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Heritage BankDiscount Variable Home Loan
Init. Monthly Repayment
$1,931.07
Min. Deposit
$15,000 (5%)
(Sample loan figures)
|
Advertised Variable Interest Rate
|
5.99%
|
|
Comparison Rate*
|
6.04%
|
|
Loan Term
|
0 to 30 years
|
|
Maximum Loan To Value Ratio (LVR)
|
80% ($60,000 min. deposit)
|
|
Maximum LVR With Insurance
|
95% ($15,000 min. deposit)
|
|
Estimated Upfront Fees
|
$600 details
|
Highlights
- Application fee: $600
- Legal fee: $0
- Loan is portable ($450 fee applies)
- Service fee: $0 per annum
- Settlement fee: $0
- Valuation fee: $0 (for first valuation)
Other Features
- Comparison rate: 6.04%
- Exit fee: $200
- Extra repayments allowed
- Fortnightly repayments allowed
- Loan amount: $150,000 to $9,999,999
- Loan term: 0 to 30 years
- Maximum loan to value ratio (LVR) with mortgage insurance: 95%
- Maximum loan to value ratio (LVR): 80%
- Other upfront fees: $0
- Redraw facility available ($20 fee applies, minimum $100 redraw)
- Variable interest rate: 5.99%
About This Loan
The Heritage Discount Home Loan is a basic variable rate home loan which offers a discounted variable interest rate for the life of the loan.
This loan is defined as a 'low rate' home loan as it features a lower interest rate than the standard variable rate from Heritage Bank. It is designed to be a simple home loan with few features and a lower interest rate.
Features & Benefits
Low Rate - Life of Loan
The Heritage Discount Variable Home Loan offers you a low variable interest rate for the life of the loan.
Additional Repayments
You can make additional repayments during the loan - this allows you to pay this loan off at a faster rate when you have extra money available to you at times during the loan term.
Redraw
With the redraw feature on this loan, you can re-draw cash back out of the Heritage Discount Variable home loan ($20 fee applies) - this allows you to access funds that you have already paid into the loan so that you can draw these back out. When you redraw, you can only redraw additional amounts that you have paid in to the loan above the standard monthly amounts.
Fees You’re Likely to Pay
|
Valuation Fee
|
$0 (for first valuation)
|
|
Application Fee
|
$600
|
|
Settlement Fee
|
$0
|
|
Legal Fee
|
$0
|
|
Other Upfront Fees
|
$0
|
|
Service Fee
|
$0
|
|
Exit Fee
|
$200
|
Show:
Summary at 12 months
Principal
You would have paid
$5,348 of the total
principal
$300,000
Interest
You would have paid
$17,825 of the total
interest
$279,321
Fees
You would have paid
$600 of the total fees
$600
Total
You would have paid
$23,773 of the grand total
$579,921
|
Year
|
Month
|
Opening Balance
|
Interest Rate
|
Payment Amount
|
Total Principal Paid
|
Total Interest Paid
|
Remaining Balance
|
|
2012
|
May
|
$300,000.00
|
5.99%
|
$1,931.07
|
$433.57
|
$1,497.50
|
$299,566.43
|
|
|
June
|
$299,566.43
|
5.99%
|
$1,931.07
|
$869.31
|
$2,992.84
|
$299,130.69
|
|
|
July
|
$299,130.69
|
5.99%
|
$1,931.07
|
$1,307.22
|
$4,486.00
|
$298,692.78
|
|
|
August
|
$298,692.78
|
5.99%
|
$1,931.07
|
$1,747.31
|
$5,976.97
|
$298,252.69
|
|
|
September
|
$298,252.69
|
5.99%
|
$1,931.07
|
$2,189.60
|
$7,465.75
|
$297,810.40
|
|
|
October
|
$297,810.40
|
5.99%
|
$1,931.07
|
$2,634.11
|
$8,952.32
|
$297,365.89
|
|
|
November
|
$297,365.89
|
5.99%
|
$1,931.07
|
$3,080.82
|
$10,436.67
|
$296,919.18
|
|
|
December
|
$296,919.18
|
5.99%
|
$1,931.07
|
$3,529.77
|
$11,918.79
|
$296,470.23
|
|
2013
|
January
|
$296,470.23
|
5.99%
|
$1,931.07
|
$3,980.96
|
$13,398.67
|
$296,019.04
|
|
|
February
|
$296,019.04
|
5.99%
|
$1,931.07
|
$4,434.41
|
$14,876.30
|
$295,565.59
|
|
|
March
|
$295,565.59
|
5.99%
|
$1,931.07
|
$4,890.11
|
$16,351.67
|
$295,109.89
|
|
|
April
|
$295,109.89
|
5.99%
|
$1,931.07
|
$5,348.09
|
$17,824.76
|
$294,651.91
|
Summary over the loan term
Principal
You would have paid
$300,000 of the total
principal
$300,000
Interest
You would have paid
$279,321 of the total
interest
$279,321
Fees
You would have paid
$600 of the total fees
$600
Total
You would have paid
$579,921 of the grand total
$579,921
|
Year
|
Opening Balance
|
Interest Rate
