Discount Variable Rate Home Loans

Looking for the lowest possible rate, and don't need an offset account? Our Discount Variable home loan could be perfect for you. With no monthly administration fee, and one of the lowest variable rates in Australia, our Discount Variable is cheap as chips, and you can still make unlimited extra repayments to get the balance down sooner.

Our Discount Variable loan rates



Interest Rate

Comparison Rate *

Discount Variable4.49%4.54%
Discount Variable - Special Rate0.70%3.79%3.84%



Interest Rate

Comparison Rate *

Discount Variable4.89%4.94%
Discount Variable - Special Rate0.65%4.24%4.29%
Rates effective from 07/02/2017


Application Fee


Monthly Fee


Reborrow fees
(Reborrowing administration fee on loan accounts where allowed)


Why choose a variable Home Loan?


Variable rate loans are generally more flexible than fixed rate loans because you're not locked in to a fixed term contract. If your circumstance changes, so can your loan.

Benefit from interest rate cuts

When interest rates drop, your loan repayments go down - saving you money.

How are Heritage Bank home loans rated by Mozo community?

Overall Mozo community rating: out of 10

Overall customer rating:


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Refinance Calculator


You could save up to

over the life of the loan

Savings based on the .

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Whoa there, it seems like you've already got a pretty good deal going. If the details you've entered are correct, our calculator says that over the life of your loan you'd currently be better off staying where you are. If you're shopping around though, don't despair, the calculator is no match for advice from a real person.

As a People first bank, our rates are almost always lower than the big four. In fact, a recent University of New England study found Heritage had, on average, the lowest standard variable rate of any financial institution in the country over the last 15 years.

If you want to double check, give us a call on 13 14 22 and we'll almost certainly be able to find other ways for you to save money and time on your home loan.

Calculation based on the .

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For new loans of $150,000 or more applied for and approved from 24 August 2016. Available for a limited time.

For new loans of $150,000 or more applied for and approved from 24 August 2016. Available for a limited time.

* 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.

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

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.

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.

The loan to value ratio (LVR) is the ratio of the loan amount against the value of the secured property. Maximum LVR for the Discount Variable - Special Offer Rate is 90% for owner occupied loans. Living Equity has a maximum LVR of 85%. The maximum LVR for all other owner occupied loans is 95%. The maximum LVR for investment loans is 90%. Conditions apply.