Heritage Bank home loans review

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on May 05, 2022 Fact Checked
Heritage Bank home loans review

Heritage Bank is one of the longest-standing financial institutions in the country. Since 1875, heritage has grown to become one of the largest customer owned banks in Australia.

“Heritage Bank Limited is an Australian mutual financial institution,” it says.

“This means we're owned by our customers, not shareholders. Instead of pursuing massive profits, our customer-owned status means we can focus on putting people first through award-winning service, great products, low fees and competitive interest rates.”

What home loan features does Heritage Bank offer?

Heritage Bank offers home loan customers:

  • Unlimited extra repayments on all home loans

  • Online redraw

  • Flexible repayment options

Heritage Bank also provides mobile lending specialists in selected areas to help customers with their home loan needs. Mobile lenders are available for appointments in branch and at home across parts of Brisbane, Gold Coast, and Sydney.


More details

Discount Variable Home Loan ($150k+) (LVR 80%-90%)

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    Home Advantage Variable Investment Loan (Principal and Interest) ($250k-$700k, LVR < 70%)

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      Fixed Rate Home Loan 1 Year

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        Discount Variable Investment Loan (Interest Only) ($150k+, LVR 80%-90%)

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          Fixed Rate Investment Loan (Principal and Interest) 1 Year

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            Fixed Rate Investment Loan (Interest Only) 1 Year

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              Standard Variable Home Loan

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                Standard Variable Investment Loan (Interest Only)

                  Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 26, 2022. View disclaimer.

                  How can Heritage save customers money?

                  At the time of writing, Heritage Bank currently offers up to $4,000 Cashback on eligible home loans. They also have home loans with no application fees.

                  Choosing a Heritage Bank Home Loan

                  When choosing a home loan, it’s important to work out what you want from your loan and how much it will cost you.

                  Heritage Bank have a wide range of loans on offer—with different interest rates, product features and fees—it pays to shop around to find the loan that fits your needs and circumstances.

                  Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

                  Some features you may wish to consider include:

                  • ability to split your loan between fixed and variable interest rates;

                  • ability to make extra repayments;

                  • an offset account;

                  • a redraw facility; and

                  • linked credit card and savings accounts.

                  Am I eligible for a Heritage home loan?

                  To be eligible for a Heritage Bank home loan you must:

                  • Be 18 years or older

                  • Be an Australian citizen or permanent resident

                  • Not be in a bankruptcy agreement

                  Documents Needed

                  • ID in the form of drivers license, passport, birth certificate, medicare card.

                  • Your most recent pay slip and three months of account statements

                  • Tax returns from the last two years if you are self-employed

                  How to apply with Heritage?

                  Heritage offers a four step process to securing a home loan.

                  Initial meeting

                  Over the phone or face-to-face meetings are available with Heritage lending specialists. Heritage also offers pre-approval.

                  Submit an application

                  Fill out an application for the home loan product. A valuation of your property can also be organised during this step if needed.

                  Once your application has been filled out you can submit the application for assessment.

                  Loan approval

                  Heritage’s credit department assesses the loan, looking at your ability to repay the loan including interest, your credit history and a number of other lending criteria.

                  Loan approval usually takes 1-2 weeks.


                  Once your loan has been approved, you will be notified and given a settlement date.

                  Image by Natalie Su via Unsplash


                  The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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                  Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.


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