1 August 2019

In great news for people in the market for a home loan, Heritage Bank today announced cuts to the interest rates on a range of its variable and fixed rate mortgages.

Heritage will cut fixed rate home loans by up to 0.30%, and variable rates by up to 0.10% for new borrowers, effective from Tuesday, 6 August.

The lowest rate now available on a new variable rate home loan at Heritage is 3.32%.

CEO Peter Lock said Heritage always looked to deliver great value by ensuring its rates were among the sharpest in the market.

“We recognise that we need to offer even more competitive rates to provide better value for customers,” he said.

“That’s because we operate only in the best interests of our customers, not to maximise profit.

“We are confident that our customers will appreciate these rates coupled with our great service and mortgage product features like online redraw, and unlimited repayments on fixed rate loans.”

Mr Lock said it was important for Heritage to offer competitive rates as Australia’s largest customer-owned bank prepared to open two branches in Sydney this year.

“We have just announced that we are expanding our branch network outside of Queensland for the first time with branches to open in Castle Hill and Parramatta later in 2019,” he said.

“The Sydney housing market is expensive so we want to offer potential customers in New South Wales competitive rates to help them afford to buy a place of their own.

“We are driven to help people achieve their financial goals and I encourage anyone in Sydney looking for finance to purchase a house to speak with us or a mortgage broker to discuss what Heritage can do for you.”