Non-major drops owner-occupied variable rate

by Julia Corderoy25 Sep 2015
Mutual lender Heritage Bank has trimmed its discount variable rate home loan for owner-occupied loans.

The new rate of 4.08%, down from 4.14%, applies to new owner-occupier home loans of more than $150,000. 

In conjunction with the rate cut, Heritage’s head of third party channels, David Ure, has announced further home loan offers available to brokers.

“On top of cutting our interest rates, we are currently waiving application fees on new standard variable, discount variable and fixed rate home loans until 30 November 2015. That alone could save customers $600,” he said.

“We have also recently released a new Home Advantage Package that offers significant potential savings, through discounts and fee waivers, for customers who package together their home loan, credit card and transaction account. 

“Heritage is definitely a great option for brokers to consider for their customers.”

In the 2015 financial year, Heritage Bank grew its home loan approvals by 27.6%, approving loans worth $1.838 billion over the year. The mutual lenders overall loan book climbed by $227 million, a 3.5% increase.