Heritage Bank Standard Personal Loan
Apply online for the Heritage Bank Standard Personal Loan and use your loan funds for a wide range of purposes.
If you're planning a holiday, or a wedding or even to consolidate debt, it may be worthwhile comparing this loan from Heritage Bank. It comes with either a fixed or variable interest rate and you can opt for either a secured or unsecured loan.
Find out more about how this loan works in this review.
3 things you should know about this loan
- Choose a fixed or variable rate. You get to decide whether you want a fixed or variable interest rate – the variable rate is slightly higher, but you can opt for loan terms up to 10 years and a higher maximum loan amount. A maximum term of 5 years applies to the fixed rate loan.
- Borrow more by attaching security. There is a maximum loan amount of $25,000 for unsecured loans, but that extends up to $100,000 with a fixed rate loan, and up to $100,000 with a variable rate loan if you attach asset security.
- High fees. A $200 application fee and $5 monthly fee apply.
Interest Rate (p.a.)
Comparison Rate (p.a.)
Min Loan Amount
Main points to consider with this loan
This personal loan from Heritage Bank is a flexible loan that can be used for a range of purposes. You have a choice of fixed of variable interest rate, with both giving you different benefits. The fixed rate (currently 8.99% p.a.) is lower than the variable rate (currently 11.99% p.a.) but you can extend loan terms up to 10 years if you opt for the variable rate. Variable rate loans also allow you to qualify for a higher maximum loan amount.
You also get a choice between a secured and unsecured loan. If you opt to attach security to the loan you can apply for up to $100,000, but if you want an unsecured loan the maximum is $25,000. Loan terms extend up to 5 years (for fixed rate loans).
You can make additional or lump sum payments at any time but repaying the loan in full may incur a penalty.
Features of the Heritage Bank Standard Personal Loan
This loan comes with a number of features, including:
- Secured or unsecured. You can attach security to this loan to be able to apply for up to $100,000 or opt for an unsecured loan where you can borrow up to $25,000.
- Loan amount. You can apply for up to $25,000 if your loan is unsecured, or up to $100,000 with a fixed rate loan if you attach security. With a variable rate loan, you can apply for as much as $100,000.
- Fixed or variable rate. Choose between a fixed or variable interest rate. The fixed rate stands at 8.99% p.a. with a comparison rate of 9.62% p.a. while the variable rate is currently 11.99% p.a. with a comparison rate of 12.61% p.a.
- Flexible repayments. You can repay your loan weekly, fortnightly or monthly and can make additional or lump sum payments at any time. Keep in mind repaying your loan in full may incur a penalty.
- Redraw facility. If you make additional payments to your loan you can access these through a redraw facility.
- Loan terms. Loan terms vary between 1 year and 5 years for a fixed rate loan, and up to 10 years with a variable rate loan.
What costs come with the loan?
The following costs will apply:
- Application fee: $200
- Monthly fee: $5
How to apply
Applying for this loan is simple, just click "Go to Site" to start your application. But first, make sure you meet the following eligibility criteria:
- Be over the age of 18
- Be an Australian permanent resident
- Have never declared bankrupt
Personal Loan OffersImportant Information*
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.