Heritage Bank is Australia’s largest customer-owned bank. In 1981 Toowoomba Permanent Building Society (est. 1875) and the Darling Downs Building Society (est. 1897) merged and became Heritage Building Society. In December 2011, Heritage Building Society officially changed its name to Heritage Bank to remain relevant and competitive.

The Early Days

As Australia heads into a new era of mechanisation, the country is crippled by drought.

  • 1875 Toowoomba Permanent Building Society formed
  • 1893 Toowoomba Permanent Building Society records record profit
  • 1897 Darling Downs Building Society launched with aggressive expansionary policy

Dawn Of The 20th Century

  • Australia survives the debilitating drought of the 1890s and prepares for the new century
  • 1900 Darling Downs Building Society initiates modern advertising policy which leads to rapid growth
  • 1908 Darling Downs Building Society establishes agents in western centres as well as Gatton and Laidley. Becomes the second largest society in the state and enters the lucrative personal loan market
  • 1914 Darling Downs Building Society is the largest society in the State. Toowoomba Permanent Building Society is the third largest society in the state
  • 1914-1919 The agricultural contribution of the Darling Downs to the war effort keeps local economy stable and enables both building societies to stay afloat

Qantas Is Born

  • 1919-1923 Period of expansion into other areas by both societies
  • 1923 Toowoomba Permanent Building Society replaces Darling Downs Building Society as the largest building society in Queensland
  • 1929-1935 Both societies suffer losses by defaulting borrowers and reduction in home loans
  • Darling Downs Building Society adopts expansionary, forward-looking approach while Toowoomba Permanent Building Society retains a conservative, deflationary approach

The Pre-War Years

  • 1934 Toowoomba Permanent Building Society moves head office from Russell Street to a site at the corner of Russell and Neil Streets, Toowoomba. It will remain there for 43 years.
  • 1935 Depression easing. Period of rapid expansion for Darling Downs Building Society.

The War Years

  • 1937 Darling Downs Building Society regains position as largest building society in the state
  • 1939 World War II declared
  • 1939-1945 Both societies face problem of defaulting borrowers and lack of manpower

Postwar Years

  • Don Bradman brings despair to the English bowlers
  • 1945-1950 Housing boom heralds a boom period for both societies
  • 1954 Darling Downs Building Society relocates head office from Neil Street to Margaret Street, Toowoomba

Times Are Changing

  • 1968-1974 Revival in economy and demand for housing finance sparks increase in business for both societies
  • 1971 Darling Downs Building Society moves headquarters to Ruthven Street, Toowoomba
  • 1975 Despite problems with building society operations in Queensland, both Toowoomba societies retain strong financial bases and experience measured growth

Eighties Bring Changes

  • "Australia II" wins the America's Cup
  • 1981 Amalgamation of Toowoomba Permanent Building Society and Darling Downs Building Society to form Heritage Building Society
  • 1983 Head office moves to newly constructed Heritage Plaza

A New Century Begins

  • 1995 Assets of Heritage Building Society pass the $1 billion mark
  • 1999 Heritage opens Queensland's first community branch in Crows Nest, Queensland
  • 2000 Heritage celebrates the 125th anniversary of the formation of its predecessor, the Toowoomba Permanent Building Society

The Present

  • 2003 Assets under management of Heritage Building Society pass the $4 billion mark
  • 2004 Heritage wins four national awards as Australia's 'Best Building Society'
  • 2005 Heritage celebrates the 130th anniversary of the formation of its predecessor, the Toowoomba Permanent Building Society, and passes the $5 billion mark in assets under management
  • 2006 Heritage celebrates the Silver anniversary of the merger between Toowoomba Permanent Building Society and the Darling Downs Building Society and passes the $6 billion mark in assets under management
  • 2007 Heritage continues to open more branches as we focus on putting People first
  • 2008 Australian Banking and Finance Magazine awards Heritage the "Best Building Society" award for the 6th time
  • 2009 Heritage passes the $7 billion mark in assets under management
  • 2011 Heritage officially changes its name to Heritage Bank

* 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.

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