Heritage Bank Standard Personal Loan
- Interest Rate (p.a.)
- 8.99%
- Comparison rate (p.a.)
- 9.35%
- Min Loan Amount
- $5,000
Summary
The Heritage Bank Fixed Personal Loan features a competitive interest rate and no monthly fees.The Heritage Bank Fixed Personal Loan scores 7.8 in our database. It offers a competitive interest rate that sits in the top half of lower rates we've analysed and has no ongoing monthly fees.
However a key drawback is its $250 application fee which is in the top half of higher fees. This loan could suit borrowers who prioritise a lower interest rate over a low upfront application fee.
Pros
-
Choose a fixed or variable rate
-
Extra and early repayments allowed
Cons
-
$250 application fee
Details
Product details
| Product Name | Heritage Bank Fixed Personal Loan |
| Interest Rate (p.a.) | 8.99% |
| Comparison rate (p.a.) | 9.35% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
How does Heritage Bank Fixed Personal Loan compare?
- Competitive interest rate. This loan's 8.99% p.a. interest rate is in the top half of lower rates we've analysed.
- No ongoing fees. You won't be charged any ongoing monthly or annual fees.
- Extra repayments allowed. You can make extra repayments without penalty.
- High application fee. The $250 application fee is in the top half of higher fees in our database.
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 ) but you can extend loan terms up to if you opt for the variable rate.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:- Unsecured loan. You do not need to use a vehicle or other property as security to this loan as it is an unsecured loan.
- Loan amount. You can borrow up to $50,000.
- 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 with a comparison rate of
- 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 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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