Heritage Bank home loan repayment calculator

Thinking about taking out a home loan with Heritage Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Heritage Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.78 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Variety of home loan products to choose from.
  • Package deals available to bundle this loan with other accounts.
  • Discounted rates available on some loan products.
  • Flexible loan features.
Cons
  • Some products have moderate to high loan fees.
  • Some loans have moderate to high interest rates.

Heritage Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Company
Comparison Rate*
Ongoing fee
Go to site

2.78%

Variable

$150
Heritage Bank

2.80%

$0
More details

3.07%

Variable

$150
Heritage Bank

3.09%

$0
More details

3.07%

Variable

$150
Heritage Bank

3.09%

$0
More details

3.08%

Variable

$150
Heritage Bank

3.10%

$0
More details

2.59%

Fixed - 3 years

$150
Heritage Bank

3.26%

$350 annually
More details

2.79%

Fixed - 5 years

$150
Heritage Bank

3.28%

$350 annually
More details

2.59%

Fixed - 2 years

$150
Heritage Bank

3.29%

$350 annually
More details

2.93%

Variable

$150
Heritage Bank

3.30%

$350 annually
More details

3.28%

Variable

$750
Heritage Bank

3.30%

$0
More details

2.59%

Fixed - 1 year

$150
Heritage Bank

3.32%

$350 annually
More details

3.37%

Variable

$150
Heritage Bank

3.39%

$0
More details

2.88%

Fixed - 3 years

$150
Heritage Bank

3.54%

$350 annually
More details

3.09%

Fixed - 5 years

$150
Heritage Bank

3.57%

$350 annually
More details

2.88%

Fixed - 2 years

$150
Heritage Bank

3.58%

$350 annually
More details

3.22%

Variable

$150
Heritage Bank

3.59%

$350 annually
More details

3.22%

Variable

$150
Heritage Bank

3.59%

$350 annually
More details

3.23%

Variable

$150
Heritage Bank

3.60%

$350 annually
More details

2.89%

Fixed - 1 year

$150
Heritage Bank

3.61%

$350 annually
More details

2.98%

Fixed - 3 years

$150
Heritage Bank

3.68%

$350 annually
More details

3.19%

Fixed - 5 years

$150
Heritage Bank

3.69%

$350 annually
More details

3.67%

Variable

$750
Heritage Bank

3.69%

$0
More details

2.98%

Fixed - 2 years

$150
Heritage Bank

3.72%

$350 annually
More details

3.43%

Variable

$150
Heritage Bank

3.75%

$350 annually
More details

2.99%

Fixed - 1 year

$150
Heritage Bank

3.76%

$350 annually
More details

3.47%

Variable

$150
Heritage Bank

3.83%

$350 annually
More details

2.79%

Fixed - 5 years

$150
Heritage Bank

3.92%

$8 monthly
More details

3.94%

Variable

$150
Heritage Bank

3.96%

$0
More details

3.77%

Variable

$150
Heritage Bank

4.09%

$350 annually
More details

2.59%

Fixed - 3 years

$150
Heritage Bank

4.11%

$8 monthly
More details

2.59%

Fixed - 2 years

$150
Heritage Bank

4.26%

$8 monthly
More details

3.09%

Fixed - 5 years

$150
Heritage Bank

4.35%

$8 monthly
More details

4.35%

Variable

$150
Heritage Bank

4.37%

$0 annually
More details

4.35%

Variable

$150
Heritage Bank

4.37%

$0 annually
More details

2.59%

Fixed - 1 year

$150
Heritage Bank

4.42%

$8 monthly
More details

3.19%

Fixed - 5 years

$150
Heritage Bank

4.42%

$8 monthly
More details

4.49%

Variable

$150
Heritage Bank

4.50%

$0
More details

4.49%

Variable

$150
Heritage Bank

4.51%

$0
More details

2.88%

Fixed - 3 years

$150
Heritage Bank

4.58%

$8 monthly
More details

4.49%

Variable

$150
Heritage Bank

4.60%

$8 monthly
More details

2.98%

Fixed - 3 years

$150
Heritage Bank

4.63%

$8 monthly
More details

2.88%

Fixed - 2 years

$150
Heritage Bank

4.75%

$8 monthly
More details

2.98%

Fixed - 2 years

$150
Heritage Bank

4.79%

$8 monthly
More details

2.89%

Fixed - 1 year

$150
Heritage Bank

4.94%

$8 monthly
More details

2.99%

Fixed - 1 year

$150
Heritage Bank

4.96%

$8 monthly
More details

4.86%

Variable

$750
Heritage Bank

5.03%

$10 monthly
More details

4.86%

Variable

$750
Heritage Bank

5.03%

$10 monthly
More details

5.04%

Variable

$150
Heritage Bank

5.14%

$8 monthly
More details

5.04%

Variable

$150
Heritage Bank

5.15%

$8 monthly
More details

Heritage Bank customer service

Heritage Bank has a network of over 60 branches spread across Brisbane, Sunshine Coast and Wide Bay Burnett areas. Home loan customers can contact Heritage Bank by calling the contact centre from Monday through to Saturday or can email the bank directly. 

  • Customer service (phone, email, branch)
  • Mobile app
  • Online banking
  • Mobile banking staff

How to Apply

Borrowers wanting to apply for a Heritage Bank home loan can either complete a secure online loan application form or can call through to the Contact Centre for more support. Queensland based borrowers can apply in their local branch. Before applying for a Heritage Bank home loan, consider what you can afford to borrow and what other costs you need to factor in. To apply for a Heritage Bank home loan, you will need to supply the following information:

  • Proof of identity.
  • Proof of income and employment, whether you’re self-employed or you’re on a salary.
  • Superannuation statements.
  • Proof of three months of savings history.

About Heritage Bank home loans

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

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 home loans review

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.

Learn more about Heritage Bank

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

What is the difference between fixed, variable and split rates?

Fixed rate

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

Variable rate

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Split rates home loans

A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.