The Heritage Bank Basic Variable Home Loan comes with flexible financing features that make it suitable for first-home buyers or those refinancing.
This loan is no longer offered by Heritage Bank.
The Heritage Bank Basic Variable Home Loan is a product that comes with a wide array of features including a competitive variable interest rate, additional repayments without penalties and a partial offset account.
This home loan allows you to enjoy the benefits of a low variable interest rate without missing out on the standard features that come with other home loan products.
Things to consider about the Heritage Bank Basic Variable Home Loan
The Heritage Bank Basic Variable Home Loan is available for first-time home buyers and those who are looking for refinancing as well. In fact, Heritage Bank encourages borrowers to switch their loans to the bank to take advantage of the competitive rates and features on offer. The minimum loan amount you can borrow with this loan is .
Features of the Heritage Bank Basic Variable Home Loan
- Minimum loan amount. Like any other type of loan, there are limits on the minimum amount you can borrow. With this loan, the minimum amount you can borrow is .
- Additional repayments. With this loan, you can pay off your loan faster and don’t have to worry about early repayment fees. You can deposit lump sum payments or make additional repayments to pay off your loan faster than the stipulated loan term. Altering our repayment frequency can also reduce the amount you pay in interest and help you pay back your loan faster.
- Redraw facility. If you make additional repayments you can get access to them through a redraw facility. This means if you need cash for any important reason you can get access to it again if you’ve made extra repayments on your home loan.
Fees you can avoid
- Lender Mortgage Insurance (LMI). LMI is only applicable to borrowers who borrow more than of the property value. You can avoid this fee by contributing a minimum 20% deposit.
- First valuation fee. Heritage Bank will cover the first valuation fee as long as it’s not more than $330.
- Monthly administration fee. There are no monthly administration fees with this home loan.
Fees you can’t avoid
- Application fee. The application fee for this loan is .
Know how much you want to borrow? Use our calculator to find out what your repayments will be
How to apply for the Heritage Bank Variable Home Loan
You can apply for your Heritage Bank Basic Variable home loan by speaking to a mortgage broker or contacting Heritage Bank directly. Below are the eligibility requirements:
- Age limit: You must be 18 years old and above.
- Residency: This home loan is only available to Australian citizens and residents.
The following documents will be required with your application:
- Identification documents: There are various acceptable identification documents that you can use, and these range from your passport to a proof of age card, birth certificate and National ID with photo amongst others.
- Financial documents: You will be required to produce copies of your bank statements and any other records of your savings accounts.
With competitive variable interest rates and features such as a redraw facility, the Heritage Bank Basic Variable Home Loan is a viable home loan option worth considering. Compare what other home loans have to offer before making your final decision.