Heritage Bank is Australia’s largest customer-owned bank. It has been in operation since 1875 and gone through several mergers and name changes to eventually emerge as Heritage Bank in 2011. As a mutual, its members are its shareholders and have a say in how the bank is run.
Heritage Bank offers a variety of products and services to its members, including home loans, personal loans, credit cards, term deposits, insurance products and wealth planning.
Features of a Heritage Bank personal loan
Heritage Bank has a range of personal loans to suit different borrower profiles and preferences. Some of its options include unsecured, secured, fixed and variable personal loans. The standard personal loan is designed for borrowers who wish to take out loans of $5000 or more and make their repayments weekly or fortnightly. The loan amount can be paid back over a period of up to five years for fixed rate personal loans or up to 10 years for variable rate personal loans. Borrowers also have the ability to make extra, lump sum repayments if they have the capacity and then redraw those repayments if needed. The maximum loan amount for unsecured loans is $25,000, while borrowers with secured loans can take up to $100,000, subject to eligibility and approval.
What RateCity says
Heritage Bank’s range of personal loans have a number of appealing features. Borrowers are given the freedom to pay back the loan amount in lump sums or in regular, smaller instalments and can redraw any extra repayments. They can also opt for either a fixed or variable interest rate. The loans are available for a bunch of purposes, including holidays, debt consolidation and renovations.
Although there is a small, ongoing fee charged, the application fee is waived on the standard personal loan. The interest rate is also reasonable compared to some of Heritage Bank’s counterparts, but prudent borrowers would be wise to compare rates at the time of application to make sure they are getting a good deal.