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Heritage Bank Discount Variable Home Loan

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 90%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 90%

The details shown below are for an investor taking out a interest only loan of at least $150,000 with an LVR below 80%

The details shown below are for an investor taking out a interest only loan of at least $150,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $150,000

  • Owner Occupier (Principal & Interest)

    LVR 80%-90%

    Loan: $150,000

  • Owner Occupier (Principal & Interest)

    LVR 90%-95%

    Loan: $150,000

  • Investor (Principal & Interest)

    LVR < 80%

    Loan: $150,000

  • Investor (Principal & Interest)

    LVR 80%-90%

    Loan: $150,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $150,000

  • Investor (Interest Only)

    LVR 80%-90%

    Loan: $150,000

Rate
2.78% p.a.
Comparison Rate*
2.80% p.a.
Service fee
$0.00
Upfront fee
$150
Rate
3.07% p.a.
Comparison Rate*
3.09% p.a.
Service fee
$0.00
Upfront fee
$150
Rate
3.07% p.a.
Comparison Rate*
3.09% p.a.
Service fee
$0.00
Upfront fee
$150
Rate
3.08% p.a.
Comparison Rate*
3.10% p.a.
Service fee
$0.00
Upfront fee
$150
Rate
3.37% p.a.
Comparison Rate*
3.39% p.a.
Service fee
$0.00
Upfront fee
$150
Rate
3.28% p.a.
Comparison Rate*
3.30% p.a.
Service fee
$0.00
Upfront fee
$150
Rate
3.67% p.a.
Comparison Rate*
3.69% p.a.
Service fee
$0.00
Upfront fee
$150

Mozo editorial review Heritage Bank Discount Variable Home Loan

Last updated: 31 July 2020.

binocular icon
What's hot
  • Unlimited extra repayments and redraws
  • 2.78% p.a. variable rate (2.80% comparison rate*) for owner occupier loans
  • $0 ongoing fees
What's not
  • $20 redraw fee
Mozo snapshot

With a low 2.78% variable rate (2.80% comparison rate*) and no ongoing fees, the Bank Discount Special Rate Home Loan from Heritage Bank delivers great value for owner occupiers. The loan is available for LVRs up to 95% but to get the rate, you'll need to have at least a 20% deposit and borrow at least $150,000.

key icon
Key features

The Heritage Bank Discount Special Rate Loan comes with different rate tiers depending on your LVR. If you're borrowing less than 80% of the property's value, your rate will be a low 2.78% (2.80% comparison rate*), borrowing less than 90% of the value and you'll score a rate of 3.07% (3.09% comparison rate*) and finally, if you're borrowing 90%-95% of the property value, you're rate will be 3.07% (3.09% comparison rate*).

You don't have to stress about repayment timings, Heritage Bank gives you the option of choosing the repayment frequency that best suits you. Options include weekly, fortnight or monthly repayments. 

There's no offset account on offer but you can make extra repayments at anytime for free which will help you to reduce the time it takes to pay off your loan and save on interest. The loan also has unlimited redraws so if you need to you can access those funds later down the track. And with no ongoing fees, all of your repayments will go towards paying back your loan not expensive bank fees. 

snapshot
Who is it good for

People who want a loan with flexibility and great value, particularly those with a 20% or more deposit. Why pay more in interest than you absolutely need to?

snapshot
Any catches

While the loan is available for up to a 95% LVR, just be mindful that for loans over 80% loan-to-value-ratio, you'll get a steeper interest rate and be required to pay Lenders Mortgage Insurance. This insurance isn't unique to Heritage Bank, it applies to all loans with LVRs more than 80%.  

Details

Rates and fees information correct as at 18 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

  • 2.78% p.a.

  • n/a

  • n/a

  • n/a

  • 2.80% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • none

  • 80.00%

Features

  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • $600 Application fee waived for applications made by 30 September 2020.

*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.

Details

Rates and fees information correct as at 18 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

  • 3.07% p.a.

  • n/a

  • n/a

  • n/a

  • 3.09% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • 80.00%

  • 90.00%

Features

  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • $600 Application fee waived for applications made by 30 September 2020.

*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.

Details

Rates and fees information correct as at 18 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

  • 3.07% p.a.

  • n/a

  • n/a

  • n/a

  • 3.09% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • 90.00%

  • 95.00%

Features

  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • $600 Application fee waived for applications made by 30 September 2020.

*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.

Details

Rates and fees information correct as at 18 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

  • 3.08% p.a.

  • n/a

  • n/a

  • n/a

  • 3.10% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • none

  • 80.00%

Features

  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • $600 Application fee waived for applications made by 30 September 2020.

