8.4 / 10

based on 1586 reviews as rated by Mozo community

Heritage Bank personal loans

Heritage Bank is the largest customer-owned bank in Australia and has no less than five different types of personal loans available to customers. If a personal loan with stand-out features like generous loan terms, higher than usual loan amounts and a convenient redraw facility sounds appealing to you, read further to get the lowdown on what this mutual bank has to offer.

Heritage Bank offers the following personal loans

Rates and fees verified as correct at 24 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee  
Car Loan (Up to 5 years old, Fixed, Secured)

4.89% p.a.

5.53% p.a.based on $30,000
over 5 years

$200

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Standard Personal Loan (Fixed, Unsecured)

7.99% p.a.

8.62% p.a.based on $30,000
over 5 years

$200

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Standard Personal Loan (Variable, Unsecured)

11.99% p.a.

12.61% p.a.based on $30,000
over 5 years

$200

Go to site

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

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Heritage Bank personal loans overview

Fixed rate car loan:

Are you ready to ditch your rusty car for a new or second-hand ride using a personal loan to finance it? If you answered yes, then perhaps Heritage Bank’s competitive fixed rate car loan with flexible features could be a good pick. This loan involves buying a car five years old or less and securing it to the contract as collateral. Depending on your financial circumstances, you can borrow $5,000 to $100,000 and pay it off between one to seven years. If you are on a regimented budget, this fixed rate car loan may work for you because repayments remain the same for the entire term. Plus there are no monthly fees. Heritage Bank accept extra loan repayments too, which you can dip into via a redraw facility. Just keep in mind you could be charged a fee for paying off your debt before the end of the loan term.

Debt consolidation loan

If you have a cluster of bills and want to pay them all off in one place with a lower interest rate, consider a Heritage Bank debt consolidation loan. Designed for debts ranging from $5,000 to $100,000, you can spread your repayments out from one to five years. The rate type is variable, meaning the interest rate is subject to change throughout the term of the loan, which could work in or against your favour if rates change. But the benefit of this is that Heritage Bank allow you to make extra repayments to pay the loan off early fee-free. With no monthly account-keeping fees,  and a redraw facility available to dip into extra repayments if you choose to make them, the Heritage Bank debt consolidation loan is a nifty way to help you ditch debt.

Low rate personal loan:  

Heritage Bank’s low rate personal loan is available for customers with an existing short term deposit with the bank. It works by securing the term deposit amount as security, so you  can reap the benefits of a low variable rate. Depending on how much money you have in your short term deposit, you can borrow between $5,000 to $100,000 and pay it off in up to 10 years.  There are no monthly fees and because it’s a variable rate loan you can make extra loan repayments, withdraw from them as you wish, and not incur a fee for clearing your debt early.

Standard personal loan:

If you’re looking for a smaller personal loan amount with plenty of flexible features, no monthly fees and the option to secure it to an asset like a car, Heritage Bank’s standard loan might be your best fit. With loans ranging from $5,000 to $25,000, a fixed rate or variable option and flexibility to choose a repayment term anywhere up to 10 years you could use this personal loan to help renovate your home or landscape the garden. It also comes with flexible features like the option to make extra repayments and redraw from them. Keep in mind however that if you pick the fixed rate version of this loan, there is a break fee involved if you pay off the loan before the end date.

Heritage Bank personal loan features at a glance

How do you apply for a Heritage Bank personal loan?

You can apply for a Heritage Bank personal loan in a few easy steps. Once you have all your documents (detailed below) ready to submit with your application, pop into a branch, give Heritage a call or use the online portal to fill everything out there. The bank will let you know if you’ve been approved swiftly and you should have the funds cleared in your account in a matter of days.

To apply for a personal loan with Heritage Bank you will need:

How are Heritage Bank personal loans rated?

Mozo users have rated Heritage Bank personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Heritage Bank personal loans
Overall
8.5/10
Price
Features
Customer service
Convenience
Trust

44 Reviews

Recent Heritage Bank personal loan reviews

Heritage Bank Car Loan review
Overall 10/10
Excellent customer service.

Very satisfied customer, prompt and informative customer service that made applying for a car loan very straight forward. Highly recommend this bank.

Read full review

Very satisfied customer, prompt and informative customer service that made applying for a car loan very straight forward. Highly recommend this bank.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Linda, Victoria reviewed 10 days ago
Heritage Bank Standard Personal Loan (Unsecured) review
Overall 10/10
Easy to understand with a personal touch

I needed a personal loan in a hurry and I was able sit down face to face with a branch manager and discuss my options. Once everything was agreed upon the funds were available to me within 24 hours. The repayment plan was easy to follow and access through my mobile app. I opted for the automatic repayment at fortnightly intervals as that worked for me but there were many options available. Best feature for me was actually talking to a person who could help me understand in layman terms.

Read full review

I needed a personal loan in a hurry and I was able sit down face to face with a branch manager and discuss my options. Once everything was agreed upon the funds were available to me within 24 hours. The repayment plan was easy to follow and access through my mobile app. I opted for the automatic repayment at fortnightly intervals as that worked for me but there were many options available. Best feature for me was actually talking to a person who could help me understand in layman terms.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Miranda, Queensland reviewed 21 days ago
Heritage Bank Low Rate Secured Personal Loan review
Overall 10/10
Great rates and super customer service.

Very easy process from start to finish. I would totally recommend as they care about their members.

Read full review

Very easy process from start to finish. I would totally recommend as they care about their members.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Kristine, Queensland reviewed about 1 year ago
Heritage Bank Personal Loan review
Overall 10/10
Competitive premiums and great customer service

An Australian person is always able to speak to you and they are friendly and considerate. They are also flexible and try to help.

Read full review

An Australian person is always able to speak to you and they are friendly and considerate. They are also flexible and try to help.

Price
10/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Tracey, Queensland reviewed about 1 year ago

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