8.4 / 10

based on 1580 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 30 October, 2020. 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 ‡

2.59% p.a.

4.14% p.a.

$8.00 monthly

$750

2.98% p.a.

4.66% p.a.

$8.00 monthly

$750

2.88% p.a.

4.61% 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 ‡

3.07% p.a.

3.12% p.a.

$0.00

$750

3.07% p.a.

3.12% p.a.

$0.00

$750

2.78% p.a.

2.83% p.a.

$0.00

$750

4.49% p.a.

4.64% p.a.

$8.00 monthly

$750

3.67% p.a.

3.72% p.a.

$0.00

$750

3.28% p.a.

3.33% p.a.

$0.00

$750

3.37% p.a.

3.42% p.a.

$0.00

$750

3.08% p.a.

3.13% 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 ‡

2.59% p.a.

3.48% p.a.

$350.00 yearly

$150

2.59% p.a.

3.44% p.a.

$350.00 yearly

$150

2.59% p.a.

3.41% p.a.

$350.00 yearly

$150

2.59% p.a.

3.28% p.a.

$350.00 yearly

$150

2.59% p.a.

3.28% p.a.

$350.00 yearly

$150

2.59% p.a.

3.20% p.a.

$350.00 yearly

$150

2.98% p.a.

3.94% p.a.

$350.00 yearly

$150

2.98% p.a.

3.97% p.a.

$350.00 yearly

$150

2.98% p.a.

3.90% p.a.

$350.00 yearly

$150

2.98% p.a.

3.73% p.a.

$350.00 yearly

$150

2.98% p.a.

3.69% p.a.

$350.00 yearly

$150

2.98% p.a.

3.66% p.a.

$350.00 yearly

$150

2.88% p.a.

3.73% p.a.

$350.00 yearly

$150

2.88% p.a.

3.70% p.a.

$350.00 yearly

$150

2.88% p.a.

3.66% p.a.

$350.00 yearly

$150

2.88% p.a.

3.56% p.a.

$350.00 yearly

$150

2.88% p.a.

3.52% p.a.

$350.00 yearly

$150

2.88% p.a.

3.49% 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 ‡

3.27% p.a.

3.66% p.a.

$350.00 yearly

$150

3.22% p.a.

3.61% p.a.

$350.00 yearly

$150

3.17% p.a.

3.56% p.a.

$350.00 yearly

$150

3.27% p.a.

3.66% p.a.

$350.00 yearly

$150

3.22% p.a.

3.61% p.a.

$350.00 yearly

$150

3.17% p.a.

3.56% p.a.

$350.00 yearly

$150

2.98% p.a.

3.37% p.a.

$350.00 yearly

$150

2.93% p.a.

3.33% p.a.

$350.00 yearly

$150

2.88% p.a.

3.28% p.a.

$350.00 yearly

$150

3.77% p.a.

4.11% p.a.

$350.00 yearly

$150

3.82% p.a.

4.16% p.a.

$350.00 yearly

$150

3.72% p.a.

4.06% p.a.

$350.00 yearly

$150

3.48% p.a.

3.82% p.a.

$350.00 yearly

$150

3.43% p.a.

3.77% p.a.

$350.00 yearly

$150

3.38% p.a.

3.72% p.a.

$350.00 yearly

$150

3.52% p.a.

3.90% p.a.

$350.00 yearly

$150

3.47% p.a.

3.85% p.a.

$350.00 yearly

$150

3.42% p.a.

3.80% p.a.

$350.00 yearly

$150

3.28% p.a.

3.67% p.a.

$350.00 yearly

$150

3.23% p.a.

3.62% p.a.

$350.00 yearly

$150

3.18% p.a.

3.57% 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

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.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

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
8.4/10
Price
Features
Customer service
Convenience
Trust

256 Reviews

Recent Heritage Bank home loan reviews

Heritage Bank Variable Rate Loan (Home Advantage) review
Overall 9/10
I highly recommend switching to Heritage Bank.

I highly recommend Heritage Bank, they are professional, friendly and considerate when it comes to their clients requests and are well worth switching to.

Read full review

I highly recommend Heritage Bank, they are professional, friendly and considerate when it comes to their clients requests and are well worth switching to.

Price
8/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Neil, Australian Capital Territory reviewed 2 months ago
Heritage Bank Standard Variable review
Overall 9/10
Excellent bank.

Great company. Good customer service. Low interest rates. Redraw us good. Very happy.

Read full review

Great company. Good customer service. Low interest rates. Redraw us good. Very happy.

Price
7/10
Features
8/10
Customer service
9/10
Convenience
10/10
Trust
9/10
Less
Maurice, Queensland reviewed 7 months ago
Heritage Bank Variable Rate Loan (Home Advantage) review
Overall 9/10
Excellent customer service.

I'm getting a very competitive rate, product features and excellent customer service. This is a very established bank.

Read full review

I'm getting a very competitive rate, product features and excellent customer service. This is a very established bank.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Niroshan, Victoria reviewed 7 months ago
Heritage Bank Fixed Loan review
Overall 7/10
A good trustworthy bank family feel bank.

Heritage is an excellent bank. However I feel that they could do more to sell their home loans or others loans. They should make the statement “comparison rate” more understandable. What does that even mean.

Read full review

Heritage is an excellent bank. However I feel that they could do more to sell their home loans or others loans. They should make the statement “comparison rate” more understandable. What does that even mean.

Price
8/10
Features
5/10
Customer service
6/10
Convenience
7/10
Trust
9/10
Less
Wendy, Queensland reviewed 8 months ago
Heritage Bank Fixed Rate Loan (Home Advantage) review
Overall 8/10
Excellent service.

Recently moved all accounts from NAB to Heritage. The difference in Heritage's day to day business was a completely different experience. I have banked with two of the big four in my lifetime and nothing will make me go back. Heritage is the bomb!

Read full review

Recently moved all accounts from NAB to Heritage. The difference in Heritage's day to day business was a completely different experience. I have banked with two of the big four in my lifetime and nothing will make me go back. Heritage is the bomb!

Price
9/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Toni, Queensland reviewed 8 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

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