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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.
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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.
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.
