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Heritage Bank Standard Personal Loan (Unsecured)

Advertiser disclosure

The details shown below are for a fixed loan between $5,000 and $25,000

The details shown below are for a variable loan between $5,000 and $25,000

Choose the version of this loan that suits you best

  • Loan: $5,000 $25,000

  • Loan: $5,000 $25,000

Interest rate from
7.99% p.a.
Comparison rate from
8.62% p.a.based on $30,000
over 5 years
Upfront fee
$200
Go to site
Interest rate from
11.99% p.a.
Comparison rate from
12.61% p.a.based on $30,000
over 5 years
Upfront fee
$200
Go to site

Mozo editorial review Heritage Bank Standard Personal Loan (Unsecured) - last updated: 21 July 2021

3.5 / 5
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What's hot
  • 7.99% p.a. fixed rate (8.62% p.a. comparison rate*)
  • Redraw facility & extra repayments
  • Flexible repayment options
What's not
  • $200 upfront fee
Mozo snapshot

Planning the annual family holiday? Or maybe you’re looking to revamp your kitchen? Whatever big purchase you have on the horizon, the Heritage Bank Standard Personal Loan (unsecured) will take the financial weight off your shoulders now so you can gradually chip away at the total cost over time. With a competitive fixed interest rate and plenty of flexible features, the Heritage Bank Standard Personal Loan (unsecured) will get you on the right track.

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Key features

With Heritage Bank's Standard Personal Loan, you can choose a fixed interest rate from 7.99% p.a. (8.62% p.a. comparison rate*), or a variable interest rate from 11.99% p.a. (12.61% p.a. comparison rate*).

On top of these competitive interest rates, this loan also offers a range of flexible term options, with loans available up to seven years. Plus, you can choose to make your repayments weekly, fortnightly or monthly.

With a minimum loan amount of $5,000 and a maximum of $25,000, the Heritage Bank Standard Personal Loan is unsecured, meaning you won't have to put your car or any other assets up as security.

While this loan allows you to make extra payments, keep in mind that you might incur an additional penalty fee for doing so. It's also good to know that if at any point you should need access to extra funds, this loan has a redraw facility, meaning that you'll be able to dip into any extra repayments you've made. Keep in mind, if you have made additional loan repayments, it's best not to touch them unless you really need to. Otherwise, you're just undoing all your hard work to pay off your loan early.

The Heritage Bank Standard Personal Loan (Unsecured) charges a range of fees, including a $200 application fee, a $5 service fee and a $20 late payment fee.

snapshot
Who is it good for

The Heritage Bank Standard Personal Loan (Unsecured) is an excellent option for anyone who's face-to-face with a big expense, like a holiday or home renovation, or wants to consolidate their debt, and would like to pay it off gradually over time at a competitive interest rate.

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Any catches

Be aware that if you are looking to use this loan to purchase a vehicle, it must be over five years old. For newer cars, you could consider the Heritage Bank Car Loan instead. 

Picture of Ava Crawford
Ava Crawford
Money writer

Ava Crawford writes across all of our personal finance areas here at Mozo. She likes to provide no-nonsense financial information that allows everyday Australians to make informed and empowered choices. Ava has also produced digital content for Foxtel's LifeStyle and FOXArena, and has contributed to publications such as The New York Times. She attended New York University and completed a degree in English and American Literature.

Details

Rates and fees information correct as at 17 September 2021. 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

Fixed

7.99% p.a. fixed

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

Fees

$200.00

$5.00

$20.00

$0.00

0

Other financial bits

$5,000.00

$25,000.00

1 Year

7 Years

Unsecured

Features

Weekly, Fortnightly, Monthly

yes

yes

none

none

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.

Details

Rates and fees information correct as at 17 September 2021. 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

11.99% p.a.variable

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

Fees

$200.00

$5.00

$20.00

$0.00

0

Other financial bits

$5,000.00

$25,000.00

1 Year

7 Years

Unsecured

Features

Weekly, Fortnightly, Monthly

yes

yes

none

none

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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