13 November 2020
Heritage Bank will offer fixed rate home loans with an interest rate starting from as low as 2.19%, after announcing reductions to its rates today.
Heritage has cut its two-year fixed rate for owner-occupiers by 0.40%, down to 2.19%. Rates for loans of other owner-occupier fixed terms have been cut by between 0.20% and 0.30%.
Other reductions are as follows:
CEO Peter Lock said the rate cuts represented a balanced approach that took into account the long-term interests of all Heritage customers.
“As a country, we are navigating circumstances we’ve never encountered before, with the official cash rate now almost at zero, as well as the impacts of COVID,” he said.
“We need to consider the best way we can assist not only our borrowers but also our depositors, as well as acting in the long-term best interests of Heritage as whole.”
All reductions are effective from Thursday, 19 November.