Heritage Bank personal loans

Heritage Bank
Heritage Bank's overall rating for personal loans

(as rated by the Mozo community)

8.5 / 10

based on 42 reviews

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 11 July, 2020. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee  

5.99% p.a.

6.63% p.a.based on $30,000
over 5 years


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8.99% p.a.

9.62% p.a.based on $30,000
over 5 years


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11.99% p.a.

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


Go to site

*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. 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.

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What personal loans do Heritage Bank offer?

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

No monthly fees: 

Monthly fees can pinch your hip pocket, but if you have a Heritage Bank personal loan there are no such fees.

Repayment flexibility: 

Heritage Bank personal loans can be convenient to pay off because you have the choice between weekly, fortnightly or monthly repayments.

Extra repayments: 

You can make extra loan repayments on all types of Heritage Bank on offer, but it would be wise not to make them with a standard fixed or fixed car loan unless you plan to use the redraw facility. This is because these two loan types involve break cost fees for paying the loan off too early.

Redraw facility: 

With all personal loan types, you have the option to withdraw money from your extra repayments free of charge.

Generous loan terms: 

Heritage Bank is one of the few that allow for loan terms of up to ten years. This could be a plus for you if you want to stretch repayments out further to suit your budget.

Heritage Bank customer reviews:

Are you wondering what it’s like banking with Heritage Bank? Visit our customer reviews section to learn what real life customers are saying about the mutual bank’s personal loans including its rates, fees and customer service.

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:

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