Heritage Bank Standard Personal Loan (Unsecured)

Key features

With Heritage Bank's Standard Personal Loan, you can choose a fixed interest rate from 8.99% p.a.(9.62% 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 fixed interest rate loans available up to five years and variable interest rate loans available up to 10 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 an unsecured loan, 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, $5 service fee and $20 late payment fee.

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.

Any catches

Be aware, 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.