You can make unlimited extra repayments to pay down your home loan sooner without any extra charge. The loan is supported by an unrestricted redraw facility with only a small charge for each withdrawal. Repayments can be made either weekly, fortnightly or monthly
You can also split your loan between fixed and variable interest rates. The ratio is up to you. Another available feature is being able to switch to an interest only loan, for a maximum of five years, which may suit investors. There is, however, no offset account.
All this comes of course with a dedicated lending specialist on hand to help.
Who is the Heritage Bank Discount Variable Loan good for?
This Heritage Bank Discount Variable Loan may suit first-time buyers who want to get into the market with a relatively cheap mortgage. It allows some useful features like the ability to split between fixed and variable portions and make unlimited extra payments which can help you to keep interest costs down. The loan may also suit investors keen to build their property portfolio as it allows for interest only repayments.
Review - What RateCity says
With very reasonable rates, low fees and a number of flexible features, Heritage Bank has created a very affordable and accessible home loan which gives you the ability to repay extra on your home loan and save substantially on interest costs. Buyers and investors who have higher equity and surplus cash may be dissuaded by the lack of an offset account which can limit interest savings. In addition, if you need to redraw funds, the cost of these redraws may add up over time. But other features on the loan may offset this disadvantage.
Heritage Bank Discount Variable Loan Options
The Heritage Bank Discount Variable Loan has a maximum period of 30 years and loan top ups are available with a minimum of $10,000.
Go To Site