Changes to select mortgage interest rates effective 5 August 2021

5 August 2021

Heritage Bank has made changes to select mortgage interest rates effective Thursday 5 August, 2021.

The rate changes are as follows:

MORTGAGE – OWNER OCCUPIER (new lending only)

  • Decrease Home Advantage Variable $250k-$699k LVR .70% ≤80% interest rate by 0.10% from 2.79% to 2.69%
  • Decrease Home Advantage Variable $700k+ LVR ≤70% and >70% ≤80% interest rates by 0.05-0.15% to 2.54%
  • Decrease Discount Variable $150k-$699k LVR ≤70% and >70% ≤80% interest rates by 0.10-0.15% to 2.44%
  • Decrease Discount Variable $700k+ LVR >70% ≤80% interest rate by 0.15% from 2.59% to 2.44%

MORTGAGE – INVESTOR (new lending only)

  • Decrease Home Advantage Variable P+I $150k-$249k and $250k-$699k LVR ≤70% and >70% ≤80% interest rates by 0.05%
  • Decrease Home Advantage Variable P+I $700k+ LVR ≤70% and >70% ≤80% interest rates by 0.05-0.10%
  • Decrease Home Advantage Variable Interest Only $150k-$249k and $250k-$699k LVR ≤70% and >70% ≤80% interest rates by 0.05%
  • Decrease Discount Variable P+I $150k-$699k and $700k+ LVR ≤70% and >70% ≤80% interest rates by 0.10%
  • Decrease Discount Variable Interest Only $150k-$699k LVR ≤70% and >70% ≤80% interest rates by 0.10% from 2.99% to 2.89%

These changes have been made 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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