This handy reference lets you view the benefits and features of all the home loans on offer from Heritage Bank.
Loan Term
The Loan Term sets the maximum time you have to pay the loan back. All of our Home Loans have terms of up to 30 years, excluding our Bridging Loan. Our Bridging Loan has a maximum term of 6 months.
Minimum Loan Amount
This is the smallest amount you can borrow to qualify for the loan.
| Discount Variable | $150,000 |
| Fixed Rate |
$20,000 |
| Standard Variable | $20,000 |
| Fixed Rate in Package ⚐ | $150,000 |
| Standard Variable in Package ⚐ | $150,000 |
| Bridging Loan | $20,000 |
Redraw Extra Repayments
All of our Home Loans have a redraw facility, excluding our Bridging Loan. This means you can make repayments in advance and take out this extra money out whenever you need. Set up free Online Redraw to move money in our Mobile Banking App or Heritage Online 24/7.
Interest Only Term
The maximum amount of time the loan can be interest-only.
| Discount Variable | 5 years for investors only |
| Fixed Rate |
5 years for investors only |
| Standard Variable | 5 years for investors only |
| Fixed Rate in Package ⚐ | 5 years for investors only |
| Standard Variable in Package ⚐ | 5 years for investors only |
| Bridging Loan | 6 months |
Split Loans
Split loans are available with all our Home Loans, excluding our Bridging Loan. A split loan allows you to have multiple loans secured by the one property. This means you could have some of your loan fixed and some variable.
Offset Account
An offset account is a transaction account that can reduce the amount of your home loan on which you are required to pay interest on. Learn more about how offset accounts work
| Discount Variable | No |
| Fixed Rate |
No |
| Standard Variable | Yes, 100% Offset |
| Fixed Rate in Package ⚐ | No |
| Standard Variable in Package ⚐ | Yes, 100% Offset |
| Bridging Loan | No |
Loan Top Up
Once you've already taken out a loan, a Loan Top Up allows you to borrow more.
| Discount Variable | $10,000 minimum |
| Fixed Rate |
No |
| Standard Variable | $10,000 minimum |
| Fixed Rate in Package ⚐ | No |
| Standard Variable in Package ⚐ | $10,000 minimum |
| Bridging Loan | No |
Switch Loan Types
Some loans can be easily switched to another loan type without having to re-apply.
| Discount Variable | Yes |
| Fixed Rate |
Yes |
| Standard Variable | Yes |
| Fixed Rate in Package ⚐ | Yes |
| Standard Variable in Package ⚐ | Yes |
| Bridging Loan | No |
Rate Guarantee
A Rate Guarantee is available on Fixed Rate Home Loans at Heritage for a fee of 0.15% of your basic loan amount and is current for 90 days from application.
A Rate Guarantee is optional extra on fixed loans and allows you to lock in the fixed rate you're applying for on your home loan. This means you won't pay more than the advertised rate if rates go up before the loan settles, but also allows you to benefit from a cheaper price if interest rates drop in between the time you apply and your settlement date.
Break Fee
Some loans may incur a break fee if you pay the loan out before you agreed to. This usually applies to fixed rate loans.
| Discount Variable | No |
| Fixed Rate |
Break fee may apply |
| Standard Variable | No |
| Fixed Rate in Package ⚐ | Break fee may apply |
| Standard Variable in Package ⚐ | No |
| Bridging Loan | No |
Application Fee
When applying for a Home Loan, an Application Fee is payable. This can be added into your loan during application.
| Discount Variable | $0 |
| Fixed Rate |
$600 |
| Standard Variable | $600 |
| Fixed Rate in Package ⚐ | $0 ($350 annual fee) |
| Standard Variable in Package ⚐ | $0 ($350 annual fee) |
| Bridging Loan | $900 |
Loan Service Fee
A loan service fee is a regular fee, usually monthly or annually, that is charged for the ongoing service of your loan.
| Discount Variable | $0 |
| Fixed Rate |
$8 per month |
| Standard Variable | $8 per month |
| Fixed Rate in Package ⚐ |
$350 annual fee |
| Standard Variable in Package ⚐ |
$350 annual fee |
| Bridging Loan | No fee |
Settlement Fee
We're here to help
Our Lending Specialists are here to support you through every step of your home buying journey.
If you have a question about our home loans, tap here to get in touch with us in the way that suits you.
This will determine how best we can help.