Heritage Bank Home Loans

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.

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 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

Heritage Bank home loans

Discount Variable Home Loan ($150k+) (LVR < 80%)
Advertised rate
3.69%Variable
Upfront fee
$750.00
Comparison rate*
3.74%
Ongoing fee
$0
Compare
Discount Variable Home Loan ($150k+) (LVR 80%-90%)
Advertised rate
3.79%Variable
Upfront fee
$750.00
Comparison rate*
3.84%
Ongoing fee
$0
Compare
Discount Variable Home Loan ($150k+) (LVR 90%-95%)
Advertised rate
3.89%Variable
Upfront fee
$750.00
Comparison rate*
3.94%
Ongoing fee
$0
Compare
Home Advantage Variable Home Loan ($250k-$700k) (LVR<80%)
Advertised rate
3.84%Variable
Upfront fee
$150.00
Comparison rate*
4.22%
Ongoing fee
$350 annually
Compare
Discount Variable Investment Loan (Principal and Interest) (LVR<80%)
Advertised rate
4.19%Variable
Upfront fee
$750.00
Comparison rate*
4.24%
Ongoing fee
$0
Compare
Home Advantage Fixed Home Loan 2 Years
Advertised rate
3.79%Fixed - 2 years
Upfront fee
$150.00
Comparison rate*
4.25%
Ongoing fee
$350 annually
Compare
Home Advantage Fixed Home Loan 1 Year
Advertised rate
3.89%Fixed - 1 year
Upfront fee
$150.00
Comparison rate*
4.26%
Ongoing fee
$350 annually
Compare
Home Advantage Fixed Home Loan 3 Years
Advertised rate
3.89%Fixed - 3 years
Upfront fee
$150.00
Comparison rate*
4.26%
Ongoing fee
$350 annually
Compare
Home Advantage Variable Home Loan ($250k-$700k) (LVR 80%-90%)
Advertised rate
3.94%Variable
Upfront fee
$150.00
Comparison rate*
4.31%
Ongoing fee
$350 annually
Compare
Home Advantage Variable Home Loan ($250k-$700k) (LVR 90%-95%)
Advertised rate
4.04%Variable
Upfront fee
$150.00
Comparison rate*
4.41%
Ongoing fee
$350 annually
Compare
Discount Variable Investment Loan (Principal and Interest) (LVR 80%-90%)
Advertised rate
4.39%Variable
Upfront fee
$750.00
Comparison rate*
4.44%
Ongoing fee
$0
Compare
Home Advantage Variable Investment Loan (Principal and Interest) ($250k-$700k) (LVR <80%)
Advertised rate
4.14%Variable
Upfront fee
$150.00
Comparison rate*
4.51%
Ongoing fee
$350 annually
Compare
Home Advantage Fixed Home Loan 5 Years
Advertised rate
4.49%Fixed - 5 years
Upfront fee
$150.00
Comparison rate*
4.51%
Ongoing fee
$350 annually
Compare
Home Advantage Fixed Investment Loan (Principal and Interest) 1 Year
Advertised rate
4.29%Fixed - 1 year
Upfront fee
$150.00
Comparison rate*
4.57%
Ongoing fee
$350 annually
Compare
Home Advantage Fixed Investment Loan (Principal and Interest) 2 Years
Advertised rate
4.29%Fixed - 2 years
Upfront fee
$150.00
Comparison rate*
4.58%
Ongoing fee
$350 annually
Compare
Home Advantage Fixed Investment Loan (Principal and Interest) 3 Years
Advertised rate
4.29%Fixed - 3 years
Upfront fee
$150.00
Comparison rate*
4.59%
Ongoing fee
$350 annually
Compare
Home Advantage Variable Investment Loan (Principal and Interest) ($250k-$700k) (LVR 80%-90%)
Advertised rate
4.34%Variable
Upfront fee
$150.00
Comparison rate*
4.71%
Ongoing fee
$350 annually
Compare
Fixed Rate Home Loan 3 Years
Advertised rate
3.89%Fixed - 3 years
Upfront fee
$750.00
Comparison rate*
4.95%
Ongoing fee
$8 monthly
Compare
Fixed Rate Home Loan 5 Years
Advertised rate
4.49%Fixed - 5 years
Upfront fee
$750.00
Comparison rate*
5.01%
Ongoing fee
$8 monthly
Compare
Fixed Rate Home Loan 2 Years
Advertised rate
3.79%Fixed - 2 years
Upfront fee
$750.00
Comparison rate*
5.03%
Ongoing fee
$8 monthly
Compare
Fixed Rate Home Loan 1 Year
Advertised rate
3.89%Fixed - 1 year
Upfront fee
$750.00
Comparison rate*
5.16%
Ongoing fee
$8 monthly
Compare
Fixed Rate Investment Loan (Principal and Interest) 3 Years
Advertised rate
4.29%Fixed - 3 years
Upfront fee
$750.00
Comparison rate*
5.45%
Ongoing fee
$8 monthly
Compare
Fixed Rate Investment Loan (Principal and Interest) 2 Years
Advertised rate
4.29%Fixed - 2 years
Upfront fee
$750.00
Comparison rate*
5.57%
Ongoing fee
$8 monthly
Compare
Fixed Rate Investment Loan (Principal and Interest) 1 Year
Advertised rate
4.29%Fixed - 1 year
Upfront fee
$750.00
Comparison rate*
5.70%
Ongoing fee
$8 monthly
Compare

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.

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