|
Monthly Payment
|
Total Payments
|
Total Principal Paid
|
Total Interest Paid
|
Remaining Balance
|
|
1
|
$300,000.00
|
5.99%
|
$1,931.07
|
$23,173
|
$5,348
|
$17,825
|
$294,652
|
|
2
|
$294,651.91
|
5.99%
|
$1,931.07
|
$23,173
|
$5,677
|
$17,495
|
$288,975
|
|
3
|
$288,974.52
|
5.99%
|
$1,931.07
|
$23,173
|
$6,027
|
$17,146
|
$282,948
|
|
4
|
$282,947.56
|
5.99%
|
$1,931.07
|
$23,173
|
$6,398
|
$16,775
|
$276,550
|
|
5
|
$276,549.52
|
5.99%
|
$1,931.07
|
$23,173
|
$6,792
|
$16,381
|
$269,758
|
|
6
|
$269,757.53
|
5.99%
|
$1,931.07
|
$23,173
|
$7,210
|
$15,963
|
$262,547
|
|
7
|
$262,547.34
|
5.99%
|
$1,931.07
|
$23,173
|
$7,654
|
$15,519
|
$254,893
|
|
8
|
$254,893.20
|
5.99%
|
$1,931.07
|
$23,173
|
$8,125
|
$15,047
|
$246,768
|
|
9
|
$246,767.79
|
5.99%
|
$1,931.07
|
$23,173
|
$8,626
|
$14,547
|
$238,142
|
|
10
|
$238,142.07
|
5.99%
|
$1,931.07
|
$23,173
|
$9,157
|
$14,016
|
$228,985
|
|
11
|
$228,985.25
|
5.99%
|
$1,931.07
|
$23,173
|
$9,721
|
$13,452
|
$219,265
|
|
12
|
$219,264.63
|
5.99%
|
$1,931.07
|
$23,173
|
$10,319
|
$12,854
|
$208,945
|
|
13
|
$208,945.48
|
5.99%
|
$1,931.07
|
$23,173
|
$10,955
|
$12,218
|
$197,991
|
|
14
|
$197,990.96
|
5.99%
|
$1,931.07
|
$23,173
|
$11,629
|
$11,544
|
$186,362
|
|
15
|
$186,361.95
|
5.99%
|
$1,931.07
|
$23,173
|
$12,345
|
$10,828
|
$174,017
|
|
16
|
$174,016.92
|
5.99%
|
$1,931.07
|
$23,173
|
$13,105
|
$10,068
|
$160,912
|
|
17
|
$160,911.77
|
5.99%
|
$1,931.07
|
$23,173
|
$13,912
|
$9,261
|
$147,000
|
|
18
|
$146,999.71
|
5.99%
|
$1,931.07
|
$23,173
|
$14,769
|
$8,404
|
$132,231
|
|
19
|
$132,231.06
|
5.99%
|
$1,931.07
|
$23,173
|
$15,678
|
$7,495
|
$116,553
|
|
20
|
$116,553.07
|
5.99%
|
$1,931.07
|
$23,173
|
$16,643
|
$6,530
|
$99,910
|
|
21
|
$99,909.75
|
5.99%
|
$1,931.07
|
$23,173
|
$17,668
|
$5,505
|
$82,242
|
|
22
|
$82,241.66
|
5.99%
|
$1,931.07
|
$23,173
|
$18,756
|
$4,417
|
$63,486
|
|
23
|
$63,485.71
|
5.99%
|
$1,931.07
|
$23,173
|
$19,911
|
$3,262
|
$43,575
|
|
24
|
$43,574.92
|
5.99%
|
$1,931.07
|
$23,173
|
$21,137
|
$2,036
|
$22,438
|
|
25
|
$22,438.18
|
5.99%
|
$1,931.07
|
$23,173
|
$22,438
|
$735
|
$0
|
Disclaimer:
WhistleOut is not suggesting that you apply for this home loan provided by this lender, nor are we trying to assist you to apply for this home loan from
this lender. We recommend that you seek professional advice before applying for this home loan.
WhistleOut may receive a commission from the lender.
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About the Home Loan Comparison Results
- All calculations are estimates only.
- WhistleOut is a comparison service and is not a bank or lender. Comparisons are
unique to each user and the loan amount, term, features and 'what if' scenarios
specified.
- Where a loan is referenced as 'Sample', the loan amounts, payments and fees are
based on a loan amount of $300,000 over a term of 30 years.
- Comparison Rates quoted are the comparison rates published by lenders (typically
based on a loan amount of $150,000 over a term of 25 years).
- 1- 30 year cost / progress estimates do not assume that you will exit the loan and
do not factor in any Exit Fees / Deferred Establishment Fees / Early Termination
Fees / Early Break Costs, etc.
- 'Cost Estimates' are the sum of all principal and interest payments made on the
home loan, along with any upfront fees (application, legal, settlement, valuation)
and any ongoing fees, e.g. service fees, that might be payable.
- 'Initial Monthly Repayments' are based on the first payment you make in the loan
when discounts and introductory rates are factored in. The 'Repayment Calendar'
shows where the monthly repayments will change to an ongoing rate.
- 'What if Variable Rates Change' assumes that the interest rate increases or decreases
exactly by your selected amount on all variable interest rates. This is a hypothetical
situation only and lenders can choose to pass on interest rate rise and falls at
their own discretion.
- 'What if Extra payments' assumes that you make extra payments on the loan every
month ABOVE the required monthly payment. This is a hypothetical situation and are
estimates only.