Heritage Bank Fixed 5 Year

The Heritage 5-Year Fixed Rate home loan, like the 1, 2, and 3-year loans made available through Heritage Bank, gives you an initial fixed rate period that in this case lasts 5 years before it reverts to the standard variable rate.

This is the type of loan that is attractive to borrowers who want added security when taking on a mortgage. For five years, the payments will remain the same regardless of changes in the interest rate market. Like other fixed rate loans, this one comes with other features that make it a comprehensive product. They include the redraw facility, lump payments, flexible payment options, split loans, and mortgage offset.

Many borrowers will choose the fixed rate home loan despite the fact that the fixed rate is normally higher than the variable rate simply because the stability of the fixed term offers incentive.

KEY BENEFITS

Here are the key benefits attached to the Heritage 5-Year Fixed Rate Home Loan:

Extra Payments

This gives you the ability to pay extra on your mortgage or make lump sum payments without getting charged for early repayment.

Using Split Loans

You have the option of dividing your loan term between different types of loans in order to use different features of each.

The Redraw Facility

You can take funds that have already been paid into home loan and reuse them to pay for bills or other expenses.

Loan Portability

Should you decide to sell a property or get a better one, you can move the loan account over.

Interest Only Payments

This option is only available if you are using an investment loan. The interest only period may last up to five years.