Heritage Bank home loans cater for a wide variety of mortgage customers:

• Owner-occupier home loans
• Investor home loans
• Lines of credit
• Bridging loans
• SMSF loans
• Reverse mortgages

Heritage Bank home loans also come with a range of interest rate options:

• Variable rate
• Fixed rate
• Principal and interest
• Interest-only
• Split loans

If borrowers package their home loan with a Heritage Bank credit card and transaction account, they can qualify for mortgage rate reductions and fee waivers.

Heritage Bank mortgages have maximum loan terms of 30 years. Unlimited additional repayments are allowed. Depending on which home loan you choose, Heritage Bank also offers offset accounts and redraw facilities.

Heritage Bank home loan rates tend to range from very low to moderate, while application and ongoing fees tend to be moderate. Fees may apply for making redraws or closing fixed-rate mortgages early.

Heritage Bank home loan rates differ from product to product, but they tend to be very low, moderately low or moderate.

As a challenger lender, Heritage Bank has to find a way to differentiate itself from the big four banks - which is one reason why it offers lower mortgage rates. Another reason Heritage Bank offers lower interest rates is that it is owned by its customers, rather than by shareholders, which means it doesn’t have the same imperative to maximise profits.

Heritage Bank offers three tiers of pricing for its home loans. From lowest to highest, they are:

• Standard home loans
• Line of credit loans
• Bridging loans

Heritage Bank also charges different interest rates for owner-occupier mortgages (lower) versus investment mortgages (higher) and for principal-and-interest mortgages (lower) versus interest-only mortgages (higher).

Heritage Bank may be based in Queensland, but it provides home loans to borrowers all over Australia, whether directly from its branches or via mortgage brokers.

Heritage Bank’s bread and butter is owner-occupier home loans and investment home loans, both at the time of purchase or through refinancing. But it also offers specialist mortgage products such as lines of credit, bridging loans, SMSF loans and reverse mortgages.

Heritage Bank home loans can be principal and interest or interest-only, while borrowers can also choose for their mortgages to be variable, fixed or split.

In terms of interest rates, Heritage Bank tends to be at the cheaper end of the market, with mortgage rates tending to be very low, moderately low or moderate.

Its fees, though, are more likely to be moderate rather than market-leading. Those fees include application fees, monthly account-keeping fees and redraw fees.