Heritage Bank

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Heritage Bank

Founded: 1875

Lender Type: Customer-Owned Bank

Owned by: Customers

A Queensland-based community bank, Heritage offers fair deals to customers as the profits are returned to the customer in the form of lower fees and better interest rates. With a focus on putting People first, they have a solid customer service track record and noteworthy financial hardship policies to help borrowers. Heritage Bank is the largest customer-owned bank in Australia.

Key Benefits

Reliable customer service
Very competitive rates
Variety of home loan options


Branch access limited to Queensland
LMI provider may decline if borrowing over 80
Conservative lending policy

Home Loan Products

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Home Loans Description

Discount Variable

For an affordable home loan, Heritage Bank offers a low rate variable loan product with no monthly service fees and one of the lowest rates in the country. While their Discount Variable loan doesn’t include an offset account, you can still pay down your loan faster with unlimited extra repayments. And, when you need to, you can access your additional payments with unlimited redraw. As with all of the home loan products from Heritage Bank, you have the option to take advantage of an interest only repayment period to give you more flexibility in the first few years of your loan.

Standard Variable

If you plan on making more than the minimum monthly repayments, then the Standard Variable home loan is a smart option. You will still enjoy a competitive interest rate as well as features that will let you pay down your mortgage as quickly as you’d like, including a 100% offset account to reduce the amount you’d have to pay in interest overall. You can still make unlimited repayments and will have a redraw facility.

Fixed Rate

With Heritage Bank, you’ll enjoy the peace of mind that comes from a stable fixed interest rate, as well as all the features that put you in control of your loan, that most banks only offer through their variable rate loans. Take advantage of redraw, unlimited additional repayments, and a partial offset account. You can get a fixed loan for purchase or construction and refix your loan at the end of your term at no cost.

Living Equity

Heritage Bank has a full-featured line of credit loan with a competitive rate. If you want to use your build up equity to help you meet your financial goals either now, or down the road, you’ll have the freedom to borrow more to invest or simply to pay for life’s big events like a child’s education. It can serve as a general line of credit at your low mortgage rate. You can access your funds conveniently through your debit or credit card, online, by phone, BPAY, or at any Heritage Bank branch location.

Bridging Loan

While it would be perfect if you sold your existing home in time to purchase your new dream home, this doesn’t always happen. That’s why Heritage Bank offers a competitive Bridging Loan to customers. This short term loan will allow you to purchase your new property so you can move in now. That way, you don’t have to worry about getting your current home sold right away. Loan terms range from six months to one year.

Home Advantage Package

Heritage Bank will let you package your standard variable, fixed rate, or living equity loan with a fee-free credit card and transaction account for an annual package fee. You’ll also enjoy discounts on insurance, $0 application fees if you decide to take out a personal loan, and all the great features of their suite of loans like free redraw.

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