The Variable Rate Loan Home Advantage Package offers a variable rate for owner occupiers starting at 3.79% (4.16% comparison rate), but don’t worry investors, because you’ll also be able to nab a deal of your own with rates from 4.09% (4.44% comparison rate). Depending on the package deal you choose, you could also be able to borrow with a deposit as low as 5%, though this will impact the rate Heritage Bank will offer you.
Aside from the low variable rate, Heritage Bank has also packed a number of handy extras into the Home Advantage Package including a 100% offset account which you could use to reduce the size of your home loan repayments, as well as a completely free extra repayments facility that could help you pay off your loan even faster.
Borrowers will also have the flexibility to make repayments on a schedule that suits their needs - either on a weekly, fortnightly or monthly basis. And if you do end up making use of that handy extra repayment facility, but find yourself in a situation where you need to dip into it, Heritage will give you the flexibility of free redraws on those extra repayments.
Just bear in mind that while the Variable Rate Loan Home Advantage Package does contain a number useful features, it also comes with a yearly service fee of $350.
Who it's good for:
If you’re an owner occupier or investor looking for a flexible, low rate home loan option with the additional advantage of a 100% offset account, then this could be the deal for you.
On top of the annual fee that comes with the Variable Rate Loan Home Advantage Package, you’ll also be charged a $150 settlement fee as well as a $250 discharge fee.