Australians with a home loan through Heritage Bank can use their everyday banking balance to reduce their monthly payments. A 100% offset account is a transaction account where the entire balance is deducted from the principal of your home loan before interest is applied. By lowering the amount of your loan, you effectively lower the amount of interest due to the bank each month.
Heritage Bank Mortgage Crusher
- Account keeping fee
- $0
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $5
- Overseas transaction fee of transaction value
- 3%
Our verdict
Reduce the term of your mortgage with a transaction account from Heritage Bank.
If your regular repayments stay the same during low interest rates, more money is applied towards the principal balance with each repayment, shortening the terms of your home loan over time.
Pros
-
Free internet and phone banking
-
$0 account fee per month
Cons
-
$5 overseas ATM fees
-
international transaction fees apply
Details
Key details
Product Name | Heritage Bank Mortgage Crusher |
Monthly account fee | $0 |
Card access | Visa |
Own network ATM fee | $0 |
International ATM Fee | $5 + 3% |
International transaction fee | 3% |
Monthly deposit required to waive account fee | N/A |
Contactless Payments | Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay |
Eligibility
Minimum Age | 18 |
Joint account availability | No |
Minimum opening deposit | $500 |
Residency status | Permanent Australian residents with an Australian address |
Your reviews
Alison Finder
Editor
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