Interest rate changes effective 14 July 2021

14 July 2021

Heritage Bank has made changes to select home loan, business banking, term deposit and deposit interest rates effective Wednesday 14 July, 2021.

The rate changes are as follows:

HOME LOANS – New lending only

  • Increase Owner-Occupier Home Advantage Variable LVR >90% to ≤95% interest rates by 11-30bps to 3.29%
  • Increase Owner-Occupier Discount Variable LVR >90% to ≤95% interest rates by 20bps from 2.89% to 3.09%


  • Decrease interest rates for all Term Deposits 2 months and longer by 0.10%


  • Decrease Pension Plus $50,200 or more interest rate by 0.05% from 0.45% to 0.40%
  • Decrease Christmas Club interest rate by 0.05% from 0.45% to 0.40%
  • Decrease Online Saver interest rates by 0.05% from 0.35% to 0.30%
  • Decrease Online Saver Bonus Intro Rate by 0.05% from 0.20% to 0.15%
  • Decrease Body Corporate $250k or more interest rates by 0.10% from 0.45% to 0.35%
  • Decrease Farm Management Deposit At Call interest rates by 0.05%
  • Decrease Farm Management Deposit 12-month and 24-month Fixed interest rates by 0.10% from 0.75% to 0.65%


  • Decrease non-residential security Business Overdraft and Line of Credit interest rates by 0.20% from 4.60% to 4.40%
  • Decrease non-residential security Fully Drawn Loan variable and fixed interest rates by 0.20%
  • Decrease Motor Vehicle Equipment Loan – Variable interest rate by 0.20% from 4.45% to 4.25%
  • Increase Motor Vehicle Equipment Loan – Fixed interest rates by between 0.91% and 1.11%

These changes are coming in to maintain the best interests of our customers overall. Our interest rate changes are implemented to ensure good pricing benefits for depositors and borrowers.

As a customer-owned bank, Heritage puts the best interest of members first. Unlike the big listed banks, we only aim to make a modest profit each year and then reinvest those funds into providing better products and services to all members. None of our profits are paid out to shareholders like the big listed banks.

You can find more information on our rates available at our interest rates page.


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