Compare home loans
This handy reference lets you view the benefits and features of all the home loans on offer from Heritage Bank.
- Make unlimited extra repayments
- Split Loans
- Interest Only options for investors
- Access with our Mobile Banking App, in Heritage Online, by phone and in branch
- Repayments via periodic payment, direct debit, manual transfer, BPAY®, or direct deposit
Minimum Loan Amount
This is the smallest amount you can borrow to qualify for the loan.
| Discount Variable | $150,000 |
| Fixed Rate |
$20,000 |
| Home Advantage Variable | $150,000 |
| Home Advantage Fixed | $150,000 |
| Living Equity | $20,000 |
| Home Advantage Living Equity | $150,000 |
| Bridging Loan | $20,000 |
Loan Top Up
Once you've already taken out a loan, a Loan Top Up allows you to borrow more.
| Discount Variable | $10,000 minimum |
| Fixed Rate | Not available |
| Home Advantage Variable | $10,000 minimum |
| Home Advantage Fixed | Not available |
| Living Equity | $10,000 minimum |
| Home Advantage Living Equity | $10,000 minimum |
| Bridging Loan | Not available
|
Loan Term
The Loan Term sets the maximum time you have to pay the loan back.
| Discount Variable | 1 to 30 years |
| Fixed Rate | 1 to 30 years |
| Home Advantage Variable | 1 to 30 years |
| Home Advantage Fixed | 1 to 30 years |
| Living Equity | 1 to 30 years |
| Home Advantage Living Equity | 1 to 30 years |
| Bridging Loan | 6 to 12 months |
Rate Guarantee
Used for Fixed loans, this ensures that you won't pay more than the advertised rate if rates go up before the loan settles, but also allows you to benefit from a cheaper price if interest rates drop in between the time you apply and your settlement date.
| Discount Variable | Not available |
| Fixed Rate | Yes (fee 0.15%) |
| Home Advantage Variable | Not available |
| Home Advantage Fixed | Yes (fee 0.15%) |
| Living Equity | Not available |
| Home Advantage Living Equity | Not available |
| Bridging Loan | Not available |
Redraw Availability
Some loans can be re-drawn via online banking so you can take out extra money whenever you need to.
| Discount Variable | Yes |
| Fixed Rate | Yes |
| Home Advantage Variable | Yes |
| Home Advantage Fixed | Yes |
| Living Equity | Yes |
| Home Advantage Living Equity | Yes |
| Bridging Loan | Not available |
Switch Availability
Some loans can be easily transferred to another loan type without having to re-apply.
| Discount Variable | Yes |
| Fixed Rate | Yes |
| Home Advantage Variable | Yes |
| Home Advantage Fixed | Yes |
| Living Equity | Not available |
| Home Advantage Living Equity | Not available |
| Bridging Loan | Not available |
Maximum Interest Only Term
The maximum amount of time the loan can be interest-only. For Investment loans only.
| Discount Variable | 5 years |
| Fixed Rate | 5 years |
| Home Advantage Variable | 5 years |
| Home Advantage Fixed | 5 years |
| Living Equity | 10 years |
| Home Advantage Living Equity | 10 years |
| Bridging Loan | Not available |
Offset Account availability
An offset account is a bank account that offsets the amount of principal on which you ware required to pay interest. For example, if you have a $100,000 balance outstanding on your loan, you would normally pay interest on the full $100,000. If you have a $100,000 balance outstanding on your loan and an offset account with $30,000 in it, the $30,000 offsets the $100,000 loan and you only pay interest on $70,000.
| Discount Variable | Not available |
| Fixed Rate | Not available |
| Home Advantage Variable | Yes |
| Home Advantage Fixed | Not available |
| Living Equity | Not available |
| Home Advantage Living Equity | Not available |
| Bridging Loan | Not available |
Apply before 30 September 2020 and pay no application fee.
Save up to $600!†Break Fee
Some loans may incur a break fee if you pay the loan out before you agreed to. This usually applies to fixed rate loans.
| Discount Variable | No fee |
| Fixed Rate | Break fee may apply |
| Home Advantage Variable | No fee |
| Home Advantage Fixed | Break fee may apply |
| Living Equity | No fee |
| Home Advantage Living Equity | No fee |
| Bridging Loan | No fee |
Application Fee
When applying for a Home Loan, an Application Fee is payable. This can be rolled into the loan.
| Discount Variable | $600 |
| Fixed Rate | $600 |
| Home Advantage Variable | No fee |
| Home Advantage Fixed | No fee |
| Living Equity | $600 |
| Home Advantage Living Equity | No fee |
| Bridging Loan | $900 |
Loan Service Fee
| Discount Variable | No fee |
| Fixed Rate | $8 per month |
| Home Advantage Variable | $350 per year |
| Home Advantage Fixed | $350 per year |
| Living Equity | $10 per month |
| Home Advantage Living Equity | $350 per year |
| Bridging Loan | No fee |
Settlement Fee
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