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Review by
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
The Heritage Bank Discount Variable Loan is available for owner occupiers and investors. It offers flexible repayment options, including the option to make interest-only payments. It offers a redraw facility, but does not come with a 100% offset account.
In order to be eligible for this loan, you need to be:
With regards to your financial information, the bank will require:
The Heritage Bank Discount Variable Home Loan is an option for borrowers who want competitive rates and flexible features. You can compare the loan options available with other home loan providers to get the best deal.
4 Comments
May 29, 2015
hi, I am a low income earner as I am on call casual and have been working for this company for about 9 months now with roughly 24-30 hours a week as well as receiving a income support benefit if I don’t meet my required hours. My father is having trouble paying of his mortgage and is now looking to sell. I currently live in his house and have been paying $275 weekly as well as taken up ownership of all the household bills. my father would like to sell me the house for what he owes the bank which is roughly $250,000. my question is would I be eligible to do this and also claim the new home buyers grant. I have never enquired about this before and would just like a push in the right direction
thank you for your help
June 1, 2015
Hi Shaine,
Thanks for your enquiry.
finder.com.au is an online comparison service, so we cannot provide you with financial advice regarding this situation.
To be eligible for the First Home Owners Grant (FHOG) you must meet a range of criteria, which can be found on your local Office of State Revenue website.
Thanks,
Belinda
May 15, 2015
Can I borrow say $2,000,000 on interest only at age 57 with annual income $360,000.
What would the stamp duty be on $2.1m.
What would the mortgage insurance be on 95% loan.
May 18, 2015
Hi Paul,
Thanks for the question.
Your eligibility for a home loan will depend on lenders’ assessment of your I would recommend you give Heritage Bank a call and enquire about the chances of approval. For estimates on how much stamp duty you would pay, you can use our stamp duty calculator.
I have emailed you a link to the Genworth LMI Premium Estimator for more information on how much mortgage insurance would be.
Cheers,
Marc