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Heritage Bank Discount Variable Home Loan

Advertiser disclosure
The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 70%
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 70%
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 70%
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

Availability Loan type LVR Min loan amount Max loan amount
Owner Occupier Principal & Interest < 70% $150,000
Owner Occupier Principal & Interest 70%-80% $150,000
Owner Occupier Principal & Interest 80%-90% $150,000
Owner Occupier Principal & Interest 90%-95% $150,000
Investor Principal & Interest < 70% $150,000
Investor Principal & Interest 70%-80% $150,000
Investor Principal & Interest 80%-90% $150,000
Investor Interest Only < 70% $150,000
Investor Interest Only 70%-80% $150,000
Investor Interest Only 80%-90% $150,000
  • Owner Occupier (Principal & Interest)
    LVR < 70%
    Loan: $150,000
  • Owner Occupier (Principal & Interest)
    LVR 70%-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 < 70%
    Loan: $150,000
  • Investor (Principal & Interest)
    LVR 70%-80%
    Loan: $150,000
  • Investor (Principal & Interest)
    LVR 80%-90%
    Loan: $150,000
  • Investor (Interest Only)
    LVR < 70%
    Loan: $150,000
  • Investor (Interest Only)
    LVR 70%-80%
    Loan: $150,000
  • Investor (Interest Only)
    LVR 80%-90%
    Loan: $150,000
Rate
5.99% p.a.
Comparison Rate
6.01% p.a.
Service fee
$0.00
Upfront fee
$210
Go to site
Rate
6.09% p.a.
Comparison Rate
6.11% p.a.
Service fee
$0.00
Upfront fee
$210
Rate
6.64% p.a.
Comparison Rate
6.66% p.a.
Service fee
$0.00
Upfront fee
$210
Rate
6.79% p.a.
Comparison Rate
6.81% p.a.
Service fee
$0.00
Upfront fee
$210
Rate
6.24% p.a.
Comparison Rate
6.26% p.a.
Service fee
$0.00
Upfront fee
$210
Rate
6.34% p.a.
Comparison Rate
6.36% p.a.
Service fee
$0.00
Upfront fee
$210
Rate
6.89% p.a.
Comparison Rate
6.91% p.a.
Service fee
$0.00
Upfront fee
$210
Rate
6.54% p.a.
Comparison Rate
6.56% p.a.
Service fee
$0.00
Upfront fee
$210
Rate
6.64% p.a.
Comparison Rate
6.66% p.a.
Service fee
$0.00
Upfront fee
$210
Rate
7.19% p.a.
Comparison Rate
7.21% p.a.
Service fee
$0.00
Upfront fee
$210

Mozo editorial review Heritage Bank Discount Variable Home Loan - last updated: 20 May 2024

binocular icon
What's hot
  • Unlimited extra repayments and redraws
  • 5.99% p.a. variable rate (6.01% comparison rate*) for owner occupier loans
  • $0 ongoing fees
What's not
  • Branch assisted redraw fee $20
Mozo snapshot

The Discount Variable Home Loan from Heritage Bank delivers great value, with rates starting from 5.99% p.a. variable rate (6.01% comparison rate*) for borrowers with an loan-to-value-ratio (LVR) of up to 70%. What's more, there are no ongoing fees, and you'll be able to take advantage of a range of helpful features, including the ability to make free extra repayments, access a redraw facility, and split your loan.

key icon
Key features

The Heritage Bank Discount Variable Home Loan comes with different rate tiers depending on your LVR. The most competitive rate is for borrowers with 70% LVR or below at 5.99% p.a  (6.01% comparison rate). 

If you're borrowing between 70%-80% of a property's value, your rate will be 6.09% p.a. variable rate (6.11% comparison rate*). On loans between 80.1% and 90% of a property's value, you'll receive a rate of 6.64% p.a. (6.66% p.a. comparison rate*).

Borrowers will have the option of making repayments weekly, fortnight or monthly. And while there is no offset account, you'll be able to make free extra repayments, which can go a long way towards reducing the amount of interest you pay overall. The loan also has unlimited redraws in case you need to access those funds down the track. Redraws are free if you do them via online or phone banking but will cost $20 if you need branch assistance. 

