Heritage Bank is Australia’s largest customer-owned bank and one of the longest-standing financial institutions in the country. It has been in operation since 1875 and has gone through several mergers and name changes to eventually emerge as Heritage Bank in 2011. As a mutual, its members are its owners and have a say in how the bank is run.
Heritage Bank offers a variety of products and services to its members, including personal loans, home loans, credit cards, term deposits, insurance products and wealth planning.
Heritage Bank personal loan repayment calculator
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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
based on $30,000 loan amount for 5 years at 8.62%
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based on $30,000 loan amount for 5 years at 12.61%
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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
- 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
- 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.
Heritage Bank top personal loans products
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:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
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.
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 is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.
Personal Loans Frequently Asked Questions
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.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments. If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan offers – consider contacting the lender before applying. >
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 long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.
How can I improve my credit rating/score?
Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising credit applications, clearing up defaults and paying bills on time.
Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.
If you want to fix an error, the first thing you should do is speak with the credit reporting body, which make take of the problem or contact credit providers on your behalf.
The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).
AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.
If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.
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.
Who calculates your credit rating/score?
Credit ratings/scores are calculated by credit reporting bodies. The main bodies are Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service.
How much can I borrow with a personal loan?
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.