Heritage Bank Personal Loans

Heritage Bank provides personal loans as well as car loans, home loans, savings accounts, credit cards, insurance and investment products.

Compare Heritage Bank personal loans and ratesHeritage Bank Customer Owned Institution

The table below displays a snapshot of Heritage Bank’s secured personal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

 

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What personal loans does Heritage Bank offer?

Heritage Bank currently offers 3 different types of personal loans at the time of writing, they include:

  1. Standard fixed rate personal loan
  2. Standard variable rate personal loan
  3. Low rate secured personal loan

Heritage Bank standard fixed rate personal loan

This loan has the following features:

  • Rate of 12.99% with a comparison rate of 13.61% p.a.
  • Loan term up to 5 years
  • Secured or unsecured loan options
  • Loan amount between $5,000 and $50,000 for secured, and $5,000 and $25,000 for unsecured
  • Flexible repayments of either weekly, fortnightly or monthly
  • Additional repayments allowed
  • Redraw available funds
  • Repay in full at any time

Heritage Bank variable rate personal loan

This loan has the following features:

  • Rate of 12.99% with a comparison rate of 13.61% p.a.
  • Loan term up to 5 years
  • Secured or unsecured loan options
  • Loan amount between $5,000 and $50,000 for secured, and $5,000 and $25,000 for unsecured
  • Flexible repayments of either weekly, fortnightly or monthly
  • Additional repayments allowed
  • Redraw available funds
  • Repay in full at any time

Heritage Bank low rate secured personal loan

This loan has the following features:

  • Rate of 5.14% with a comparison rate of 7.61%
  • Loan is secured against a Heritage term deposit
  • Loan term between 1 and 10 years
  • Loan amount between $5,000 and $100,000
  • Ability to redraw additional payment
  • Flexible repayments either weekly, fortnightly or monthly

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What can you use Heritage Bank’s personal loans for?

A personal loan with Heritage Bank can be used for many important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with Heritage Bank could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from Heritage Bank to see what you can and can’t take out a personal loan for.

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Heritage Bank FAQs

Both the fixed and variable rate personal loan options from Heritage Bank have a loan term between 1 and 5 years, with the low rate secured personal loan between 1 and 10 years depending on the loan amount.

There are a number of fees to be aware of when taking out a personal loan with Heritage Bank:

  • Application fee – $200
  • Monthly fee – $5

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if Heritage Bank’s fees are more or less what the average customer is paying.

Applying for a Heritage Bank personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Heritage Bank (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • You must be 18 years or old
  • You must live in Australia
  • You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VISA
  • Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
  • Show an ability to afford your loan repayments
  • Take out a loan of at least $5,000

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for Heritage Bank if you’re an existing member.

In addition to personal loans, Heritage Bank also offers a secured car loan. The table below displays a snapshot of Heritage Bank’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in NSW.

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Heritage Bank was founded in 1981 following the merger of the Toowoomba Permanent Building Society and the Darling Downs Building Society, which were both established in the late 1800s.

Those new to home buying will enjoy Heritage Bank’s free eBook, The Little eBook of Home Buying Tips. You can download it from their First Home Buyer or Next Home Buyer pages.

Heritage Bank also has a blog full of handy hints on money management.

How Heritage Bank supports the community

  • Community grantsIf you have a Community Saver savings account, every three months, you can choose a community group to support. That group receives a grant from Heritage Bank of a percentage of your Community Saver account – without you paying a cent of your own savings.
  • Sponsorship: Heritage Bank sponsors the Queensland Eisteddfod, Toowoomba Carnival of Flowers and Toowoomba Royal Show, piglet races at the Ekka, annual Photographic Awards, Queensland Performing Arts Centre (QPAC), Gold Coast Bulletin Fun Run and more.
  • Volunteering: Employees receive one day of paid Volunteer’s Leave each year, and paid leave to donate blood through their local Red Cross Blood Bank. Heritage Bank also awards the annual Volunteer of the Year Award.

How Heritage Bank supports the environment

  • Community groups which customers can support include the Animal Welfare League, Australia Zoo Wildlife Warriors, Moggill Koala Hospital, Petrie Creek Catchment Care Group.

Heritage Low Rate Secured Loan

Canstar Research
Rating:
Award: Outstanding Value Personal Loan

Written by: Regina Collins | Last updated: