Heritage Bank has cut rates on a number of its variable home loan products.
Heritage Bank revealed this week that it has cut its special Discount Variable home loan rate to 3.98 per cent. This rate is available for owner-occupier loans of more than $150,000, with a maximum LVR of 90 per cent.
Heritage has also cut the rates on its Home Advantage Variable package product, which bundles together a home loan, credit card and transaction account.
The Home Advantage Variable rate for a loan of $700,000 or more is also just 3.98 per cent; for a loan from $250,000 to $700,000 it is 4.03 per cent and for a loan of $150,000 to $250,000 it is 4.13 per cent.
Both the Discount Variable offer and the Home Advantage offer are 10 basis points down on what they were.
Heritage Bank’s head of third-party channels, David Ure, said the rate cuts reinforced the bank’s determination to provide customers with fantastic deals.
“We are all about delivering great value for our customers and we are committed to offering low rates that are among the best in the marketplace,” Mr Ure said.
“These offers deliver on that commitment, especially given what’s happening in the wider market.
“These rates are just another great reason to look past the big banks and see what Heritage has to offer.”
The new rates became effective yesterday.
[Related: CUA announces variable rate cut below 4%]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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