Heritage cuts interest rates on home loans

Heritage Building Society has cut interest rates on several of its fixed-rate home loans, delivering on its People first promise to deliver excellent value to members.

Heritage today announced it had reduced its one-year fixed rate home loan interest rate to 6.39%; the three-year fixed rate to 6.35% and the five-year fixed rate to 6.69%.*

Those rates, effective from today, are all well below the interest rates offered by the big four banks.

“Heritage is owned by its members and exists to give those members the best value possible,” CEO Mr John Minz said.

“That means we offer the most competitive interest rates that we can.

“We are always looking for ways to deliver even greater benefits to our customers, and reducing the interest rates on these fixed-rate home loan interest rates will certainly do that.

“This move again shows that Heritage is one of the most competitive and responsive options out there for people in the market for a home loan.”

Heritage today also received news that it had received three accolades in the 2011 Mozo People’s Choice Awards.

Mozo announced the award winners today after 23,000 Australians participated by rating their financial institution on the Mozo website over the last 12 months.

Heritage was awarded Top 5 ratings in the Building Society, Savings Account and Debit Card categories.

“Heritage enjoys remarkable customer satisfaction ratings and it’s heartening to see that we have again been recognized by our members in the Mozo awards, which are based on the ratings of our customers,” Mr Minz said.

* Home loan comparison rate based on a $150,000 loan over 25 years.  Fixed loan comparison rate applies only for loans with an LVR of 80% or less and a loan amount of $150,000 to $249,999.  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.

Interest rates are on a per annum basis. Rates are correct as stated and subject to change without notice. Rates shown are for new loans and do not apply to switches or internal refinances.

Home Advantage Variable rates include discounts shown from the Standard Variable rate. Home Advantage Living Equity rates include discounts from the Living Equity rate. Discounts are based on total lending in the package. Discount Variable LVR rates are for new lending and include discounts from the Discount Variable Loan Rate.  Discounts are not available in conjunction with any other interest rate discount or special offer. All fixed rates are fixed for the period stated and revert to the variable rate applying at expiration of the fixed term. To approved applicants only. Conditions, criteria and fees apply.

Loan to Value Ratio (LVR) is the loan amount divided by the value of your security property (determined by Heritage Bank at assessment), multiplied by 100. Owner Occupied loans have a maximum LVR of 95%, Investment loans have a maximum LVR of 80% and Living Equity has a maximum LVR of 80%. Heritage is not accepting any new investment applications until further notice.

This advice has been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs.

Generate a personalised Key Fact Sheet based on your loan amount, term and repayments. This tool is provided to help you compare home loans from Heritage with other financial institutions.