Heritage Bank is a Queensland-based mutual bank that is owned by its customers rather than shareholders.
Heritage Bank offers a wide range of fixed and variable mortgages and charges home loan rates that tend to be below the market average.
Heritage Bank is Australia’s largest mutual bank and has branches throughout Queensland.
Heritage Bank home loans rates
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Fixed - 3 years
Fixed - 3 years
- 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.
- Some products have moderate to high loan fees.
- Some loans have moderate to high interest rates.
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.
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Lender’s Mortgage Insurance (LMI) is an insurance policy, which protects your bank if you default on the loan (i.e. stop paying your loan). While the bank takes out the policy, you pay the premium. Generally you can ‘capitalise’ the premium – meaning that instead of paying it upfront in one hit, you roll it into the total amount you owe, and it becomes part of your regular mortgage repayments.
This additional cost is typically required when you have less than 20 per cent savings, or a loan with an LVR of 80 per cent or higher, and it can run into thousands of dollars. The policy is not transferrable, so if you sell and buy a new house with less than 20 per cent equity, then you’ll be required to foot the bill again, even if you borrow with the same lender.
Some lenders, such as the Commonwealth Bank, charge customers with a small deposit a Low Deposit Premium or LDP instead of LMI. The cost of the premium is included in your loan so you pay it off over time.