Heritage Bank Personal Loans

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. It offers 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 8.99% 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 6.49% 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 $250 applies.

Compare Heritage Bank personal loans

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Interest rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Rewards	Monthly Repayment
Heritage Bank Fixed Personal Loan Fixed1 - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 8.99%	Comp. Rate (p.a.) 9.35%	Application Fee $250	Monthly Fee $0	Monthly Repayment $643.85	ContinueMore info Compare product selection Compare	loading

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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 or a fixed rate 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. 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 to 10 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 $50,000 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 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 including your name and contact information
• Details of your income, assets and debts
• Your employment information

Written by

Elizabeth Barry

Journalist

Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio

Elizabeth's expertise

Elizabeth has written 202 Finder guides across topics including:

• Banking
• Personal finance
• Investing