Heritage Bank goes nationwide with mortgage lending

Heritage Bank will expand its mortgage broker network to offer home loans in every state and territory in Australia from tomorrow (Wednesday, 1 February).

Heritage, Australia's largest customer-owned bank, will tomorrow start offering home loans in Western Australia, Tasmania and the Northern Territory.

Heritage has already been offering loans via mortgage brokers through the rest of Australia for up to 15 years.

CEO Mr John Minz said the move represented another milestone for the Queensland-based organisation, which changed its name from Heritage Building Society to Heritage Bank in December last year.

"Heritage offers a strong and stable alternative to the big banks, with our People first approach the reason we've recorded the highest customer satisfaction rating of any bank in Australia*.

"We're thrilled to be expanding our mortgage broker reach nationwide so that people throughout Australia can now enjoy the fantastic products and services that we provide.

"We've already started receiving significant interest from Western Australia, Tasmania and the Northern Territory and we look forward to growing our share of the home loan market in those states."

Heritage Bank represents a new style of bank in Australia – the customer-owned mutual bank. Unlike the big banks, which are listed on the ASX and owned by external shareholders, Heritage is owned by its customers.

That means Heritage does not have to chase big profits to pay dividends to shareholders. Rather, Heritage retains its profits and uses them to provide better interest rates, fairer fees and charges, and higher levels of service.

"The end result is a better deal for our customers. For anyone in the market for a home loan, don't think the big banks are the only option. Heritage can offer you a fantastic deal, wherever you might be in Australia, with customer service that helps make us the most loved bank in the country," Mr Minz said.

* Aust 14+ , 6 months to November 2011, Main Financial Institution Satisfaction, Roy Morgan Research Consumer Finance Satisfaction Survey.

* 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.