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100% Offset Variable Rate Home Loan 5.29% p.a. (5.65% CR) + up to $5,000 Cashback for Refinance @ Heritage Bank

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Hi Ozbargainers,

For those looking at refinancing their Home Loans, you may want to consider the Heritage Bank Home Advantage Loan with a current standard variable rate of 5.29% (C.R. 5.65%). This is a packaged loan with 100% offset. Their discounted variable loan also with cashback ex offset package is 5.14% (C.R. 5.16%).

Heritage Bank Loan Fees & Features
  • $350 annual fees
  • 100% offset account
  • Unlimited extra repayments at no cost
  • Additional repayments allowed at any time
  • Online banking access
  • Includes Packaged Credit Card

Upfront Fees:

  • Establishment Fee Nil
  • Settlement Fees Nil.
  • Valuation Fee Nil
  • Discharge Fee $345

Lender Cashback:
$3,000 cashback
for loans $250,000 - $499,999
$4,000 cashback
for loans $500,000 - $699,999
$5,000 cashback
for loans $700,000 or more

Comparison Rates and Important Information

Any quoted comparison rate is only true for the example given and may not include all fees and charges. Different terms, loan amounts or fees may result in a different comparison rate. Comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Variable rates are subject to change.

The Standard Variable in Package Loan Rate shown is for new, owner-occupied, principal & interest home loans of $250,000 or more with less than 70.00% Loan to Value Ratio (LVR). What is LVR?

For those looking to apply through us you can:

Book a quick chat using the following link: https://calendly.com/obtainfinance/homeloan
Email: [email protected]
Phone: 0421744572

Broker Cashback

  • $500 total cashback payable on loans of <$500,000 (balance net of offset and redraw)
  • $1,000 total cashback payable on loan settled >$500,000 (balance net of offset and redraw)
  • Rebate payable in two equal installments. The first installment is payable within 45 days of settlement and 2nd tranche is payable by the 14th month anniversary of loan settlement.

Min loan for broker rebate is $250,000 net of offset or redraw.

https://obtainfinance.com.au/ (ABN 67 233 834 231)
Australian Credit Licence Number 506 992

Referral Links

$250 Gift Card with Loan: random (19)

When an existing Heritage member refers a new member and that new member has a Heritage home or business loan approved and fully funded within 3 months of the membership creation, both the new member and the referrer receive a $250 pre-paid Visa gift card.

Related Stores

Heritage Bank
Heritage Bank
Obtain Finance
Obtain Finance
Third-Party

closed Comments

    • +2

      Not much they can do until inflation gets under control, somehow.

      • Feels like dog trying to catch its tail. The rate goes up, forcing other costs to go up, which then cause inflation to go up

        • +4

          That would make sense if profits stayed level but they're going up too. Consumers are getting shafted both ways.

          • -5

            @soan papdi:

            Consumers are getting shafted both ways.

            Correct. That is because the government is sitting on their arse doing nothing about it.

            Meanwhile the reserve bank doesn't think, and raises interest rates because of inflation without thinking about the cause of inflation.

            • +1

              @jv: In general all governments and markets globally have theory that interest rates are the proven right way to deal with inflation,
              The more i spend on my mortgage and less i borrow the less i spend.

              but yes it is archaic and they really need to rethink it
              because we are now having to borrow for food and essentials when historically we had discretionary buffers.

              especially when that spending is not on discretionary stuff like clothes, purses and holidays.
              But rent utilities insurance food transport

              Turkey experimented with an alternative by not increasing the interest rates
              but hasn't worked out,
              instead inflation is in the 50-80% range

              (https://www.youtube.com/watch?v=IassCL4biu8&t=776s)

              (https://www.youtube.com/watch?v=LLePNXCTBv8&t=128s)

              • +1

                @cski: Get out of here with your context and facts, I already grabbed my pitchfork to mob the government.

            • +1

              @jv: Tell me you know nothing about macroeconomics without telling me you no nothing about macroeconomics

            • +2

              @jv: The RBA raised interest rates citing increased wages. Then six months later, they were proven to be false. We have inflation because of the RBA printed money like there's no tomorrow and banks were able to access cheap finance and were handing out cheap loans.

              https://www.abc.net.au/news/2023-02-25/reserve-bank-interest…
              https://www.smh.com.au/politics/federal/australians-hit-by-l…

              It's also funny how no rate rise happened when LNP was in power but as soon as ALP term began, rates had to go up. Can't help but see the co-incidence there.

      • -3

        Not much they can do until inflation gets under control

        Inflation currently isn't due to spending though, so raising interest rates is not helping.