*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.

Details

Rates and fees information correct as at 18 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

  • 3.37% p.a.

  • n/a

  • n/a

  • n/a

  • 3.39% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • 80.00%

  • 90.00%

Features

  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • $600 Application fee waived for applications made by 30 September 2020.

*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.

Details

Rates and fees information correct as at 18 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

  • 3.28% p.a.

  • n/a

  • n/a

  • n/a

  • 3.30% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • none

  • 80.00%

Features

  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • $600 Application fee waived for applications made by 30 September 2020.

*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.

Details

Rates and fees information correct as at 18 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

  • 3.67% p.a.

  • n/a

  • n/a

  • n/a

  • 3.69% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • 80.00%

  • 90.00%

Features

  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • $600 Application fee waived for applications made by 30 September 2020.

*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.

Customer Reviews

How are Heritage Bank home loans rated by the Mozo community?

Overall
8.4/10

Based on 256 Heritage Bank home loan reviews

Price
8.1/10
Features
7.6/10
Customer service
8.6/10
Convenience
8.0/10
Trust
8.5/10

Latest reviews of Heritage Bank Discount Variable Home Loan

  • Overall 9/10
    Competitive rates. Basic internet banking

    Heritage Bank have very competitive pricing and interest rates. They do lack in terms of their internet banking features. At this stage they do not have online redraw.

    Read full review

    Heritage Bank have very competitive pricing and interest rates. They do lack in terms of their internet banking features. At this stage they do not have online redraw.

    Price
    10/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -
    Less
    Andrew, Queensland reviewed about 3 years ago
  • Overall 10/10
    My bank is a pleasure to do business with

    I find a good service provided by Heritage Bank, I am always promptly put in contact with the department I am phoning. The employees are extremely helpful and always cheerful. I just wish the interest rate was as low as other banks concerning my Home Loan.

    Read full review

    I find a good service provided by Heritage Bank, I am always promptly put in contact with the department I am phoning. The employees are extremely helpful and always cheerful. I just wish the interest rate was as low as other banks concerning my Home Loan.

    Price
    5/10
    Features
    0/10
    Customer service
    10/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Roseanne, Queensland reviewed about 5 years ago
  • Overall 9/10
    Heritage has got everything a girl could want

    My broker set up my loan so I had almost nothing to do with the bank. Any of my subsequent queries and transactions have been very easy. Staff are very helpful and polite. The app on my smartphone makes electronic banking easy. As far as my home loan goes, banking is completely virtual. That's the way I prefer it. No people, no queues, priceless.

    Read full review

    My broker set up my loan so I had almost nothing to do with the bank. Any of my subsequent queries and transactions have been very easy. Staff are very helpful and polite. The app on my smartphone makes electronic banking easy. As far as my home loan goes, banking is completely virtual. That's the way I prefer it. No people, no queues, priceless.

    Price
    7/10
    Features
    7/10
    Customer service
    9/10
    Convenience
    7/10
    Trust
    9/10
    Less
    Jacqueline, Western Australia reviewed over 5 years ago
  • Overall 7/10
    Customer service

    I like that when you call you get to speak with a Australian and you don't get hassled about new products.

    Read full review

    I like that when you call you get to speak with a Australian and you don't get hassled about new products.

    Price
    7/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Do, New South Wales reviewed about 6 years ago
  • Overall 10/10
    Awesome service & best interest rates in Qld

    Heritage smashed our interest rates, Taking a whopping load off our plates! They've saved us thousands per year, This alone makes us shed a happy tear! There is NO hidden catches or fees, And Customer Service is a pleasant breeze! Always a smile - NEVER a frown, So if you want to bring your mortgage down.. Heritage may not be one of the 'Big 4', But they've certainly opened the 'Competitive Door'!

    Read full review

    Heritage smashed our interest rates, Taking a whopping load off our plates! They've saved us thousands per year, This alone makes us shed a happy tear! There is NO hidden catches or fees, And Customer Service is a pleasant breeze! Always a smile - NEVER a frown, So if you want to bring your mortgage down.. Heritage may not be one of the 'Big 4', But they've certainly opened the 'Competitive Door'!

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Sharon, Queensland reviewed over 6 years ago
Heritage Bank

About Heritage Bank

Heritage is Australia's largest member-owned bank. With a history going back to 1875, Heritage helps Australians realise their financial dreams. Heritage focuses on putting people first, not pursuing massive profits. They offer customers a full range of competitive personal banking products from home loans, saving accounts, term deposits, credit cards and much more.

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*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.

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