+ Wide range of home loan options
+ Over 60 branches across QLD
+ Flexible loan features
x High to moderate fees on some products
x High to moderate fees on some interest rates
The Heritage Bank has a long history in Australia, although it was not always known by that name. In 1981, two Building Societies merged. One of them existed since 1875, and the other since 1897, and together they formed the Heritage Building Society. In 2009, they had accumulated more than $7 billion in assets under their control. Since 2011, it has been called the Heritage Bank, and is owned by its customers.
This basic mortgage enables borrowers to repay their loans back faster without any early payment penalties. Customers can choose their payment frequency between weekly, fortnightly and monthly to suit their needs and preferences. Borrowers may choose to skip a payment if additional payments have been made previously for added flexibility.
With this type of loan, borrowers lock in their interest rate for the first year of the loan, protecting them from any rate increases during that time. At the conclusion of the first year, the loan switches to a standard variable rate mortgage.
This loan sets the borrower’s interest rate for the first two years of the loan so that the borrower knows exactly what their monthly payments will be during this time period. After that, the loan changes over to a standard variable rate loan.
With this fixed rate loan, the borrower is guaranteed a set interest rate for the first three years of the loan, after which it changes to a standard variable rate loan. Borrowers have the option of refinancing after the end of the fixed period at the current interest rate.
In this type of loan, the borrower locks in an interest rate for the first five years of the mortgage. At the end of the fixed period, borrowers can refinance the loan to refix the interest rate at the current level or let the loan switch over to a variable rate loan.
Homeowners who have built up equity in their homes can use that equity to back a line of credit. This credit can then be used for anything the borrower wishes, like purchasing additional properties, paying for children’s educations or simply for going on holiday.
This variable rate mortgage enables borrowers to redraw from their accounts once they have built up equity in the property up to 100 percent of the value of the mortgage. Payments are flexible, enabling borrowers to pay monthly, fortnightly or weekly.
The Home Advantage Package offers borrowers significant discounts for combining a mortgage or home equity loan together with a credit card and transaction account. Benefits of choosing the package include lower interest rates and fee waivers.
The Bank offers many different types of products available to homeowners. These will interest most everyone because almost any combination of the bank’s products is possible. Borrowers can find fixed rate loans and three types of variable rate loans, including discount, standard, and basic. The bank also claims that because there are no shareholders wanting dividends, it is able to offer better deals.
Just looking at the various loan products will instantly reveal that there are Heritage Bank loans available for almost any need. Many of them are for owner-occupier situations, and lines of credit are also available.
A unique feature offered by Heritage Bank is that all its loans come with some common extras. This includes redraw, making additional repayments, and portability. Offset accounts are available on some loans. Many of the loans may be used for refinancing, construction, renovation, or investment purposes. The bank will also permit many of its loans to be increased, too, by using the equity in your home.
Fixed rate loans can be obtained with a maximum of five years. After that period, it converts to a variable rate loan with the current market rates. This type of loan is excellent for those who like the security of having a constant payment amount. It enables them to know for sure what their interest rate will be in the months and years to come.
Those who are self-employed can also get refinancing from Heritage Bank. You will need some documentation of income, but the requirements are limited.
Heritage Bank also offers most every other banking service you could need. When you put them all together, it can make it even better. Although not as large as the big banks, a deal from Heritage Bank may be a little sweeter.