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Heritage announces rate drop

The non-major lender has announced that it has reduced selected rates for new loans across its owner-occupier and investment range.

Heritage Bank has cut some of its variable rate home loan rates, with rates now starting from 2.54 per cent (effective as of Friday, 12 February).

The customer-owned bank has dropped its Discount Variable home loan interest rate to 2.54 per cent (2.59 per cent comparison) for eligible borrowers paying principal and interest on a new owner-occupier loan of $150,000 - $699,999 with a loan-to-value ratio equal to or less than 70 per cent.

Other rate reductions for new owner-occupier loans include:
  • Selected Discount Variable loans reduced by 0.09 per cent.
  • Selected Home Advantage Variable loans decreased by up to 0.19 per cent.
Selected investor rates have also dropped, with Discount Variable loan rates reduced by up to 0.14 per cent and Investor Home Advantage Variable loan rates cut by between 0.14 and 0.24 per cent. 
Investor Discount Variable rates now start from 2.84 per cent for eligible borrowers paying principal and interest on a new loan of $150,000 - $699,999 with a loan-to-value ratio equal to or less than 70 per cent.

Heritage CEO Peter Lock said: “We’re all about providing people with great value on home loans. These rate reductions reinforce our commitment to offering people access to excellent rates, as well as providing an outstanding customer experience.

“We’re thrilled to be making our home loan offering even more attractive for borrowers.”

[Related: Mutuals continue to see strong growth]

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