Heritage Bank cuts discount variable home loan rate to 4.08%

Heritage Bank has this week cut its discount variable home loan rate to just 4.08%.

The offer applies to new owner-occupier home loans of more than $150,000.

The cut is one of a number of reductions made to the interest rates on several of Heritage’s home loan products.

Heritage’s CEO Mr John Minz said the new discount variable rate was one of the best on offer in the country.

“Heritage offers extremely competitive rates, along with a great range of products and outstanding service,” Mr Minz said.

“On top of cutting our interest rates, we are currently waiving application fees on new standard variable, discount variable and fixed rate home loans until 30 November 2015. That alone could save customers $600.

“We have also recently released a new Home Advantage Package that offers significant potential savings, through discounts and fee waivers, for customers who packaged together their home loan, credit card and transaction account.”


* 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.