$350.00 yearly

$150

3.09% p.a.

3.44% p.a.

$350.00 yearly

$150

3.19% p.a.

3.54% p.a.

$350.00 yearly

$150

2.84% p.a.

3.24% p.a.

$350.00 yearly

$150

3.48% p.a.

3.86% p.a.

$350.00 yearly

$150

3.29% p.a.

3.68% p.a.

$350.00 yearly

$150

3.24% p.a.

3.63% p.a.

$350.00 yearly

$150

2.84% p.a.

3.24% p.a.

$350.00 yearly

$150

2.84% p.a.

3.24% p.a.

$350.00 yearly

$150

2.89% p.a.

3.29% p.a.

$350.00 yearly

$150

2.99% p.a.

3.38% p.a.

$350.00 yearly

$150

Line of Credit

Line of Credit

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

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
8.3/10
Price
Features
Customer service
Convenience
Trust

267 Reviews

Recent Heritage Bank home loan reviews

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 24 days ago
Heritage Bank Home Loan
Overall 8/10
Great service.

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 review

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.

Price
8/10
Features
10/10
Customer service
10/10
Convenience
6/10
Trust
10/10
Less
Lisa, Queensland, reviewed 4 months ago
Heritage Bank Home Loan
Overall 5/10
Great original lending; not so good with rollovers

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 review

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.

Price
5/10
Features
5/10
Customer service
3/10
Convenience
9/10
Trust
4/10
Less
Ken, Queensland, reviewed 5 months ago
Heritage Bank Standard Variable
Overall 8/10
Friendly staff, good products, bad online banking.

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 review

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.

Price
6/10
Features
5/10
Customer service
7/10
Convenience
4/10
Trust
7/10
Less
Ryan, Queensland, reviewed 6 months ago
Heritage Bank Fixed Loan
Overall 10/10
No fuss!

Very easy to deal with. Great customer service.

Read full review

Very easy to deal with. Great customer service.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Sandra, Queensland, reviewed 6 months 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:

  • Copies of statements for your savings accounts held with other banks over the last three months- to demonstrate your savings history.
  • Personal identification- at least two pieces of photo ID (such as your passport and driver’s licence), or one photo ID and your birth certificate/citizenship certificate/utilities account.
  • Proof of income- You’ll need your last two pay slips and last Taxation Assessment Notice. If you receive rental income, Centrelink or maintenance payments, you’ll need proof of this as well.
  • Sale of real estate- If you’ve recently sold your home, you’ll need to produce a copy of the Contract of Sale.
  • Superannuation- If you’ve received a super payout, keep your latest statement handy.
  • Details of existing loans and credit contracts such as credit cards, car loans etc.
  • Other expenses- Details of expenses such as private school fees, maintenance payments etc.

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

Home loan quick links