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
Total interest paid
Total amount to pay
Heritage Bank personal loans rates
Go to site
Secured Fixed Standard Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
Secured Variable Standard Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
- No early exit penalty
- Can apply online
- Can apply in branch
- Application fee charged
- Monthly fee charged
- Not the lowest rate on the market
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
- 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
- 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.
Today's top personal loans products
Find popular personal loans lenders from a wide range of Australian. View All >
If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
The No Interest Loans Scheme (NILS) allows low-income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
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.