Heritage Bank Standard Variable Loan


The Heritage Bank Standard Variable Loan lets customers borrow up to 95 per cent of the value of their property, although lenders’ mortgage insurance will apply on loans over 80 per cent.

Repayments can be made on a weekly, fortnightly or monthly basis as either principal and interest or interest-only payments.

Free additional repayments are allowed and customers have access to a redraw facility to access these payments, with no minimum redraw amount.

There is also the option for a 100 per cent offset account for those wanting to use their savings to reduce the interest paid.

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.

Who is the Heritage Bank Standard Variable Loan good for?

The Heritage Bank Standard Variable Loan is good for homebuyers wanting the flexibility of a variable interest rate and more options in how they repay their loan.

The offset account and free additional repayment options are valuable features and investors may be attracted by the option for interest-only repayments.

Review - What RateCity says

The Heritage Bank Standard Variable Loan offers a high-rate variable loan with a lot of freedom in how and when customers make their repayments.

Whilst the loan requires a small monthly fee, it gives customers the added benefits of free additional repayments, redraw facility and offset account, all of which are useful for those looking to pay off their mortgage quickly.

The loan does come with a rather high interest rate, which may be somewhat counteracted by those using the offset account to reduce the interest they owe. For those looking for a lower rate, the Heritage Bank Discount Variable Loan may be more suitable as it offers a lower interest rate, although it lacks the option for an offset account.

An interest rate discount is offered if the loan is combined with a credit card and transaction account as a Home Advantage Loan, which may be worth considering for those who want both a lower rate and the extra repayments features and access to a credit card.

Heritage Bank Standard Variable Loan Options

The Heritage Bank Standard Variable Loan is a variable rate loan for owner-occupiers and investors.

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  • Offset account.
  • Free additional repayments.
  • Flexible repayment periods.
  • High rate.
  • Ongoing monthly fee.
  • Redraw 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
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $150.00
  • Discharge fees: $250
  • Ongoing fees: $8 monthly

The Heritage Bank Standard Variable Loan has a moderate upfront fee as well as a small ongoing monthly fee.

There is also a moderate discharge fee and a redraw fee will apply where applicable, but no additional repayment or offset account fees.

  • 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 branches in South-East Queensland and offices in every state capital.

The bank can be contacted online, via email, in person or by phone Monday to Saturday.

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