Living Equity Line of Credit Living Equity Line of Credit (Owner Occupied)
5.11%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 85% 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 ["Line of Credit", "Equity", "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
- 10 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 Monthly
Fees associated with prematurely ending the loan.
- Early Repayment
- Switch To Fixed
Interest only maximum term - 10 years. Where a valuation is required and only one property is offered as security Heritage will pay for the valuation. If two or more securities are involved, or valuation costs exceed $330 (inclusive of GST), the difference is to be borne by the borrower. Free Transactions per month: Unlimited with the exception of - 10 Free combined EFTPOS, Network ATM wdls and balance enquiries then charged at $0.50 for EFTPOS, $1.75 for Network ATM wdls and balance enqs per transaction,$2.50 per debit transaction not conducted at a Heritage ATM or branch/$5.00 per debit transaction (plus Overseas Currency Conversion Fee) outside of Australia. 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. Legal fees - No - with the exception of Trust and Company loans which attract a fee of $250 in addition to app fee. Multiple securities $100 charged for additional securities in same State. Additional fee of $150 for additional securities in another State. Fortnightly (monthly/2), Monthly, Weekly (monthly/4). A monthly repayment is only required if deposits to the account during the month do not exceed the required repayment amount. 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.
Mortgage Insurance payable above 80% LVR. Maximum LVR 85% (including capitalised LMI). Max LVR 85% with credit limit up to $200K, 80% with credit limit from $200,001 to $300,000 & 75% with credit limit from $300,001 up to $500,000. 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 - $450