Home News Heritage Bank giving $2k to first home buyers

Heritage Bank giving $2k to first home buyers

From today, first home buyers keen to enter the property market can receive $2,000 back in their pocket through Heritage Bank.

By Emma Duffy

First published on 01 Oct 2020

Heritage Bank giving $2k to first home buyers

Photo by Swodesh Shakya on Unsplash

Heritage Bank is offering $2,000 cashback for first home buyers on eligible Heritage Bank home loans with Lenders Mortgage Insurance (LMI).

To be eligible for the $2,000 cashback offer, first-time buyers must apply for an eligible home loan type from 1 October and let the bank know they're a first home buyer.

They then need to open a Heritage Simply Access Account or Mortgage Crusher transaction account, and their eligible home loan must settle before 28 February 2021.

Heritage Bank’s First Home Buyer Cashback Offer is available on a range of fixed-rate and variable home loans, giving eligible borrowers the option to access features such as:

No monthly or redraw fees
Free online redraw facility
Optional offset account
The ability to make increased or lump sum payments

Heritage Bank CEO Peter Lock said the special cashback offer will help first-time buyers struggling financially due to COVID.

“Buying your first home is a huge financial commitment, made even tougher at the moment because of the impacts of COVID," Mr Lock said.

“Whether you’re looking to buy a home to live in, or as a means to set yourself up for the future, a helping hand is extremely valuable for first-time buyers.

“This cashback offer provides a boost specifically for first home buyers requiring Lenders Mortgage Insurance and is available to both owner-occupiers and investors. It’s a great kick-start for people getting into the market.”

Who else is offering mortgage discounts?

Heritage Bank's cashback offer comes off the back of a handful of other lenders recently announcing similar offers in a bid to compete for home loan customers.

ME Bank

On Monday, ME Bank announced it would be offering eligible first home buyers access to a 25% discount on Lenders Mortgage Insurance (LMI), combined with cutting variable rates by up to 182 basis points.

LMI is usually required to be paid by borrowers who have a deposit of less than 20% and can amount to thousands of dollars.

Borrowers can apply until 20 November 2020 and need to settle by 26 February 2021.

Virgin Money

Virgin Money also recently announced it would be making LMI $0 for eligible borrowers.

The offer applies to first home buyers and those buying a new home.

To be eligible, borrowers must have a 15% deposit and be making principal and interest repayments.

Borrowers have until 29 November to apply and must have their loan settled by 30 May 2021.

NAB

Big four bank NAB also recently announced it would be offering $2,000 cashback offer for refinancers looking to refinance before 31 January 2021 for the following loans:

NAB Base Variable Rate Home Loan
NAB Tailored Home Loan
NAB Tailored Home Loan (Fixed)
NAB Tailored Home Loan (Choice Package)
NAB Tailored Home Loan (Fixed, Choice Package)

To be eligible, refinancers must be refinancing a mortgage of at least $250,000 from a lender other than NAB, UBank, Medfin or Advantage home loans.

This offer isn't available for borrowers using the First Home Loan Deposit Scheme.

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Emma Duffy

Emma Duffy is Editor at Your Investment Property Magazine, which is part of the InfoChoice Group. In this role, she manages a team of journalists and expert contributors committed to keeping readers informed about the latest home loan and finance news and trends, as well as providing in-depth property guides. She is also a Assistant Editor at Savings.com.au which she joined shortly after its launch in early 2019.

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Heritage Bank giving $2k to first home buyers