Heritage Bank cuts interest rates

HERITAGE Bank today announced it would cut the interest rates on its fixed rate home loans, reinforcing its commitment to delivering great value to members.

Heritage will reduce the interest rate on its one-year fixed rate home loan from 6.19 per cent to 5.90 per cent,  its 2-year fixed rate from 6.25 per cent to 5.95 per cent and its 3-year fixed rate from 6.29% to 5.95 per cent  from tomorrow.

Interest rates on fixed rates on business loans will also be reduced.

Those interest rates are among the best on offer in the country.

Heritage is now Australia's largest customer-owned bank, after changing its name from Heritage Building Society on 1 December.

Heritage Bank remains a mutual, owned by its members, and where profits go back into providing them with better products and services.

Heritage Bank CEO John Minz said the interest rate reductions reinforced Heritage's continued focus on delivering the best rates possible for members.

"Heritage's People first philosophy remains the driver for the way we do business," Mr Minz said.

"We changed our name last week but not our values and our absolute focus on the best interests of our members.

"Reducing the interest rates on our fixed rate home loans is all about making sure our members have access to some of the best deals available in the country," he said.