Heritage Bank Living Equity Loan


The Heritage Bank Living Equity Loan allows you to borrow up to 85 per cent of your property’s value, although lenders mortgage insurance applies on loans over 80 per cent of the property’s value.

The loan can be combined with a credit card and transaction as a Home Advantage Package which gives a discounted interest rate that varies according to the size of the loan amount.

Unlimited additional repayments are permitted alongside a free redraw facility. However, there is no offset account available to those wanting to use their savings to reduce interest owed.

Repayments can be made as principal and interest or interest-only for a period of up to ten years.

The loan also has the ability to be split between fixed and variable rates.

Who is the Heritage Bank Living Equity Loan good for?

The Heritage Bank Living Equity loan is good for those looking to refinance, renovate or wanting access to a large credit account.

The loan has the flexibility to be used to finance construction, holidays or other expenses and the option to make interest-only repayments for ten years may be attractive to some investors.

Review - What RateCity says

The Heritage Bank Living Equity Loan is a variable rate loan that uses the equity you hold in your property as a line of credit. It gives customers access to credit to be used however they wish at what is a fairly moderate interest rate for line of credit loans.

It can be combined with a credit card and transaction account as a Home Advantage Package, which offers a discounted and more competitive variable interest rate and is worth considering for those also in the market for a credit card. The option for additional repayments and redraw facility offer customers flexibility in how they use and repay the loan.

A line of credit loan functions much like a large credit card and it is therefore important to be disciplined when spending and making repayments as the interest rate is generally higher than that of a standard home loan. 

Heritage Bank Living Equity Loan Options

The Heritage Bank Living Equity Loan is a variable line of credit loan available to owner-occupiers and investors.

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  • Redraw facility.
  • Additional repayments allowed.
  • Moderate line of credit rate.
  • Large upfront fees.
  • No offset account.
  • Small monthly fee.

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet Heritage Bank’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Estimated upfront fees: $750.00
  • Discharge fees: $250
  • Ongoing fees: $10 monthly

The Heritage Bank Living Equity has large upfront fees and a small, ongoing monthly fee. These fees are waived for customers with a Home Advantage Package, although a large annual fee will apply instead.

There is no redraw or additional repayment fees, but a moderate discharge fee will apply.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Heritage Bank

Heritage Bank is Australia’s largest member-owned mutual bank and is based in Toowoomba, Queensland.  It has 61 branches in South East Queensland and offices in every state capital. The bank can be contacted online, via email, in person or by phone.

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