Heritage Bank Standard Variable

The Heritage Standard Variable home loan is the Heritage Bank’s traditional home lending product. It is the foundational loan that the organization’s fixed rate loans revert to once their terms expire. As with other banks in Australia, the rate is influenced by the Reserve Bank. However, Heritage evaluates its internal borrowing costs to set the variable rate.

Variable refers to the fact that interest rates will change throughout the loan term as the market changes. If the rates go up so do your payments. Likewise, if the interest rates go down so will your payment.

The Heritage Standard Variable is a flexible loan product that provides several benefits and features to customers. Among them you can access redraw facility, repayment holidays, extra payments, offset accounts, and payments may be made weekly, fortnightly, or monthly.

KEY BENEFITS

The following benefits will be available to you with the Heritage Standard Variable Home Loan:

Extra Repayments

You can make extra payments on the mortgage and reduce the balance much faster.

Repayment Holidays

This feature allows you to suspend payments for a set period of time if you have paid ahead on your mortgage.

Redraw Facility

You can re-draw funds from your loan account if you’ve paid more than the regular payment and use it in different ways or for specific purposes.

Split Loans

You can split your loan account into different types of loan to take advantage of different benefits or features.

Mortgage Offset

This is an account that allows you to offset part of your mortgage’s interest by drawing from the balance on your savings or other financial account.