Heritage Bank Low Rate Secured Personal Loan

4.69% p.a.

7.16% p.a.based on $10,000
over 3 years

$200

Heritage Bank Low Rate Secured Personal Loan

4.69% p.a.

7.16% p.a.based on $10,000
over 3 years

$200

Mozo Review   Heritage Bank Low Rate Secured Personal Loan Review

Last updated: 15 October 2019.

What's hot:
  • Variable rates from 4.69% (7.16% comparison rate*)

  • Borrow up to $100,000

  • Free extra repayments and redraw facility available

What's not:
  • $200 upfront application fee

  • $5 monthly fee

Mozo snapshot:

The Heritage Low Rate Secured Personal Loan comes with a competitive low rate, plus features like the option to make fee-free extra repayments. You can also choose a term of up to 10 years, and borrow up to $100,000, so there’s plenty of flexibility there. Just keep in mind that there are a few fees to budget for, and that this loan must be secured against a Heritage Bank term deposit - which we’ll cover in more depth below.

Key features:

Want a low rate loan with plenty of flexibility? Then look no further. The Heritage Bank Low Rate Secured Personal Loan comes with a low variable rate starting from 4.69% (7.16% comparison rate*), plus includes a bunch of handy features.

First, you can choose weekly, fortnightly or monthly repayments, and you’ve also got the ability to make as many fee-free extra repayments as you like, to help pay off your loan quicker and save on interest. Add an online redraw facility in case you need any of those extra funds back, and it’s a pretty enticing offer.

This loan is available for amounts form $5,000 to $100,000, and you can choose a loan term between 1 and 10 years.

One thing to look out for is that there is a $200 upfront application fee as well as a $5 ongoing monthly service fee to budget for. You may also wind up paying a fee if you pay the whole loan off early.

The Heritage Bank Low Rate Secured Personal Loan also offers something a little bit different, in that your loan will be secured against a Heritage Bank term deposit. So, for example, a $10,000 loan could be secured against a $10,000 term deposit. That means you can continue to earn interest on your deposit, while spending the money you’ve borrowed - just keep in mind that the interest you pay on the loan could cancel out what you earn on the term deposit.

Who it's good for:

If you’re a dedicated Heritage Bank customer who wants to have your cake and eat it too, this one’s worth a look. It’s a low rate loan, with flexible features. Plus it gives you the option of a secured loan without having to have any big asset like a car or house to put up as security.

Any catches?

Because you’ll need to open a term deposit to secure the loan, keep in mind that you’ll need a chunk of change ready to put away. And remember to compare the interest rate on this loan with what you can snag on a Heritage Bank term deposit, to check that you’re not losing out.

Details

Rates and fees information correct as at 8 December 2019. 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
  • Variable

  • 4.69% p.a.variable

  • 7.16% p.a.based on $10,000
    over 3 years

Fees
  • $200.00

  • $5.00

  • $20.00

  • $0.00

  • Fees may apply

Other financial bits
  • $5,000.00

  • $100,000.00

  • 1 Year

  • 10 Years

  • Other

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • Must be secured against a Heritage Term Deposit

  • none

*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.

Customer Reviews

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

Overall customer rating
8.5/10
Price
7.5/10
Features
7.2/10
Customer service
8.7/10
Convenience
8.1/10
Trust
8.4/10

Latest reviews of Heritage Bank Low Rate Secured Personal Loan

  • 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.

    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

    Kristine | Queensland

    reviewed 26 days ago

  • Overall
    6/10
    all good

    All good

    All good

    Price
    5/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    5/10
    Trust
    6/10

    Dani | Queensland

    reviewed over 4 years ago

  • Overall
    8/10
    Friendly staff always willing to go the extra mile

    I love that this bank makes you feel you are part of it. Just wish there were more located around...

    I love that this bank makes you feel you are part of it. Just wish there were more located around Australia! Our bank manager is so fantastic we even considered inviting her to our wedding!

    Price
    7/10
    Features
    7/10
    Customer service
    9/10
    Convenience
    2/10
    Trust
    8/10

    Alisa | Queensland

    reviewed almost 5 years ago

  • Overall
    9/10
    great rates and simple but easy banking

    i like this product because of the low interest rate and ease of payments using on line banking

    i like this product because of the low interest rate and ease of payments using on line banking

    Price
    10/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    8/10

    Mathew | Queensland

    reviewed over 7 years ago

  • Overall
    9/10
    fantastic

    already explained

    already explained

    Price
    7/10
    Features
    8/10
    Customer service
    9/10
    Convenience
    8/10
    Trust
    9/10

    Brian | Queensland

    reviewed over 7 years ago

Heritage Bank

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.

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