Heritage Bank home loan repayment calculator

Thinking about taking out a home loan with Heritage Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Heritage Bank home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated repayments

at interest rate 3.32 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Variety of home loan products to choose from.
  • Package deals available to bundle this loan with other accounts.
  • Discounted rates available on some loan products.
  • Flexible loan features.
  • Some products have moderate to high loan fees.
  • Some loans have moderate to high interest rates.

Heritage Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

3.32%

Variable

$750

3.37%

$0
Heritage Bank
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3.42%

Variable

$750

3.47%

$0
Heritage Bank
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3.52%

Variable

$750

3.57%

$0
Heritage Bank
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3.67%

Variable

$750

3.72%

$0
Heritage Bank
More details

3.19%

Fixed - 3 years

$150

3.74%

$350 annually
Heritage Bank
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3.14%

Fixed - 2 years

$150

3.75%

$350 annually
Heritage Bank
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3.37%

Variable

$150

3.75%

$350 annually
Heritage Bank
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3.49%

Fixed - 1 year

$150

3.81%

$350 annually
Heritage Bank
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3.77%

Variable

$750

3.82%

$0
Heritage Bank
More details

3.47%

Variable

$150

3.85%

$350 annually
Heritage Bank
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3.57%

Variable

$150

3.95%

$350 annually
Heritage Bank
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3.79%

Fixed - 5 years

$150

3.95%

$350 annually
Heritage Bank
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3.97%

Variable

$750

4.02%

$0
Heritage Bank
More details

4.07%

Variable

$750

4.12%

$0
Heritage Bank
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3.59%

Fixed - 3 years

$150

4.14%

$350 annually
Heritage Bank
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3.59%

Fixed - 2 years

$150

4.15%

$350 annually
Heritage Bank
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3.77%

Variable

$150

4.15%

$350 annually
Heritage Bank
More details

3.74%

Fixed - 3 years

$150

4.17%

$350 annually
Heritage Bank
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3.84%

Fixed - 2 years

$150

4.20%

$350 annually
Heritage Bank
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3.99%

Fixed - 1 year

$150

4.21%

$350 annually
Heritage Bank
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4.09%

Fixed - 1 year

$150

4.22%

$350 annually
Heritage Bank
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3.87%

Variable

$150

4.24%

$350 annually
Heritage Bank
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4.29%

Variable

$750

4.34%

$0
Heritage Bank
More details

4.19%

Fixed - 5 years

$150

4.35%

$350 annually
Heritage Bank
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4.39%

Fixed - 5 years

$150

4.43%

$350 annually
Heritage Bank
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4.07%

Variable

$150

4.44%

$350 annually
Heritage Bank
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4.17%

Variable

$150

4.54%

$350 annually
Heritage Bank
More details

3.19%

Fixed - 3 years

$750

4.55%

$8 monthly
Heritage Bank
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3.79%

Fixed - 5 years

$750

4.55%

$8 monthly
Heritage Bank
More details

3.14%

Fixed - 2 years

$750

4.67%

$8 monthly
Heritage Bank
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4.70%

Variable

$150

4.72%

$0 annually
Heritage Bank
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3.49%

Fixed - 1 year

$750

4.86%

$8 monthly
Heritage Bank
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4.84%

Variable

$750

4.89%

$0
Heritage Bank
More details

4.84%

Variable

$750

4.99%

$8 monthly
Heritage Bank
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4.19%

Fixed - 5 years

$750

5.03%

$8 monthly
Heritage Bank
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3.59%

Fixed - 3 years

$750

5.05%

$8 monthly
Heritage Bank
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3.74%

Fixed - 3 years

$750

5.09%

$8 monthly
Heritage Bank
More details

4.39%

Fixed - 5 years

$750

5.12%

$8 monthly
Heritage Bank
More details

3.59%

Fixed - 2 years

$750

5.20%

$8 monthly
Heritage Bank
More details

3.84%

Fixed - 2 years

$750

5.24%

$8 monthly
Heritage Bank
More details

5.21%

Variable

$750

5.38%

$10 monthly
Heritage Bank
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3.99%

Fixed - 1 year

$750

5.40%

$8 monthly
Heritage Bank
More details

4.09%

Fixed - 1 year

$750

5.41%

$8 monthly
Heritage Bank
More details

5.39%

Variable

$750

5.54%

$8 monthly
Heritage Bank
More details

5.39%

Variable

$750

5.54%

$8 monthly
Heritage Bank
More details

Heritage Bank customer service

Heritage Bank has a network of over 60 branches spread across Brisbane, Sunshine Coast and Wide Bay Burnett areas. Home loan customers can contact Heritage Bank by calling the contact centre from Monday through to Saturday or can email the bank directly. 

