Home Advantage Variable Home Advantage - Variable $250K - $699K (Owner Occupied)
3.84%p.a Standard Variable
About Heritage Bank
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 95% 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", "Vacant Land"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].
- 1 - 30 years
The level of financial documentaion and credit history required to apply for the loan.
- Full Doc
- Credit History
- Genuine Saving
Save on interest repayments by holding spare cash in an offset account.
- Offset account
Get quick access to cash by drawing on the loan to pay for renovations or other purchases.
- Redraw Facility
- Min Redraw
- Redraw fee
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
- Credit Card
- Internet Banking
- Telephone Banking
- BPay Option
- Portability of Loan
- Professional Pack
- Check Account
- Direct Salary Credit
- Free Transactions
- Minimum Redraw
- Redraw Fee
You can make your repaments Fortnightly, Monthly, and Weekly.
- Interest Only Option
- Max Interest Only
- 0 years
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.
Monthly and annual fees and charges during the loan period.
- Ongoing Yearly
Fees associated with prematurely ending the loan.
- Early Repayment
- Switch To Fixed
SPECIAL OFFER: First Annual fee waived until 31 December 2016 First year annual fee waiver offer valid for new Home Advantage Package applications (excluding Home Advantage Living Equity) applied for between 1 November 2016 - 31 December 2016 and disbursed by 28 January 2017. Customers will save $350 annual package fee for Home Advantage Package (excluding Home Advantage Living Equity) customers. Loans are to approved applicants only. Fees, charges and conditions apply. Offer not valid for further advances (including further advance to build), living equity or line of credit loans, existing customers switching loans, internal refinances, split loan applications on existing Heritage Bank home loans, borrowing for alterations and additions or bridging loans. --------- 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): $137.50 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. 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.
Maximum LVR for Investment loans is capped at 90%. LMI payable above 80% LVR. Max LVR to apply as follows: 95% max for First Home Owner Buyers including LMI - borrowers need to provide 5% genuine savings 95% max for owner occupied purchase and construction loans (including LMI); 90% max for equity cash-out loans (including LMI); 90% max for refinance applications (including LMI); 85% max plus LMI for consolidation loans (no more than four  existing loans are to be consolidated); 95% max for construction loans (including 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.
Agents Settlement fee ranges from $0-$260 (per settlement), 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.