Heritage Bank is Australia’s largest customer-owned bank.
The bank was formed in 1981 when Toowoomba Permanent Building Society and the Darling Downs Building Society merged.
Heritage Bank offers loans in four categories: fixed, discount variable, basic variable and standard variable. Many of the features from these four loan types can be combined and bundled for a customised package. All loans offered by Heritage Bank come with a redraw facility, portability and allow additional repayments.
Heritage Bank home loans comparison
Home loans provided by Heritage Bank
Fixed Rate
This loan allows you to lock in your interest rate for a certain period of time. The interest you pay on this loan can be partially reduced with an offset account that comes with full transaction facilities. There is an ongoing monthly fee and an application fee with this loan, as well as a redraw facility and extra repayment options. When the fixed rate term expires the loan reverts back to the standard variable. This loan can be used for construction and is suitable for those who want to renovate.
Discount Variable
The Discount Variable Loan is a no-frills basic home loan with an ongoing discounted interest rate and no monthly fees. It features an application fee but has no valuation fees. This loan does not come with an offset account as interest rate reductions are already built into the structure of the loan. Additional repayments and redraw facilities are available, as well as the ability to increase loan limits for a fee. Repayments on this loan are welcome in the form of principal and interest or interest-only, giving you extra flexibility.
The Discount Variable Home Loan
Standard Variable
This loan is suitable for borrowers who are planning on paying back their loan in the medium term. The early termination fee is only applicable in the first year of borrowing. There is an application fee, a monthly fee and a limit increase fee. The loan comes with an offset account, a redraw facility and the option of making additional repayments. It has no break fees and no valuation fee. The loan also offers an interest-only repayment option.
The Standard Variable Home Loan
Living Equity Line of Credit
Make use of your home's equity to purchase an investment property, invest in other areas or even use the funds for a holiday. Heritage Bank's Living Equity Line of Credit Loan comes with a Visa debit card, allowing you to access your funds when you need them.
The Living Equity Line of Credit Home Loan
Home Advantage Package
Package Heritage Bank's Standard Variable, Fixed Rate or Living Equity home loan with a credit card and transaction account and enjoy the benefits of discounts on application and account keeping fees as well as interest rates and Insurance products.
Reason to consider a Heritage Bank home loan
- Bundle loans with other accounts and use your equity. With Heritage Bank you have the ability to bundle these loans with credit card or transaction accounts. You can also use the equity in your home for additional borrowing and interest rate offsets.
- Full range of redraw facilities and repayment options in every account. Every Heritage Bank home loan allows you to make additional repayments on your own time and allows you to withdraw money from your account in case you need it.
- Borrowing limit increases. Three of Heritage Bank’s home loans allow further advance or limit increases: the Discount Variable, Basic Variable, and Standard Variable home loans.
- Offset accounts. Offset accounts are available with three of Heritage Bank’s home loans. The Discount Variable Loan does not offer an offset account because the ongoing interest rate is already discounted.
About how to compare home loans
How to apply for a Heritage Bank home loan
To find out more about a Heritage Bank home loan, view the home loans in the table above and click 'More' to read a review. If you're interested in finding out more, you can fill out a form and be put into contact with a mortgage broker who can help you apply for a Heritage Bank home loan. Heritage Bank also offers pre-approval to eligible customers.
Information needed to apply for a Heritage Bank home loan
To apply for a home loan with Heritage Bank you'll need to supply the following information:
- Savings information. Heritage Bank will want to see evidence of genuine savings.
- Income information. You'll need to supply tax returns, payslips, letters from your employers and other similar documents. This includes rental income, bonus payments, child support maintenance payments and your financial statements if you're self-employed.
- Information about the purpose of the loan. Heritage Bank will want to see copies of your contract of sale, strata plans if applicable, and other documents if you're building or refinancing.
- Personal identification. You'll need to provide 100 points of identification when applying for a home loan with Heritage Bank.
Heritage Bank has a proven track record as a reliable home loan institution. Seek expert advice and compare the bank’s products with those from other lenders to find the best home loan package for you.
hi, i wondering if heritage bank provide home loans for newstart clients? im looking to buy a home for around 300 thousand dollars and have $178,000. i wish to put down $158k and use the remaining on stamp duty and other expenses. please let me know if there is any way this could work.
Hi Shane,
Thanks for your enquiry,
As finder.com.au is an online comparison service, we cannot comment on whether Heritage Bank will provide home loans for Newstart clients as it will depend on a range of factors including any other income or benefits you receive, your assets, liabilities and credit score. Most banks treat these kind of applications on a case-by-case basis.
However, you can learn more about home loans for Centrelink recipients on this page where you can also get in touch with a mortgage broker who can draw upon their panel of lenders to find one that’s more likely to review your application.
Thanks,
Belinda
Is there a branch in Cairns.
Hi Margaret,
Thanks for your question.
There are no locations within 400km of Cairns. Please call Heritage Bank’s contact centre and they will be pleased to assist.
Cheers,
Shirley
What percentage of the value of my house can I have equity line of credit?
Hi Chris,
thanks for the question.
This will depend on the amount you wish to borrow. If you intend to borrow up to $200,000 with the Heritage Bank Living Equity loan you might be able to borrow up to 85% of your property value. If you borrow between $200- $300,000, you might be able to borrow up to 80% of your property, and for amounts higher than this you could be able to borrow up to 75% of the property value.
I hope this helps,
Marc.