    • +6

      RBA is independent of the government

      cope harder

      • -3

        RBA is independent of the government

        RBA raise interest rates because of inflation.

        Government policies affect inflation.

        It's not rocket science.

        • +5

          How very partisan of you.

          Government policies may influence some inflation, but so do you, I other world leaders, business, the weather.
          The thing is government policies take time to affect things and how long is the current government?

          Weather can wipe out food immediately for short & long term, sudden mood of you or I to buy new stuff or travel can spike demand, world leaders invading each other or banning import/exports can unbalance inflation, panic in markets can cause hoarding and artificial demand.

          It may not be rocket science but is sure as hell more than throwing insults at people

          • -1

            @cski:

            how long is the current government?

            A year, and what has he don't to address it? Absolutely nothing

        • +4

          this is in reaction to the last decade of government policies

          its not rocket science

          • -2

            @jabroni:

            this is in reaction to the last decade of government policies

            The last decade of government saw low inflation and high employment and the some of the lowest interest rates ever

            • +1

              @jv: inflation started under the last government and only 30ish % of households hold a mortgage

              unemployment is even lower now

              interest rates should never be this low for us savers

              cope

              • -2

                @jabroni:

                inflation started under the last government

                It was 3.5% a year ago, now it is almost 8%.

                Anyway, this discussion is about interest rates and Albo is sitting on his arse.

              • -2

                @jabroni:

                unemployment is even lower now

                yeah from 3.9% to 3.5%.

                That means nothing though.

                • +1

                  @jv: oh i see

                  you get to choose what means something and what means nothing

                  start with the $40 billion jobkeeper that went to underserving applicants and the RBA not raising rates when housing market took off [before and after the initial covid phase]

                  • @jabroni:

                    you get to choose what means something and what means nothing

                    anything under 5-6% unemployment doesn't mean much.
                    it basically means we are at full employment as a small number of people are always changing jobs, quitting, taking a break, getting sacked etc. etc. That's why is basically meaningless…

                    Inflation on the other hand is a very different beast….

                    Ask Dan, he was using it as an excuse today to cancel major projects.

                    • @jv: Dan doesnt live rent free in my head as im not in Melb but start with the $40 billion jobkeeper that went to underserving applicants and the RBA not raising rates when housing market took off [before and after the initial covid phase] as you need to understand inflation a bit better

                      • @jabroni:

                        Dan doesnt live rent free in my head

                        He does, but he does it quietly for some people…

                      • @jabroni:

                        and the RBA not raising rates when housing market took off

                        at the time when tenants could stay in a property without paying any rent, in effect legally allowed to steal?

                      • @jabroni:

                        jobkeeper that went to underserving applicants

                        most of jobkeeper kept people employed by preventing companies from going bankrupt and/or sacking their staff.

                        would have been interesting coming out of covid and not having any Australian companies to employ people…

    • You got the wrong politician/party but yes, looks like rates are up.

      If you think that the economy has somehow become broken because of what he's done since being elected in 2022 you have no idea how macroeconomics works. Of course, you've made this abundantly clear a few times in this post.

    • Real enemy are the central banks

      • The Reserve Bank is accountable to the Parliament…

  • I wonder if their online banking is as horrible as all the Visa/MC gift cards they supply…

    • Their online banking is really good.

  • Any deals for 70-80% LVR?

  • There are some pretty sharp rates at the LVR ranging from 5.39% with cashback and 5.18% without. Even lower for basic, with no offset. IM for more info.

  • +1

    Terms and conditions says the cashback is only for refinance and the cashbackust be paid back if the heritage loan is repaid within first 6 months

  • +1

    Heads up - I've had two brokers tell me that Heritage is particularly slow right now (2+ months) and are asking a lot of follow-up questions on applications. It probably wasn't a large sample size (I doubt the brokers had say 10 recent loans each) but worth being aware of.

    • +1

      Took me two weeks, not two months.
      It’s discharging from my current bank that’s to be ashamed of due to them not being able to cope with ‘unprecedented demand’ pfff

    • Assessment turn around times are pretty quick at the moment (2 to 4 days), provided you get your documentation in correctly upfront.

    • When these small lenders offer the best deal. They struggle with volumes. Unable to cope.

  • +1

    OP, are you sure it's for new purchases? Website says refinances only

  • Greater Bank have sharper Fixed Rates and $4,000 cash back

  • Do they do desktop or physical valuation? My case is just between 70-72% LVR

    • Depends on what their valuation system determines.

  • Is it hard for Heritage bank to match rate in future? I know ING it's a PITA to match rates.

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