Find out the benefits of taking out a personal loan with Australia’s largest customer-owned bank.
Heritage Bank is the largest financial institution operating in the “customer-owned” banking space. It began operations in 1875 as Toowoomba Permanent Building Society, and today you’ll find a full service and product offering – personal loans, credit cards, home loans, super, and even business products such as term deposits and agribusiness. Find out more about its personal loan offerings below.
Types of personal loans available from Heritage Bank
Depending on your needs and what you’re looking to finance, you have four options to choose from if you’re looking to finance with Heritage Bank:
- Standard Personal Loan. This loan offers a choice of a variable or fixed rate of 12.99% p.a. and can also be secured or unsecured. A generous maximum loan term of 10 years is available, with one year being the minimum. You can make additional payments and a redraw facility is available, but early repayment of the loan may carry a penalty.
- Car Loan. You can finance a new or used car with this loan for a competitive fixed rate of 8.99% p.a. Loan amounts of between $5,000 and $100,000 are available and you can take out the loan for between one and seven years. You can make extra repayments and access them using the redraw facility, but early repayment of the loan may carry a penalty.
- Low Rate Secured Loan. Have a Heritage term deposit? You can secure it against this loan and get a low variable rate of 5.99% p.a. The loan is available for terms of between one and ten years and you can borrow up to $100,000. You can make additional repayments and pay the loan back in full without penalty.
- Debt Consolidation. If you want to pay down your existing debt without paying ongoing monthly fees, this loan is an option for you. It comes with a variable rate of 14.65% p.a. and you can consolidate debts between $5,000 and $100,000. Additional and lump sum payments are allowed and you won’t be penalised for repaying the loan in full before the end of the term.
Features and benefits of Heritage Bank personal loans
- Generous loan terms. Typically, personal loan terms extend to seven years, but with the Low rate Secured Loan and the Standard Personal Loan you can have up to ten years to repay.
- High maximum loan amounts. Three out of the four loan offerings let you borrow up to $100,000, and with the Standard Personal Loan you can borrow up to $25,000.
- Save on interest. You can make additional repayments with each loan, helping you reduce the interest you pay. You can repay two of the loans – the Car Loan and Debt Consolidation loan – completely without penalty and you can secure your personal loan with a term deposit for a lower rate.
- No ongoing fees. While each of the loans come with a $105 application fee, you will not pay any ongoing monthly fees with these loans. This helps you keep your ongoing costs down.
What other products are on offer?
You can also find a range of other products available from Heritage Bank. These include:
- Home loans. There is a Discount Variable, Standard Variable or Fixed Rate loan available to help you buy a new home, refinance or even invest.
- Credit cards. Choose from a Platinum, Classic, Gold Low Rate, Freedom Visa and a Visa Debit Card.
- Insurance. Heritage Bank offers insurance for travel, your car, home building and contents, landlord insurance, caravan and trailer and also life insurance products to meet your needs.
- Superannuation. You can apply for the Secure Super account with a return permanently set at 0.5% above the RBA cash rate.
- Business accounts and loans. Get on top of your business’ cash flow with a Business Cheque Account, Business Visa credit card, an Overdraft, Line of Credit, Fully Drawn Loan or Motor Vehicle Equipment Loan for new and used vehicles.
How you can apply for a Heritage Bank personal loan
If you’re interested in applying for a Heritage Bank personal loan, click ‘Go to Site’ to get your application started. Specific eligibility criteria will depend on the loan you apply for, but for all Heritage Bank personal loans:
- You need to be over the age of 18
- You must be a permanent Australian resident
- More than half the loan needs to be for personal use
The online application will require you to have a few details on hand to complete it:
- Personal details like your name and contact information
- Details of your income, assets and debts
- Your employment information