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Heritage Bank Personal Loans

Heritage Bank is Australia’s largest customer-owned bank and one of the longest-standing financial institutions in the country. It has been in operation since 1875 and has gone through several mergers and name changes to eventually emerge as Heritage Bank in 2011. As a mutual, its members are its owners and have a say in how the bank is run.

Heritage Bank offers a variety of products and services to its members, including personal loans, home loans, credit cards, term deposits, insurance products and wealth planning.

Heritage Bank personal loan repayment calculator

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

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Heritage Bank Personal Loans rates

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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.

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 and car loans. The standard personal loan is designed for borrowers who wish to take out loans of $5,000 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 can also 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.

Heritage Bank personal loans can be used for a range of different purposes including:

  • Debt consolidation
  • Cars and motorcycles
  • Education expenses
  • Wedding financing
  • Holidays
  • Investing
  • Renovations
  • Medical bills

Heritage Bank personal loans – customer service

Customers looking to contact Heritage Bank customer service can call a personal banking hotline or send an online enquiry. Heritage Bank’s branches are limited to Queensland.

Other ways to contact Heritage Bank include:

  • Online enquiry form
  • Email
  • Phone Mon-Sat, 7:30am - 7:00pm (AEST)

Who is eligible for a Heritage Bank personal loan?

To be eligible for a Heritage Bank personal loan, you’ll need to meet the following criteria:

  • Be at least 18 years old  
  • Be an Australian citizen, permanent resident or have a valid visa
  • Use the loan for personal use only
  • Not currently bankrupt or in financial hardship

How to apply for a Heritage Bank personal loan?

Applications for a Heritage Bank personal loan can be made online or in store. The online application process is simple to complete and involves the following steps:

  • Fill in an online form
  • Once completed, your application will be reviewed
  • Upon final approval, the funds will be credited to your loan account

At the time of application, you’ll need to provide the following documentation:

  • Proof of identity
  • Proof of income and employment
  • Details of any other financial commitments

Heritage Bank personal loans review

Heritage Bank personal loans have a number of features that may appeal. 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 range of purposes, including holidays, debt consolidation and renovations.

Existing customers with a Heritage Bank term deposit can secure it against a variable rate personal loan. Borrowers can borrow up to $100,000 for terms of between one and 10 years.

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.

FAQs

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

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