  • Customer service (phone, email, branch)
  • Mobile app
  • Online banking
  • Mobile banking staff

How to Apply

Borrowers wanting to apply for a Heritage Bank home loan can either complete a secure online loan application form or can call through to the Contact Centre for more support. Queensland based borrowers can apply in their local branch. Before applying for a Heritage Bank home loan, consider what you can afford to borrow and what other costs you need to factor in. To apply for a Heritage Bank home loan, you will need to supply the following information:

  • Proof of identity.
  • Proof of income and employment, whether you’re self-employed or you’re on a salary.
  • Superannuation statements.
  • Proof of three months of savings history.

About Heritage Bank home loans

Heritage Bank home loans cater for a wide variety of mortgage customers:

  • Owner-occupier home loans
  • Investor home loans
  • Lines of credit
  • Bridging loans
  • SMSF loans
  • Reverse mortgages

Heritage Bank home loans also come with a range of interest rate options:

  • Variable rate
  • Fixed rate
  • Principal and interest
  • Interest-only
  • Split loans

If borrowers package their home loan with a Heritage Bank credit card and transaction account, they can qualify for mortgage rate reductions and fee waivers.

Heritage Bank mortgages have maximum loan terms of 30 years. Unlimited additional repayments are allowed. Depending on which home loan you choose, Heritage Bank also offers offset accounts and redraw facilities.

Heritage Bank home loan rates tend to range from very low to moderate, while application and ongoing fees tend to be moderate. Fees may apply for making redraws or closing fixed-rate mortgages early.

Heritage Bank home loan rates

Heritage Bank home loan rates differ from product to product, but they tend to be very low, moderately low or moderate.

As a challenger lender, Heritage Bank has to find a way to differentiate itself from the big four banks - which is one reason why it offers lower mortgage rates. Another reason Heritage Bank offers lower interest rates is that it is owned by its customers, rather than by shareholders, which means it doesn’t have the same imperative to maximise profits.

Heritage Bank offers three tiers of pricing for its home loans. From lowest to highest, they are:

  • Standard home loans
  • Line of credit loans
  • Bridging loans

Heritage Bank also charges different interest rates for owner-occupier mortgages (lower) versus investment mortgages (higher) and for principal-and-interest mortgages (lower) versus interest-only mortgages (higher).

Heritage Bank home loans review

Heritage Bank may be based in Queensland, but it provides home loans to borrowers all over Australia, whether directly from its branches or via mortgage brokers.

Heritage Bank’s bread and butter is owner-occupier home loans and investment home loans, both at the time of purchase or through refinancing. But it also offers specialist mortgage products such as lines of credit, bridging loans, SMSF loans and reverse mortgages.

Heritage Bank home loans can be principal and interest or interest-only, while borrowers can also choose for their mortgages to be variable, fixed or split.

In terms of interest rates, Heritage Bank tends to be at the cheaper end of the market, with mortgage rates tending to be very low, moderately low or moderate.

Its fees, though, are more likely to be moderate rather than market-leading. Those fees include application fees, monthly account-keeping fees and redraw fees.

What is a guarantor and guarantee?

A guarantor is a person, third party or organisation that agrees to guarantee your loan.

The guarantee is a legal assurance given by the guarantor to pay the loan if the borrower defaults and is unable to pay.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

What is upfront fee?

An ‘upfront’ or ‘application’ fee is a one-off expense you are charged by your bank when you take out a loan. The average start-up fee is around $600 however there are over 1,000 loans on the market with none at all. If the loan you want does include an application fee, try and negotiate to have it waived. You’ll be surprised what your bank agrees to when they want your business.

