Bank joins rank of lenders with rates below 3.0%

by Madison Utley09 Sep 2019

Upon the commencement of spring, Australia’s largest customer-owned bank has announced cuts to the interest rates on a range of both its owner-occupied and investor home loans.

Heritage has reduced its fixed rate home loans by up to 0.30%, selected owner occupier rates by up to 0.10%, and investor variable rates by up to 0.15% for new borrowers.

The lowest rate now available is 2.99% for the Home Advantage Package three-year fixed rate for owner-occupied P&I  loans $150,000 and over.

“As a customer-owned bank, our focus is on providing our members with great value overall,” said CEO Peter Lock.

“Unlike the big banks, our focus is not on maximising profits for shareholders, instead we look to provide genuine value by combining our great rates with personalised service and award winning products.”

In July, the Queensland-based bank announced its plans to open two branches in Sydney in 2019, with a longer-term strategy to open more locations in Sydney, as well as in Melbourne.

“Offering these competitive rates to new owner-occupiers and investors is just one of the ways Heritage is attracting and growing its customer base to ensure we stay strong into the future,” said Lock.

Heritage Bank currently has 59 branches across southern Queensland, $10bn in total consolidated assets and 800 staff members.