Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Heritage lowers fixed rates for investors

heritagebank  heritagebank
Hannah Dowling 5 minute read

The non-major bank has announced cuts of up to 30 basis points across investor fixed-rate products, as well as the temporary waiving of application fees for new loan applications.

Heritage Bank has announced cuts of up to 30 basis points to a number of investor fixed-rate products across its loan suite, effective for loans approved from Monday, 17 February 2020.

The changes have been applied to the bank’s two- and three-year fixed-term products, applicable for investment loans on both principal and interest (P&I) and interest-only (IO) loan terms.

The new rates are available for new investment loans with a maximum loan-to-value ratio of up to 90 per cent.

Advertisement
Advertisement

The fixed rate changes for new Standard Fixed investment loans are as follows:

  • Two-year fixed rate, P&I repayments - cut by 30 bps to 3.19 per cent (comparison rate 4.97 per cent)
  • Three-year fixed rate, P&I repayments - cut by 30 bps to 3.19 per cent (comparison 4.80 per cent)
  • Two-year fixed rate, IO repayments - cut by 30 bps to 3.34 per cent (comparison rate 5.01 per cent)
  • Three-year fixed rate, IO repayments - cut by 30 bps to 3.34 per cent (comparison rate 4.86 per cent)

The changes for new Home Advantage Fixed investment product are as follows:

  • Two-year fixed rate, P&I repayments - cut by 30 bps to 3.19 per cent (comparison 3.82 per cent)
  • Three-year fixed rate, P&I repayments - cut by 30 bps to 3.19 per cent (comparison 3.80 per cent)
  • Two-year fixed rate, IO repayments - cut by 30 bps to 3.34 per cent (comparison 3.81 per cent)
  • Three-year fixed rate, IO repayments - cut by 30 bps to 3.34 per cent (comparison 3.80 per cent)

Additionally, between Monday, 17 February 2020, and Thursday, 30 April 2020, the bank is offering no application fees for new standard variable, discount variable and fixed rate home loan customers.

The fee waiver includes the provision of no annual fee for the first year of Home Advantage package loans, applied for between 17 February and 30 April, and disbursed by 31 August 2020.

[Related: Lender launches loan with repayment-free term]

PROMOTED CONTENT


Heritage lowers fixed rates for investors
heritagebank
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

heritagebank
Hannah Dowling

Hannah Dowling

Hannah Dowling is a journalist for The Adviser and Mortgage Business.

Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency. 

Email Hannah at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

more from the adviser
digital technology user OnDeck launches ‘lightning’ SME loans

Fintech lender OnDeck Australia has rolled out a new finance offe...

sleeping bag Finance industry CEOs to take part in Vinnies CEO Sleepout

Several CEOs and directors in the mortgage and finance industry w...

meeting top view ta 62c1 Business credit defaults up by 9%

CreditorWatch has suggested that Australia’s economic recovery ...