Heritage Bank Loan Offset

Heritage Bank Loan Offset

Maximum Variable Rate

1.75

Account Keeping Fee

0

You could save money off interest payments by making your everyday transactions using an offset account.

  • Offset home loan interest
  • EFTPOS card, Visa Debit or chequebook available
  • Free internet, mobile and phone banking

Product details

Heritage Bank offers its members two different types of offset accounts depending on the structure of the home loan. The loan offset is a transaction account attached to your home loan, with a portion of the balance of the account being deducted from the principal you owe on the loan each month. When the interest payment owed is calculated, it is calculated against a lower amount, thereby reducing the amount of your payment.

Product Name
Heritage Bank Loan Offset
Monthly Account Fee
$0
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Interest Rate p.a.
1.75%
Details
No monthly account keeping fees with access to over 2,900 Network ATMs in Australia.
Joint Application
Yes

What are the features of the Heritage Bank Loan Offset account?

A number of Australian financial institutions offer loan offset accounts in conjunction with their home loans. If this is something you are considering to help save money over the life of your loan be sure that you compare these features from Heritage Bank with what the other banks provide:

  • Monthly account keeping fees. You don’t have to pay any monthly fees for this account.
  • Availability. The loan offset is available for individuals who have the standard variable or fixed rate home loan with Heritage Bank. It is also available with personal loans except for the low rate secured loan.
  • Accessibility. You can choose to make your everyday financial transactions with an EFTPOS card, Visa debit card or chequebook. Free phone, internet and mobile banking is also included.
  • Electronic transactions. You are allowed an unlimited number of direct credits and debits without incurring any charges.
  • Transaction limits. You may make up to ten ATM withdrawals and enquiries, EFTPOS transactions, presented cheques and counter cash withdrawals, cash transfers or BPAY before incurring any additional fees. These are charged at $1 per transaction after you have reached the limit, except for the ATM fees, which are $1.75 if you exceed ten in one month.
  • ATM use. Withdrawing cash or making an enquiry at a Heritage Bank ATM is always free, but you can also use BankSA, Bank of Melbourne, St.George and Westpac ATMs ten times in a month before you incur the $1.75 fee.
  • Overseas withdrawals. You can use your Visa debit card to make cash withdrawals when traveling abroad, but will be charged $5 each time plus a currency conversion fee. You may also be charged extra by the bank that you are withdrawing from.
  • Offset type. This is a partial offset account, where a portion of your balance is deducted from the principal amount. If you are interested in a 100% offset account, look at the features of Heritage Bank’s Mortgage Buster.
  • Membership. In order to open a Loan Offset or any other product from Heritage Bank, you must first become a shareholder of their customer owned bank.

Compare home loans by Heritage Bank.

Pros

  • No account keeping fee
  • Internet and phone banking available
  • Save on interest payments on your home or personal loan

Cons

  • Up to 10 fee-free transactions per month

How do I apply for the Heritage Bank Loan Offset?

In order to open a Loan Offset account you will first need to have a home or personal loan with Heritage Bank, and fill out an Offset Account Link form which you can find by clicking “Go to Site”. Other eligibility requirements for the Loan Offset include:

  • Loan type. The following loan types from Heritage Bank are permitted to be linked to a Loan Offset, Basic Variable, Standard Variable, Premium Variable, Standard Fixed Rate Loans, Professional Package Variable, Professional Package Fixed, Home Advantage Variable, Home Advantage Fixed, Variable Options, and Personal Loans. Not included is the Low Rate Secured Loan/Cake & Eat It Loan.
  • Membership number. The offset account and home or personal loan must be under the same membership number.

You can type into the online form, print it and then return it to Heritage Bank for review. If you prefer, you can also request a Loan Offset by visiting your local branch or giving them a call. Once the account has been linked to your loan, you can begin making deposits to help offset your interest payments. Your EFTPOS or Visa debit card will be mailed to your home address once the account has been opened.

Back to top Back to top Back to top

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback