Heritage Bank’s Fixed Rate Loan is available for one, two, three or five years. Each of the loan terms comes with a slightly different interest rate. While the Fixed Rate Loan is available to investors, they are required to pay more in interest than owner-occupiers.
You also have the option to make additional repayments at any time and up to any amount. You can redraw this money at any time, however the redraws attract a fee. The Fixed Rate Loan comes with the option to re-fix your interest rate for a new loan term at the end of your existing one, but be aware that this may not be at the same interest rate.
Who is the Heritage Bank Fixed Rate Loan good for?
The Heritage Bank’s Fixed Rate Loan is good for you if you like certainty regarding your loan repayments over the next few years. You can then build a secure financial plan knowing exactly what your largest outgoing costs will be.
Review - What RateCity says
Heritage Bank’s Fixed Rate Loan allows you to lock in a low interest rate for up to five years. This is very helpful when you first buy a new home as you can plan a way forward without having to worry about interest rate movements every month.
If you’re looking for certainty and don’t mind doing your banking over the phone or online, this loan could be a good option for you. The partial offset facility and the ability to make uncapped additional repayments can also save you a lot of money over the term of your loan and help you manage your finances more efficiently.
Take careful account of how you bank though. If you perform lots of small transactions in a month you may find the fees associated with the transaction component of this loan do not suit you, so do your sums with care.
Heritage Bank Fixed Rate Loan Options
Heritage Bank’s Fixed Rate Loan offers several options. Click on the links below to find the one best suited to your needs.
Go To Site
Advertised rate4.49%Fixed - 1 year
Advertised rate4.09%Fixed - 3 years
Advertised rate4.49%Fixed - 5 years
Advertised rate3.99%Fixed - 2 years
Advertised rate3.89%Fixed - 1 year
Advertised rate4.59%Fixed - 3 years
Advertised rate4.99%Fixed - 5 years
Advertised rate4.49%Fixed - 2 years
Advertised rate5.29%Fixed - 3 years
Advertised rate5.19%Fixed - 2 years
Advertised rate5.19%Fixed - 1 year
Advertised rate5.69%Fixed - 5 years