Bank of Heritage Isle Personal Loan
- Interest Rate (p.a.)
- 9.99%
- Comp. Rate (p.a.)
- 10.13%
- Min Loan Amount
- $5,000
Summary
Choose between a variable or fixed interest rate. Interest charges and fees apply.
This personal loan from Bank of Heritage Isle gives you the flexibility to choose between either a variable or fixed rate and a secured or unsecured loan. The variable rate, while it may fluctuate monthly, is lower than the fixed rate option. You can use the loan funds for any personal or domestic expenses. While there are no monthly or annual account-keeping fees, you will be charged a loan establishment fee and interest.
Details
Product details
| Product Name | Bank of Heritage Isle Variable Personal Loan |
| Interest Rate (p.a.) | 9.99% |
| Comp. Rate (p.a.) | 10.13% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $60,000 |
| Loan Security | Secured or Unsecured |
How does the Bank of Heritage Isle Personal Loan work?
This personal loan comes with the option of either variable or fixed interest. You can also choose from a secured or unsecured option. With fixed interest, you will have the certainty of knowing what your monthly interest payments will be. The fixed rate is higher than the variable rate. While the variable rate is lower, your interest rate could fluctuate based on the market rate. It could go either up or down on a monthly basis, making it more difficult to budget for. You can use the loan funds for the purchase of a vehicle, electronics, whitegoods, household items or a holiday.
What features does the Bank of Heritage Isle Personal Loan offer?
- Secured or unsecured options. Secured and unsecured options are available. The lender may request security based on the loan amount and the member.
- Variable or fixed rate. You can choose a variable or fixed rate. The fixed rate is higher, but offers more certainty when it comes to repayments. The variable rate is lower, but may fluctuate on a monthly basis depending on the market rate.
- Terms up to 7 years. Your loan term can range from 1 to 7 years.
- Flexible repayments. You can choose from weekly, fortnightly or monthly repayments, based on what suits you.
- Additional repayments. You can make unlimited additional repayments for the variable rate loan.
- No early payout fee for variable rate. You can repay your loan early without incurring a penalty.
- Redraw available. You can redraw your additional repayments. A minimum redraw amount of $100 applies for the fixed option.
- No ongoing account-keeping fees. You won't have to pay monthly or annual account-keeping fees.
How much does the Bank of Heritage Isle Personal Loan cost?
The costs associated with this loan include:
- Loan principal
- Interest rate of 9.99% p.a. (variable) or 12.99% p.a. (fixed)
- Loan establishment fee of $98
This loan does not charge an annual or monthly account-keeping fee. An early repayment fee may apply for fixed rate loans. The fee will apply if you repay more than $5,000 above contractual repayments or the whole of the unpaid balance. The comparison rate, which includes interest charges and fees, is 10.13% p.a. (variable) or 13.14% p.a. (fixed).
What are the pros and cons of the Bank of Heritage Isle Personal Loan?
Pros
- Flexible options. You can choose between fixed or variable and secured or unsecured.
- No account-keeping fees. This keeps down the cost of your loan.
Cons
- Fixed rate is much higher than the variable rate. For the convenience of a fixed rate, you will have to pay a higher rate than if you opt for a variable rate.
Am I eligible for the loan?
To be eligible for the loan, you need to:
- Be at least 18 years old
- Be a citizen or permanent resident of Australia
- Have a regular income
- Be able to make your repayments
- Have access to an email account and mobile phone
How do I apply for the loan?
You can apply for the loan online, through the Bank of Heritage Isle website. It should take around 10 to 15 minutes. You’ll need a driver’s licence or other ID document, online banking accounts access or bank statements and employment documents.
Compare other products from Bank of Heritage Isle
Your reviews
Richard Finder
Assistant publisher
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.