Other fees to consider include a $210 settlement fee and $345 discharge fee. 


snapshot
Who is it good for

This loan might be appreciated by borrowers who want both flexibility and great value, particularly those who have saved up a deposit of 30% or more.

question icon
Any catches

While the loan is available to borrowers with low deposits, be mindful that loans above the 80.1% loan-to-value-ratio will will require Lenders Mortgage Insurance.

Details

Rates and fees information correct as at 25 June 2024. 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

5.99% p.a.

n/a

n/a

n/a

6.01% 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

$210.00

n/a

$0.00

$345.00

Other financial bits

$150,000

none

none

70.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

no

none

none

none

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 25 June 2024. 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

6.09% p.a.

n/a

n/a

n/a

6.11% 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

$210.00

n/a

$0.00

$345.00

Other financial bits

$150,000

none

70.00%

80.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

no

none

none

none

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 25 June 2024. 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

6.64% p.a.

n/a

n/a

n/a

6.66% 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

$210.00

n/a

$0.00

$345.00

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

none

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 25 June 2024. 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

6.79% p.a.

n/a

n/a

n/a

6.81% 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

$210.00

n/a

$0.00

$345.00

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

none

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 25 June 2024. 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

6.24% p.a.

n/a

n/a

n/a

6.26% 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

$210.00

n/a

$0.00

$345.00

Other financial bits

$150,000

none

none

70.00%

Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

no

none

none

none

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 25 June 2024. 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

6.34% p.a.

n/a

n/a

n/a

6.36% 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

$210.00

n/a

$0.00

$345.00

Other financial bits

$150,000

none

70.00%

80.00%

Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

no

none

none

none

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 25 June 2024. 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

6.89% p.a.

n/a

n/a

n/a

6.91% 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

$210.00

n/a

$0.00

$345.00

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

none

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 25 June 2024. 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

6.54% p.a.

n/a

n/a

n/a

6.56% 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

$210.00

n/a

$0.00

$345.00

Other financial bits

$150,000

none

none

70.00%

Features

Investor

Interest Only

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

no

none

none

none

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 25 June 2024. 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

6.64% p.a.

n/a

n/a

n/a

6.66% 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

$210.00

n/a

$0.00

$345.00

Other financial bits

$150,000

none

70.00%

80.00%

Features

Investor

Interest Only

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

no

none

none

none

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 25 June 2024. 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

7.19% p.a.

n/a

n/a

n/a

7.21% 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

$210.00

n/a

$0.00

$345.00

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

none

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
Price
8.0/10
Features
7.5/10
Customer service
8.4/10
Convenience
7.8/10
Trust
8.3/10
Based on 272 Heritage Bank home loan reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of Heritage Bank Discount Variable Home Loan

About Heritage Bank

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fixed 3 years

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Discount Variable Home Loan

5.99% p.a. variable

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6.09% p.a. variable

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6.29% p.a. variable

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5.99% p.a. variable

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6.09% p.a. variable

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5.99% p.a.

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6.14% p.a.

6.16% p.a.

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6.19% p.a.

6.21% p.a.

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loans.com.au

Variable Home Loan 90

6.04% p.a.

6.06% p.a.

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Police Credit Union

The Better Home Loan (Special Offer)

6.14% p.a.

6.14% p.a.

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Heritage Bank

Discount Variable Home Loan

5.99% p.a.

6.01% p.a.

Thumbnail icon for Aussie
Aussie

Elevate

6.09% p.a.

6.20% p.a.

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Mortgage Simplifier

6.14% p.a.

6.17% p.a.

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Macquarie

Basic Home Loan (Fixed)

6.25% p.a.
fixed 3 years

6.20% p.a.

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Flex Home Loan Fixed

5.99% p.a.
fixed 3 years

6.41% p.a.

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Basic Home Loan (Fixed)

6.35% p.a.
fixed 3 years

6.26% p.a.

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6.15% p.a.

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6.54% p.a.
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6.38% p.a.

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6.59% p.a.
fixed 3 years

7.06% p.a.

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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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