Heritage Bank
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.
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Heritage Bank home loan repayment calculator
Your estimated repayments
at interest rate 2.89 %
Total interest payable
$0
Total amount payable
$0
Pros and cons
- 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 home loans rates
Product | Advertised Rate | Total estimated upfront fees | Comparison Rate* | Ongoing fee | Go to site | Company | |
|---|---|---|---|---|---|---|---|
2.89% Fixed - 5 years | $150 | 2.46% | $350 annually | | More details | ||
2.68% Variable | $750 | 2.73% | $0 | | More details | ||
2.98% Variable | $750 | 3.03% | $0 | | More details | ||
2.98% Variable | $750 | 3.03% | $0 | | More details | ||
2.98% Variable | $750 | 3.03% | $0 | | More details | ||
2.29% Fixed - 3 years | $150 | 3.13% | $350 annually | | More details | ||
2.19% Fixed - 2 years | $150 | 3.16% | $350 annually | | More details | ||
2.59% Fixed - 5 years | $150 | 3.16% | $350 annually | | More details | ||
2.39% Fixed - 1 year | $150 | 3.23% | $350 annually | | More details | ||
2.83% Variable | $150 | 3.23% | $350 annually | | More details | ||
3.18% Variable | $750 | 3.23% | $0 | | More details | ||
3.28% Variable | $750 | 3.33% | $0 | | More details | ||
2.69% Fixed - 3 years | $150 | 3.45% | $350 annually | | More details | ||
2.59% Fixed - 2 years | $150 | 3.47% | $350 annually | | More details | ||
3.13% Variable | $150 | 3.52% | $350 annually | | More details | ||
3.13% Variable | $150 | 3.52% | $350 annually | | More details | ||
3.13% Variable | $150 | 3.52% | $350 annually | | More details | ||
2.79% Fixed - 1 year | $150 | 3.53% | $350 annually | | More details | ||
3.48% Variable | $750 | 3.53% | $0 | | More details | ||
2.89% Fixed - 3 years | $150 | 3.61% | $350 annually | | More details | ||
3.09% Fixed - 5 years | $150 | 3.61% | $350 annually | | More details | ||
2.79% Fixed - 2 years | $150 | 3.63% | $350 annually | | More details | ||
3.33% Variable | $150 | 3.67% | $350 annually | | More details | ||
2.99% Fixed - 1 year | $150 | 3.69% | $350 annually | | More details | ||
3.53% Variable | $150 | 3.81% | $350 annually | | More details | ||
2.59% Fixed - 5 years | $750 | 3.87% | $8 monthly | | More details | ||
3.63% Variable | $150 | 3.97% | $350 annually | | More details | ||
3.94% Variable | $750 | 3.99% | $0 | | More details | ||
2.29% Fixed - 3 years | $750 | 4.07% | $8 monthly | | More details | ||
2.19% Fixed - 2 years | $750 | 4.23% | $8 monthly | | More details | ||
2.89% Fixed - 5 years | $750 | 4.31% | $8 monthly | | More details | ||
4.35% Variable | $150 | 4.37% | $350 annually | | More details | ||
4.35% Variable | $150 | 4.37% | $350 annually | | More details | ||
3.09% Fixed - 5 years | $750 | 4.41% | $8 monthly | | More details | ||
2.39% Fixed - 1 year | $750 | 4.44% | $8 monthly | | More details | ||
4.49% Variable | $750 | 4.54% | $0 | | More details | ||
4.49% Variable | $750 | 4.55% | $0 | | More details | ||
2.69% Fixed - 3 years | $750 | 4.57% | $8 monthly | | More details | ||
2.89% Fixed - 3 years | $750 | 4.64% | $8 monthly | | More details | ||
4.49% Variable | $750 | 4.64% | $8 monthly | | More details | ||
2.59% Fixed - 2 years | $750 | 4.74% | $8 monthly | | More details | ||
2.79% Fixed - 2 years | $750 | 4.79% | $8 monthly | | More details | ||
2.79% Fixed - 1 year | $750 | 4.97% | $8 monthly | | More details | ||
2.99% Fixed - 1 year | $750 | 4.99% | $8 monthly | | More details | ||
4.86% Variable | $750 | 5.03% | $10 monthly | | More details | ||
4.86% Variable | $750 | 5.03% | $10 monthly | | More details | ||
5.04% Variable | $750 | 5.17% | $8 monthly | | More details | ||
5.04% Variable | $750 | 5.19% | $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
Mortgage Balance
The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.
What factors does Real Time Ratings consider?
Real Time RatingsTM uses a range of information to provide personalised results:
- Your loan amount
- Your borrowing status (whether you are an owner-occupier or an investor)
- Your loan-to-value ratio (LVR)
- Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
- Product information (such as a loan’s interest rate, fees and LVR requirements)
- Market changes (such as when new loans come on to the market)
Savings over
Select a number of years to see how much money you can save with different home loans over time.
e.g. To see how much you could save in two years by switching mortgages, set the slider to 2.
What is breach of contract?
A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.
Why is it important to get the most up-to-date information?
The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.
We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.
Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.
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.
What is the flexibility score?
Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.
Mortgage Calculator, Deposit
The proportion you have already saved to go towards your home.
Why should you trust Real Time Ratings?
Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.
Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.
If you have any feedback about Real Time Ratings™, please get in touch.
Remaining loan term
The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.
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 is appreciation or depreciation of property?
The increase or decrease in the value of a property due to factors including inflation, demand and political stability.
How is the flexibility score calculated?
Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.
Mortgage Calculator, Repayment Type
Will you pay off the amount you borrowed + interest or just the interest for a period?
Mortgage Calculator, Loan Term
How long you wish to take to pay off your loan.