The Heritage community banking model is based on the formation of a community-based company made up of a range of investors from the immediate area. Heritage then partners with this company to form a joint venture. Joint venture company directors act in a voluntary capacity. Both Heritage and the company contribute to the set-up costs and share ongoing expenses.
Importantly, profits are shared and the company can distribute its share of profits back into the community to support charities, sporting clubs and other local organisations. The more the community uses the branch, the greater the profit and the more the community prospers.
* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.