Heritage Bank Low Rate Secured Loan
- Interest Rate (p.a.)
- 4.69%
- Comp. Rate (p.a.)
- 7.16%
- Min Loan Amount
- $5,000
Summary
Borrow from $5,000 up to $100,000. You will need to hold a term deposit with Heritage Bank to be eligible to apply.
- Please note that Heritage Bank no longer offers this product. The information on this page has been kept for the benefit of those who are interested and historical records only. You can check other Heritage Bank products here.
If you have a term deposit with Heritage Bank, you can get a secured personal loan from $5,000 up to $100,000. The maximum loan term is 10 years, and the amount you’ll be approved for depend on the size of the term deposit. The interest rate for this loan starts from 4.69% p.a., while the comparison rate, which includes fees and charges, is 7.16% p.a.
Pros
-
Competitive rate
-
Large maximum borrowing amount
-
Long loan terms
Cons
-
You must have a Term Deposit with Heritage Bank
-
$200 of application fee
Details
Product details
| Product Name | Heritage Bank Low Rate Secured Loan |
| Interest Rate (p.a.) | 4.69% |
| Comp. Rate (p.a.) | 7.16% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Secured |
- Please note that Heritage Bank no longer offers this product. The information on this page has been kept for the benefit of those who are interested and historical records only. You can check other Heritage Bank products here.
Factors to consider about the Heritage Bank Low Rate Secured Personal Loan
You must be an existing Heritage Bank customer holding a term deposit account to take out this loan. If you’re interested in this loan, you will be borrowing against the money in your term deposit. Keep in mind that you can’t request a loan amount bigger than your term deposit. When applying, you have to confirm that more than half of the loan will be for personal use. Joint applications are allowed.
Features of the Heritage Bank Low Rate Secured Personal Loan
Here are some of the features of this loan:
- Easy application. The application form can be completed online and you can upload the required documents instead of sending in hard copies.
- Flexibility. This loan can be used for any purpose, from buying a boat to travelling or paying for a wedding. However, you will be asked to specify on the application form that at least half of the loan will be for personal use.
- Security. This loan is granted against the balance of your term deposit, which is also the maximum amount you can borrow. If you have a $30,000 term deposit, you can borrow a maximum of $30,000.
- Loan amounts. Starting at a minimum of $5,000, you can borrow up to $100,000 depending on your term deposit.
- Loan terms. You can repay this loan over 1 to 10 years.
- Interest. Starting at 4.69% p.a., the interest rate for this loan is variable, meaning that your repayments may fluctuate with changes of the cash rate.
- Repayments. Weekly, fortnightly and monthly repayments are accepted. You can also make additional lump-sum repayments without penalty.
- Redraw facility. You can use the free redraw facility to access additional payments.
- Early settlement. You can pay off the whole outstanding amount at any time.
- Loan insurance. Heritage Bank offers loan insurance to cover loan repayments in cases of death, accident or injury. Conditions vary according to the loan product.
How to apply for the Heritage Bank Low Rate Secured Personal Loan
Applications can be filled in online. You must meet the following eligibility criteria before applying:
- You must be at least 18 years old.
- You must be an Australian permanent resident.
- You must confirm that at least half the loan amount will be for personal use.
As part of the application, you must also provide evidence of the following:
- Employment and current income
- Savings and other assets
- Existing financial commitments
- Identification
This loan is only available to existing Heritage Bank customers with term deposits. If you can’t repay the loan, you risk losing your term deposit balance. It’s important to make sure you can afford a loan before signing a binding contract.
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