Consumer Credit Insurance

Loan Protection Insurance is designed to help with your loan repayments in the event an unforeseen event occurs, such as your death, disability or involuntary unemployment. There are two types of insurance to choose from based on your loan:

Loan Cover Insurance

Cover for your personal loan repayments up to the policy limits. Depending on the cover you apply for, key features include:
  • Cover for 24 hours a day; 7 days a week
  • A death benefit of up to $80,000
  • A monthly disability benefit
  • Involuntary unemployment benefit:
    • for up to 120 days per claim; or
    • up to $10,000 for any one policy period, whichever occurs first.

Five Year Mortgage Repayment Insurance

Cover for your home loan repayments up to the policy limits. Depending on the cover you apply for, key features include:

  • Cover for 24 hours a day; 7 days a week
  • A death benefit of up to $750,000
  • A monthly disability benefit for up to 24 months
  • Involuntary unemployment benefit:
    • up to a maximum of $3,000 per month for up to 120 days per claim: or
    • up to a maximum of $10,000 in any one policy period, whichever occurs first.

Insurance Comparison

Cover Type Benefit Payment Type Insured Events Possible purposes
5 Year Mortgage Repayment Insurance Monthly mortgage repayments Death, Disability, Involuntary Unemployment
  • To assist the insured with their mortgage repayments in the event the insured becomes disabled or involuntary unemployed. Pay out loan balance in the event of death (subject to limits)
Loan Cover Insurance Monthly loan repayments Death, Disability, Involuntary Unemployment
  • To assist the insured with their personal loan repayments in the event the insured becomes disabled or involuntary unemployed. Pay out loan balance in the event of death (subject to limits)


Important Information

Read our Five-Year Mortgage Repayment Insurance & Loan Cover brochureLoan Cover Insurance Product Disclosure Statement and Five-Year Mortgage Repayment Insurance Product Disclosure Statement for more detailed information. It is important that you understand that this insurance is optional and you can only purchase this insurance if you have a loan. Please note you are entitled to a 30-day cooling off period should you change your mind about this insurance once you have purchased.



* 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.