Can I check my rates more than once? Can I go back to view loans from a different device (e.g. my phone) or at another time without having to enter details in again?

You can only check your rates once. However we will send you, via email, the link to the result page so that you may return to it.

What are exit and discharge fees?

The Federal Government banned exit fees in 2011, removing one of the biggest barriers to taking switching home loan providers. Lenders can still legally charge a discharge fee, which is payable when you come to the end of your home loan, however these fees are relatively small at an average of $304 while 134 products don’t have them at all.

What is stamp duty?

Stamp duty is the tax that must be paid when purchasing a property in Australia.

It is calculated by the state government based on the selling price of the property. These charges may differ for first homebuyers. You can calculate the stamp duty for your property using our stamp duty calculator.

What is a honeymoon rate and honeymoon period?

Also known as the ‘introductory rate’ or ‘bait rate’, a honeymoon rate is a special low interest rate applied to loans for an initial period to attract more borrowers. The honeymoon period when this lower rate applies usually varies from six months to one year. The rate can be fixed, capped or variable for the first 12 months of the loan. At the end of the term, the loan reverts to the standard variable rate.

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

How can I use the $100 gift card?

Your $100 gift card works just like a digital VISA debit card and can be used anywhere that these cards are accepted until its balance runs out.

How much debt is too much?

A home loan is considered to be too large when the monthly repayments exceed 30 per cent of your pre-tax income. Anything over this threshold is officially known as ‘mortgage stress’ – and for good reason – it can seriously affect your lifestyle and your actual stress levels.

The best way to avoid mortgage stress is by factoring in a sizeable buffer of at least 2 – 3 per cent. If this then tips you over into the mortgage stress category, then it’s likely you’re taking on too much debt.

If you’re wondering if this kind of buffer is really necessary, consider this: historically, the average interest rate is around 7 per cent, so the chances of your 30 year loan spending half of its time above this rate is entirely plausible – and that’s before you’ve even factored in any of life’s emergencies such as the loss of one income or the arrival of a new family member.

Mortgage Calculator, Loan Term

How long you wish to take to pay off your loan. 

What is an ongoing fee?

Ongoing fees are any regular payments charged by your lender in addition to the interest they apply including annual fees, monthly account keeping fees and offset fees. The average annual fee is close to $200 however there are almost 2,000 home loan products that don’t charge an annual fee at all. There’s plenty of extra costs when you’re buying a home, such as conveyancing, stamp duty, moving costs, so the more fees you can avoid on your home loan, the better. While $200 might not seem like much in the grand scheme of things, it adds up to $6,000 over the life of a 30 year loan – money which would be much better off either reinvested into your home loan or in your back pocket for the next rainy day.

Example: Anna is tossing up between two different mortgage products. Both have the same variable interest rate, but one has a monthly account keeping fee of $20. By picking the loan with no fees, and investing an extra $20 a month into her loan, Josie will end up shaving 6 months off her 30 year loan and saving over $9,000* in interest repayments.

How long should I have my mortgage for?

The standard length of a mortgage is between 25-30 years however they can be as long as 40 years and as few as one. There is a benefit to having a shorter mortgage as the faster you pay off the amount you owe, the less you’ll pay your bank in interest.

Of course, shorter mortgages will require higher monthly payments so plug the numbers into a mortgage calculator to find out how many years you can potentially shave off your budget.

For example monthly repayments on a $500,000 over 25 years with an interest rate of 5% are $2923. On the same loan with the same interest rate over 30 years repayments would be $2684 a month. At first blush, the 30 year mortgage sounds great with significantly lower monthly repayments but remember, stretching your loan out by an extra five years will see you hand over $89,396 in interest repayments to your bank.

Should I become a guarantor?

You should carefully weigh up the pros and cons before signing on as a guarantor – because while it can be very rewarding if everything goes according to plan, it can have serious consequences if the plan goes awry.

If the person you’re guaranteeing keeps up with their mortgage repayments, you’ll be able to take pleasure in helping them fulfil their dream of home ownership.

However if that person fails to meet their mortgage repayments, it might damage or destroy your relationship. Your finances might also be affected if the lender asks you to make the repayments or even seizes your home to settle the debt.