Interest rate changes effective 24 November 2021

24 November 2021

Heritage Bank is making changes to mortgage and business lending interest rates effective Wednesday 24 November 2021.

The rate changes are as follows:

MORTGAGES – new lending, switches and refixes

• Decrease owner occupier Home Advantage Variable for LVR ≤ 90% interest rates by 0.15-0.40%
• Decrease owner occupier Discount Variable for LVR ≤ 90% interest rates by 0.20-0.45%
• Increase owner occupier 2-year to 5-year Fixed Rates for LVR ≤ 90% interest rates by 0.20-0.40%
• Decrease all Investor Home Advantage Variable interest rates by 0.10-0.54%
• Decrease all Investor Discount Variable interest rates by 0.10-0.50%
• Increase 2-year to 5-year Investor Fixed Rates interest rates by 0.10-0.30%

BUSINESS LENDING

• Decrease Fully Drawn Loan – Variable (residential security) interest rate by 0.10% from 2.95% to 2.85%
• Increase Fully Drawn Loan – Fixed (residential security) interest rates by 0.10-0.40%
• Increase Fully Drawn Loan – Fixed (non-residential security) interest rates by 0.24-0.44%
• Increase Fully Drawn Loan – Fixed (SMSF residential security) interest rates by 0.10-0.40%
• Increase Fully Drawn Loan – Fixed (SMSF non-residential security) interest rates by 0.24-0.44%

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.