Heritage Bank Living Equity Line of Credit home loan

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.

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Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

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.

About this loan

What are the features and benefits 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 $20,000 to 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.

What fees and charges come with this loan?

  • 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.
  • 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 $10.

How to apply

Eligibility criteria:

  • 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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