Heritage Bank personal loan repayment calculator

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

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • No early exit penalty
  • Can apply online
  • Can apply in branch
  • Application fee charged
  • Monthly fee charged
  • Not the lowest rate on the market

Heritage Bank personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

4.94%

Variable

7.41%

$565

based on $30,000 loan amount for 5 years

$200

Redraw facility
Extra repayments
Fully drawn advance
Secured
Heritage Bank
More details

10.99%

Fixed

11.62%

$652

based on $30,000 loan amount for 5 years

$200

Redraw facility
Extra repayments
Fully drawn advance
Secured
Heritage Bank
More details

12.74%

Variable

13.36%

$679

based on $30,000 loan amount for 5 years

$200

Redraw facility
Extra repayments
Fully drawn advance
Secured
Heritage Bank
More details

Features of a Heritage Bank personal loan

Heritage Bank has a range of personal loans to suit different borrower profiles and preferences. Some of its options include unsecured, secured, fixed and variable personal loans and car loans. The standard personal loan is designed for borrowers who wish to take out loans of $5,000 or more and make their repayments weekly or fortnightly.

The loan amount can be paid back over a period of up to five years for fixed-rate personal loans or up to 10 years for variable-rate personal loans. Borrowers can also make extra, lump sum repayments if they have the capacity and then redraw those repayments if needed. The maximum loan amount for unsecured loans is $25,000, while borrowers with secured loans can take up to $100,000, subject to eligibility and approval.

Heritage Bank personal loans can be used for a range of different purposes including:

  • Debt consolidation
  • Cars and motorcycles
  • Education expenses
  • Wedding financing
  • Holidays
  • Investing
  • Renovations
  • Medical bills

Heritage Bank personal loans – customer service

Customers looking to contact Heritage Bank customer service can call a personal banking hotline or send an online enquiry. Heritage Bank’s branches are limited to Queensland.

Other ways to contact Heritage Bank include:

  • Online enquiry form
  • Email
  • Phone Mon-Sat, 7:30am - 7:00pm (AEST)

Who is eligible for a Heritage Bank personal loan?

To be eligible for a Heritage Bank personal loan, you’ll need to meet the following criteria:

  • Be at least 18 years old  
  • Be an Australian citizen, permanent resident or have a valid visa
  • Use the loan for personal use only
  • Not currently bankrupt or in financial hardship

How to apply for a Heritage Bank personal loan?

Applications for a Heritage Bank personal loan can be made online or in store. The online application process is simple to complete and involves the following steps:

  • Fill in an online form
  • Once completed, your application will be reviewed
  • Upon final approval, the funds will be credited to your loan account

At the time of application, you’ll need to provide the following documentation:

  • Proof of identity
  • Proof of income and employment
  • Details of any other financial commitments

Heritage Bank personal loans review

Heritage Bank personal loans have a number of features that may appeal. Borrowers are given the freedom to pay back the loan amount in lump sums or in regular, smaller instalments and can redraw any extra repayments. They can also opt for either a fixed or variable interest rate. The loans are available for a range of purposes, including holidays, debt consolidation and renovations.

Existing customers with a Heritage Bank term deposit can secure it against a variable rate personal loan. Borrowers can borrow up to $100,000 for terms of between one and 10 years.

Although there is a small, ongoing fee charged, the application fee is waived on the standard personal loan. The interest rate is also reasonable compared to some of Heritage Bank’s counterparts, but prudent borrowers would be wise to compare rates at the time of application to make sure they are getting a good deal.

Can you refinance a $5000 personal loan?

Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What causes bad credit ratings/scores?

Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for one or more of the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments. Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan.

Can I get a $4000 personal loan if I’m unemployed or on Centrelink?

Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.

If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying, to find out whether they accept borrowers on Centrelink.

Can I get an easy/instant personal loan?

Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.