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Summary

Borrow from $5,000 up to $50,000 with terms up to 7 years. Borrowing limits depend on whether the loan is secured or unsecured.

This fixed rate personal loan has borrowing limits from $5,000 up to $50,000 for unsecured loans and up to $50,000 for secured loans.

3 things you should know about this loan

Fixed interest. With fixed rates, your repayments will remain steady over the lifetime of your loan. This makes repayments easier to predict and budget. Interest rates start from 8.99% p.a., with a comparison rate of 9.35% p.a.
Loan term. The loan terms range from 1 to 7 years.
Fees. A $250 application fee and $0 monthly fee apply.

Pros

Choose a fixed or variable rate
Borrow more by attaching security
Extra and early repayments allowed

Cons

$250 application fee
$0 monthly fee

Details

Product details

Product Name	Heritage Bank Fixed Personal Loan
Interest Rate (p.a.)	8.99%
Comp. Rate (p.a.)	9.35%
Interest Rate Type	Fixed
Min Loan Amount	$5,000
Max. Loan Amount	$50,000
Loan Security	Secured or Unsecured

How does the Heritage Bank Standard personal loan work?

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 or 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 7 years if you opt for the variable rate.

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 $50,000. Loan terms extend up to 7 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.

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

You'll need your personal, financial and employment details on hand to apply.

Features of this 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 $50,000 or opt for an unsecured loan where you can borrow up to $50,000.
Loan amount. You can apply for up to $50,000 if your loan is unsecured, or up to $50,000 if you attach security.
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 9.35% 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 and 7 years for a fixed rate loan, and up to 7 years with a variable rate loan.

How much does the Heritage Bank Standard personal loan cost?

The following costs will apply:

Application fee: $250
Monthly fee: $0

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