In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other transaction accounts
  • Your reviews
  • Ask a question
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Heritage Bank Mortgage Crusher

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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

In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other transaction accounts
  • Your reviews
  • Ask a question

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.

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

Key features

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Account keeping fee

There are no monthly account keeping fees deducted from your account.

Transaction fees

The following transactions are allowed an unlimited number of times each month for no fee; online banking, phone banking, SMS account enquiries, direct credits, direct debits, cheque deposits, cash deposits at a branch, BPAY, and counter cash withdrawals and transfers.


How to apply

Eligibility

Before you can apply for the Heritage Bank Mortgage Crusher, you need to be a home loan customer with Heritage Bank and fill out an Offset Account Link form. This form can be accessed on their website, but there are also other eligibility requirements you should be aware of first:

  • Home loan type. The 100% offset account is only offered to customers with the standard variable home loan. If you have a different loan product or a personal loan with Heritage Bank you may want to consider the Loan Offset account instead. This is not a 100% offset account, but it does take a percentage of your balance off of your principal mortgage amount.
  • Membership number. Your Mortgage Crusher Account and standard variable home loan must both be held under the same membership number.

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Alison Finder

Editor

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