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Heritage Bank Home Advantage Home Loan - Comparison Rate 3.84%, Max LVR 95%

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Heritage Bank Home Advantage Home Loan - Comparison Rate 3.84%, Max LVR 95%
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pyramid on 18/11/2016 - 22:01 heritage.com.au (136 clicks)
Last edited 18/11/2016 - 22:02

In market to find better home loan for first home buyer, my mortgage broker has suggested Heritage Bank home loan product - Home advantage package. This package loan comes with 100% offset account

Package fee - $350 per annum
Application fee - $0
100% offset
Free Redraw
Variable rate : 3.79%
Comparison rate : 3.84%
Max LVR : 95%

More details : https://www.heritage.com.au/personal/home-loans/home-advanta…

Mozo - Heritage bank home loan review ratings 8.4 out of 10

Their LMI is ~$10,000 for 90% LVR which is cheaper compared to AMP/ING etc home loans. Some broker may give trailing commission or onetime bonus but I'm not sure about this. My broker does not give trailing or any other bonus.

Disclaimer: Neither i m associated with any bank/financial institute nor with any mortgage brokers. Information i provided above is direct from Heritage bank website. I may be able to pass you my mortgage broker details but i need to inform them first about this post.

Referral Links

$250 Gift Card with Loan: random (25)

When an existing Heritage member refers a new member and that new member has a Heritage home or business loan approved and fully funded within 3 months of the membership creation, both the new member and the referrer receive a $250 pre-paid Visa gift card.

Win $1000 with New Account: random (9)

Referrer and referee go into the draw to win a $1000 prepaid visa gift card each. Tell heritage you were referred and give them the member number.

Financial Home Loan Loan

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closed Comments

  • twocsies on 18/11/2016 - 22:30
    +1

    Correct me if I'm wrong. According to that site, the 3.84% comparison rate is for the Discount Variable - Special Rate, not the home advantage product. Discount variable does not come with the extra like redraw account.

    Discount Variable comparison rate
    Discount Variable - Special Rate: 3.84%
    Standard Variable comparison rate
    Standard Variable: 5.15%
    Home Advantage Variable comparison rate
    $150,000 to $249,999: 4.25%
    $250,000 to $699,999: 4.21%
    $700,000 or more: 4.16%

    https://www.heritage.com.au/personal/home-loans/compare

    • pyramid on 18/11/2016 - 22:56

      Correct me if i m wrong but With home advantage package, they waive off application fees, monthly fess and re borrow fees, so won't it come down to 3.84% instead of 4.21% for loan size of say $500k? I am still learning nitty gritty of variable rates and comparison rates. My agent did all calculations including monthly repayment based on 3.84% for $520,000 loan.

  • Lukian on 18/11/2016 - 22:37

    Don't forget the referral wiki page :)

  • BestofOZB on 19/11/2016 - 00:42
    +4

    3.84% is so high in today's market. Get another broker!

    • pyramid on 19/11/2016 - 10:24

      Can you share any details of financial institutions where interest rate is less than 3.84% for 91%LVR with 100% offset account and does not require 100% stamp duty at the time of loan application? Plus LMI should be less than $11,000.

      • clubhonda on 19/11/2016 - 12:51
        -2

        HSBC's loan is 3.55% with up to 93% LVR with 3.57% comparison. Owner occupiers do not need offset accounts.

        • pyramid on 19/11/2016 - 14:00

          They need 100% of stamp duty with application. And you need to claim your rebate later.

        • clubhonda on 20/11/2016 - 01:57

          @pyramid:

          That's not really true. If you're a first home owner they will process the rebate up front for you. I would suggest you check HSBC out instead of blindly listening to your mortgage broker. It will save you a lot of money in the long run. 3.55% is a lot better than what Heritage is offering.

        • pyramid on 20/11/2016 - 07:34

          @clubhonda: what I said is based on email I exchanged and phone conversation with hsbc home loan team. They don't give loans via mortgage broker. Did you talk to hsbc and then giving advise here or your source of information is Google?

        • scheps on 20/11/2016 - 16:22

          So is that too good to be true?

        • clubhonda on 21/11/2016 - 17:49

          I was told they don't deal with mortgage brokers which is fine with me. I don't trust brokers and prefer dealing directly with banks anyway. This was confirmed by the relationship manager I spoke with.

        • pyramid on 21/11/2016 - 21:45

          @clubhonda: Did you check if they need 100% stamp duty?

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