Interest rate announcements

Stay informed on the latest interest rate changes at Heritage Bank. On this page you'll find our most recent interest rate changes for existing Heritage members, across our accounts, personal loan, credit card, home loan and business loan products.

Home Loans

Effective 7 March 2024

Interest rate changes are applicable to Owner Occupier and Investment new lending rates

  • Decrease all 3 year and 5 year fixed rates by 0.20%
  • Increase 70.01%-80% LVR tier variable rates by 0.05%

Effective 29 February 2024

Term Deposits

  • Decrease 6-month term by 0.10% to 4.90%
  • Decrease 9-month term by 0.05% to 4.80%

Effective 1 May 2024


Farm Management Deposits

  • Decrease Farm Management Deposit At Call $1,000 to $49,999 interest rate by 1.10%
  • Decrease Farm Management Deposit At Call $50,000 to $800,000 interest rate by 1.15%
  • Decrease Farm Management Deposit Term Deposit 12m interest rate by 0.45%
  • Decrease Farm Management Deposit Term Deposit 24m interest rate by 0.60%
    Business Loans

    Effective 7 March 2024

    Interest rate changes are applicable to fixed Fully Drawn Loans and fixed SMSF Fully Drawn Loans new lending rates

    • Decrease all 3 year, 4 year and 5 year fixed rates by 0.20%
    Personal Loans

    Effective 8 February 2024

    • Decrease the Car Loan fixed rate by 0.20%
    Credit Cards

    No recent credit card interest rate changes.


    Why does Heritage make interest rate changes?

    At Heritage, what motivates us isn’t how much profit we can make, it’s about making people’s lives better. As a customer-owned bank, none of our profits are paid out to shareholders like 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. 

    As promised in our Member Charter, we're committed to providing products, services and pricing that meet our member's banking needs in a sustainable way. That's why pricing changes happen across all our products - to maintain the interests for both our depositors and borrowers, and ensure the sustainability of Heritage Bank.

    How do I calculate what this interest rate change means for me?

    When an interest rate changes on your Heritage Bank loan, your new repayment will be calculated and can be viewed in your account details online. If you'd like to calculate what an interest rate change means for your finances now, we have two online calculators that can help you.

    Where do I view my current interest rate?

    For Home Loan, Business Loan, Personal Loan and Credit Card accounts, your current interest rate is available when viewing your account details in Heritage Online on a mobile browser or desktop computer. If you have a term deposit, you can view your interest rate in View Term Deposit Details.

    For savings and transaction account interest rates, current interest rates are available on our account interest rates page online.

    What is a basis point?

    When it comes to interest rate changes, you may have heard the term basis point used. Basis points (bps) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001. It is used to denote the percentage change in a deposit or loan product. For example, an increase of 0.50% on your home loan interest rates, is an increase of 50 basis points.

    What do I do if I'm having difficulty meeting my financial commitments?

    We understand that life can take unexpected turns. For this reason, we have developed policies and processes to assist members with their mortgage loans, personal loans and credit cards in times of financial hardship. If you are having difficulty meeting your financial commitments please contact our Member Assist department. If you'd like to talk to one of our team for a general financial health check, call our contact centre on 13 14 22 or talk to your local branch.

    We're committed to helping our customers through good times, and times of hardship, with genuine service and support. 

    If you have any questions and would like to talk to us today, tap here for live assistance.

    Research tools
    Home loans
    Personal loans
    Business loans
    Home loan extra repayment calculator
    Savings calculator
    Budget planner