The equity in your home can be used to borrow additional funds with the Heritage Bank Living Equity Line of Credit home loan.
The Heritage Bank Living Equity Line of Credit home loan allows you to use your home equity to get access to funds. You can take out this loan for a range of needs including buying new property, investments or even for a holiday. It’s a flexible line of credit and it can be used for general purposes.
This line of credit comes with a Visa debit card that can be used in any ATMs that accept Visas and of course, in Heritage ATMs as well.
|Product Name||Heritage Bank Living Equity Line of Credit|
|Interest Rate Type||Variable|
|Interest Rate (p.a.)||5.11%|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$20,000|
|Maximum Loan Amount||$500,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||85%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||Yes|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$8 monthly ($96 p.a.)|
- Borrow up to 85% of the property value
- Make any number of extra payments without penalty
- Withdraw funds whenever you want up to your approved credit limit
- There is $8 monthly account fee
- A $0 discharge fee applies when you pay off your home loan
Things to consider about Heritage Bank Living Equity Line of Credit home loan
You can acquire this loan for a range of purposes including holidays, education purposes, share investments and much more.
The bank has designed this loan to be a flexible revolving line of credit for borrowers. You have flexible repayments as you can choose to make interest-only repayments for up to 10 years or pay off your loans faster by making additional payments. Borrowers are provided with a Heritage debit card and access to BPAY facilities.
Features of the Heritage Bank Living Equity Line of Credit home loan
- Repayment options. Heritage Bank gives you flexible loan repayment options with this line of credit. For starters, you have the option of making interest-only repayments for the first 10 years of your loan term. You can also choose to pay off your loan much faster with increased repayments or through lump sum payments. Unlike many loan products, no penalties will be charged if you pay off your loan early.
- Loan limits. Heritage Bank offers loan amounts ranging from a minimum limit of $20,000to a $500,000 maximum with this loan.
- Accessibility. Heritage Bank gives you easy access to your loan with a Visa card which you can use throughout the Heritage network of ATMs and any Visa-branded machine. You also have full access to internet bill payments using BPAY.
- Loan term. This loan is available for a maximum duration of 30 years.
Fees you can avoid
- Early repayment fees. You can repay your loan early without incurring any penalties.
- Online banking fees. There are no online banking fees.
- Direct debit and credit fees. You will not be charged for direct debit or credit transactions.
- Cheque deposit fees. Cheques deposits are all free.
- Counter withdrawal fees. Counter withdrawals, transfers and use of BPAY are all free.
Fees you can’t avoid
- Application fee. Application fees apply and will cost you $600.
- Monthly fees. Unlike other Heritage Bank loan products, you will have to pay a monthly fee of $8.
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How to apply for the Heritage Bank Living Equity Line of Credit home loan
- Age. You must be 18 years or older to apply for this loan.
- Residency. You must be an Australian permanent resident to be eligible for this loan.
Some of the documents required with Heritage Bank Living Equity Line of Credit home loan include:
- Personal identification. You must provide some form of personal identification. This could be your driver’s licence, passport, proof of age card or other documents approved by the bank.
- Financial documents. The bank would need your tax returns, financial statements, savings account statements and other documents. This is to establish proof of income and your ability to repay.
Heritage Bank Living Equity Line of Credit home loan is a loan product for homeowners. You can also compare what other financiers have to offer to get the best financing deal.
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Heritage Bank Living Equity Line of Credit Home Loan Interest Rate History vs RBA Cash Rate Graph
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