Heritage Bank Discount Variable Home Loan

3.97% p.a.

3.99% p.a.

$0.00

4.07% p.a.

4.09% p.a.

$0.00

4.17% p.a.

4.19% p.a.

$0.00

4.49% p.a.

4.51% p.a.

$0.00

5.14% p.a.

5.15% p.a.

$0.00

Heritage Bank Discount Variable Home Loan Review

Rates and fees information correct as at 22 October 2017.

Review published: 11 June 2015

What's hot:

  • Mozo Experts Choice Winner 2017

  • 3.97% p.a. variable rate (for owner occupier loans)

  • $0 ongoing fees

What's not:

  • Offset account not available

  • $20 redraw fee

Mozo snapshot:

Awarded a 2017 Mozo Experts Choice Award for Best Value Low Cost Home Loan and Best Value First Home Buyer Loan, the Heritage Bank Discount Special Rate Home Loan delivers great value for owner occupiers. The loan is available for LVRs up to 90% but to get the rate of 3.99% p.a, you'll need to borrow at least $150,000.

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 3.97%, borrowing less than 90% of the value and you'll score a rate of 4.07% and finally, if you're borrowing 90%-95% of the property' value, you're rate will be 4.17%.

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. 

Who it's 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?

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%.  

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

Product Type Overall Rating Price Features Service Convenience Trust
8.4

Based on 78
Heritage Bank home loans reviews

7.9 7.7 8.8 8.2 8.4

Read Heritage Bank home loan reviews by the Mozo community

Latest reviews of Heritage Bank Discount Variable Home Loan

Heritage Bank

Heritage Bank Discount Variable Home Loan (Owner Occupier, LVR<80%) home loan review

Overall rating   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.

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   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Andrew (QLD), reviewed 4 months ago

Heritage Bank

Heritage Bank Discount Variable Home Loan (Owner Occupier, LVR<80%) home loan review

Overall rating   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...

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 (QLD), reviewed over 2 years ago

Heritage Bank

Heritage Bank Discount Variable Home Loan (Owner Occupier, LVR<80%) home loan review

Overall rating   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...

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 (WA), reviewed over 2 years ago

Heritage Bank

Heritage Bank Discount Variable Home Loan (Owner Occupier, LVR<80%) home loan review

Overall rating   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.

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 (NSW), reviewed about 3 years ago

Heritage Bank

Heritage Bank Discount Variable Home Loan (Owner Occupier, LVR<80%) home loan review

Overall rating   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...

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 (QLD), reviewed over 3 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Currently showing

Rates

  • 3.97% p.a.

  • n/a

  • 0 Months

  • none

  • 3.99% 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

  • none

  • $0.00

  • $250.00

Other financial bits

  • $150,000

  • none

  • none

  • 80.00%

Features

  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - fees apply

  • $0.00

  • yes

  • no

  • $20 redraw fee

  • none

Rates

  • 4.07% p.a.

  • n/a

  • 0 Months

  • none

  • 4.09% 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

  • none

  • $0.00

  • $250.00

Other financial bits

  • $150,000

  • none

  • 80.00%

  • 90.00%

Features

  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - fees apply

  • $0.00

  • yes

  • no

  • $20 redraw fee

  • none

Rates

  • 4.17% p.a.

  • n/a

  • 0 Months

  • none

  • 4.19% 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

  • none

  • $0.00

  • $250.00

Other financial bits

  • $150,000

  • none

  • 90.00%

  • 95.00%

Features

  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - fees apply

  • $0.00

  • yes

  • no

  • $20 redraw fee

  • none

Rates

  • 4.49% p.a.

  • n/a

  • 0 Months

  • none

  • 4.51% 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

  • none

  • $0.00

  • $250.00

Other financial bits

  • $150,000

  • none

  • none

  • 80.00%

Features

  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - fees apply

  • $0.00

  • yes

  • no

  • $20 redraw fee

  • none

Rates

  • 5.14% p.a.

  • n/a

  • 0 Months

  • none

  • 5.15% 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

  • none

  • $0.00

  • $250.00

Other financial bits

  • $150,000

  • none

  • none

  • 80.00%

Features

  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - fees apply

  • $0.00

  • yes

  • no

  • $20 redraw fee

  • none

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.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Compare other home loans