Home Advantage Variable Home Advantage - Variable $250K - $699,999 <80% (Owner Occupied)

  • 3.89%
    p.a Standard Variable
  • 4.04%
    p.a Comparison**
  • $150
    Upfront fees
  • $350
    Annual fees
  • 80%
    Max LVR
  • $1,855
    Per Month*

About Heritage Bank

Established in 1875, Heritage is Australia's largest customer-owned bank, enriching thousands of Australia's financial dreams. Heritage Bank is an independent bank, strictly owned by their customers and not shareholders. True to their motto, ‘People first’, profits are shared equally amongst their customers. Their mission continues as they help their customers save money by offering better rates and lower fees than their competitors where they can.

Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
rate per annum

Loan to Value Ratio

Borrow up to the maxium of 80% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Capitalise LMI


For Construction, Owner Occupied, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.

1 - 30 years


The level of financial documentaion and credit history required to apply for the loan.

Full Doc
Credit History
Genuine Saving

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Min Redraw
Redraw fee

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

  • an offset account;
  • ability to make extra repayments;
  • a redraw facility; and
  • linked credit card and savings accounts;
  • ability to split your loan between fixed and variable interest rates
Offset Account
Redraw Available
Internet Banking
Telephone Banking
Credit Card
BPay Option
Portability of Loan
Professional Pack
Check Account
Direct Salary Credit
Free Transactions
Minimum Redraw
Redraw Fee


You can make your repayments Fortnightly, Monthly, and Weekly.

Interest Only Option
Max Interest Only
0 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.


Ongoing Fees

Monthly and annual fees and charges during the loan period.

Ongoing Yearly

Exit Fees

Fees associated with prematurely ending the loan.

Early Repayment
Switch To Fixed


Heritage restricts mortgage loan applications with a Loan to Valuation Ratio (LVR) to a maximum of 95% (inclusive of mortgage insurance premium) to the following: - First Home Owner Buyers - Owner-occupied construction loans - Units with the following exceptions - High density apartments (max LVR 80%) - Investment (max LVR 90%) - Inner city high-density apartments (max LVR 70%). Requirements: - Minimum borrowing $150K - Hold at least one of the three Home Advantage Loan products - Must hold any qualifying Visa card - Must pay the annual package fee of $350 Features: - No monthly administration fee - Additional repayments welcome without penalties - Unrestricted redraw - No application fee on further advances - Valuation fee on first security paid by Heritage up to $330 Progressive Valuation (x2): $144.96 per inspection, plus mileage if applicable, will apply for each progress valuation inspection. The fee may vary depending on location of property - state by state. Please note that this is an approximate amount only. If the inspection fee is higher than the stated amount then the available loan funds will be reduced accordingly. Normal requirement is for two progress inspections at frame and completion stages. Where a valuation is required and only one property is offered as security Heritage will pay for the valuation, up to a maximum cost of $330. Any amount over $330 is to be borne by the borrower. In addition, if two or more securities are involved, the valuation cost of the subsequent securities is to be borne by the borrower. Verification Requirements Confirmation that repayments are up-to-date, together with documentary evidence of satisfactory conduct, is to be provided as set below. Facilities Being Refinanced: If Under 80% (not mortgage insured) – Applicants are to provide the latest 6 months loan statements for home loans If Over 80% (mortgage insured) – 6 Consecutive months, including the month immediately proceeding the month of the application for LMI. Facilities Not Being Refinanced: If Under 80% (not mortgage insured) – Applicants to provide the latest loan statements to evidence current repayments amounts, interest rate and good conduct If Over 80% (mortgage insured) – Applicants to provide the latest loan statements to evidence current repayment amount, interest rate and good conduct. Guarantor Fee of $200 will apply to new loan applications where a guarantor is required. Subject to Credit Policy and Criteria.

LVR Notes

LMI payable above 80% LVR. Max LVR to apply as follows: 95% max for First Home Owner Buyers inclusive of any capitalised LMI - borrowers need to provide 5% genuine savings 95% max for owner occupied purchase and construction loans (inclusive of any capitalised LMI); 90% max for equity cash-out loans (inclusive of any capitalised LMI); 90% max for refinance applications (including LMI); 85% max plus LMI capitalisation for consolidation loans (no more than four [4] existing loans are to be consolidated); 95% max for construction loans (inclusive of any capitalised LMI); 90% max for fully developed residential land loans; 85% maximum for rural residential land loans; 80% maximum for rural zoned land loans; 95% maximum LVR for units, with the following exceptions: High-density apartments have a maximum LVR of 80% and Inner city high-density apartments have a maximum LVR of 70%. Eligibility criteria for non-residents and permanent residency via holders living in Australia: - Australian citizen who is non-resident now has a maximum LVR of 70%, maximum NSR of 90%, in addition to existing Heritage requirements; - New Zealand citizen who is non-resident now has maximum LVR of 70%, maximum NSR of 90%, and maximum loan of $750,000, in addition to existing Heritage requirements.


Applicants with 20% or more equity only need to provide evidence of the existence of that deposit and don't need to demonstrate a 5% genuine saving history, nor provide details of the deposit history but must show propensity to meet repayments. Applicants with less than 20% deposit required to provide evidence of the 5% genuine savings.

Fee Notes

Settlement fee: $150 (per loan) Construction Progress Inspection fee $144.96 per inspection (2 inspections required) plus mileage if applicable. Agents Settlement fee ranges from $88-$260 plus disbursements (per settlement) for CBD settlements, depending on state. Where Heritage engages an agent acting on its behalf, the Agents Settlement Fee will be passed on to the borrower. Switching Fee - Nil. Where a valuation is required and only one property is offered as security Heritage will pay for th

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided