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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 now offers products such as personal loans, credit cards, home loans, super, and even business products such as term deposits and agribusiness. They have two types of personal loans, a standard personal loan with a variable or fixed interest rate, and a car loan. Both loans are secured. The variable rate for the standard loan is 11.99% p.a., while the fixed rate is 7.99% p.a. With a variable rate loan, your repayments will fluctuate based on the market interest rate, while fixed rate loans have consistent repayments. The interest rate for the car loan is fixed at 4.89% p.a. The loan term for the personal loan is 1 to 7 years, while for the car loan it is 1 year to 7 years. An application fee of $200 applies.
Compare Heritage Bank Personal Loans
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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 rate of 11.99% p.a. (comparison rate 12.61% p.a.) or a fixed rate of 7.99% p.a. (comparison rate 8.62% p.a.) and can also be secured or unsecured. A maximum loan term of 7 years for a variable rate loan and 7 years for a fixed rate loan is available, with 1 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 4.89% p.a. Loan amounts of between $5,000 and $100,000 are available and you can take out the loan for between 1 year to 7 years. You can make extra repayments and access them using the redraw facility, but early repayment of the loan may carry a penalty.
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 you can have up to10 years to repay.
- High maximum loan amounts. You can borrow up to $100,000 for Low Rate Secured Loan and Car Loan, and with the Standard Personal Loan you can borrow up to $100,000 for a secured loan.
- 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 $200 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
More guides on Finder
Heritage Bank Advantage Package Fixed Home Loan
Choose a competitive fixed rate with package benefits via the Heritage Bank Advantage Package Home Loan.
Heritage Bank Discount Variable Home Loan
With the Heritage Bank Discount Variable Home Loan you can now enjoy competitive variable interest rates on your home loan with zero monthly administration fees and flexible repayment options.
Heritage Bank fixed rate home loan
Heritage Bank is committed to putting "people first" with fixed-rate home loans that offer stability and peace of mind.
Heritage Bank Living Equity Line of Credit home loan
The Heritage Bank Living Equity Line of Credit home loan gives you a flexible loan product with good loan limits and flexible repayments.
Heritage Bank Reverse Mortgage home loan
You can use your home as a cash asset to acquire funds for various purposes including holidays. Take advantage of the Heritage Bank Reverse Mortgage Home Loan, facilitated by Heartland Seniors Finance.
Heritage Bank Bridging Home Loan
Heritage Bank's Bridging Home Loan is designed for homeowners looking for a quick financing solution to buy a new home as they work on selling their current home.
Heritage Bank Standard Variable Home Loan
Enjoy the flexibility to make additional repayments and fewer restrictions and penalties with the Heritage Bank Standard Variable Home Loan.
Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and 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 of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
You'll receive a fixed rate between 5.95% p.a. and 19.99% 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.
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