30 January 2019
Heritage Bank is shaking up the investor home lending market after announcing it will slash interest rates across its investor home loan product range by up to 32 basis points.
Effective from this Friday (1 February 2019), Heritage will cut rates on a range of investment principal and interest and interest-only home loan products, offering investment discount variable rates as low as 4.02% for eligible borrowers.*
Heritage’s rate cuts are in stark contrast to the mortgage rate hikes announced earlier this month by other lenders including NAB, UBank and Bank of Queensland.
Heritage Head of Broker Network Stewart Saunders said the introduction of sharper pricing reinforced the Bank’s continued focus on delivering great value for its members.
“Heritage’s people first philosophy remains the driver for the way we do business,” Mr Saunders said.
“At a time when we’ve seen other lenders lifting their rates, we’re going in the opposite direction and making our home loans even more attractive for prospective borrowers across the country.”
Mr Saunders said as Australia’s largest customer-owned bank, Heritage wanted all borrowers to be aware that there was much more to the country’s financial sector than just the big banks.
“As a customer-owned bank, our members are our owners; our aim is to deliver genuine value and a better banking experience through great rates, great services and great products.
“We encourage all borrowers to consider customer-owned banking as a different and more people-focused alternative to the big banks, particularly in light of questionable behaviors currently under consideration as part of the banking Royal Commission.
“Heritage’s decision to reduce interest rates on our investor home loan products, combined with our excellent customer satisfaction ratings, shows that we are one of the most competitive and responsive options out there for people in the market for a home loan.”
*for new loans of more than $150,000 and with a loan-to-valuation ratio of less than 80%.