Rate cuts target growth in investment lending Heritage offers competitive loans
HERITAGE Bank has launched a push for a larger slice of the investor home lending market by cutting interest rates across its variable investment product range.
CEO Peter Lock announced cuts of up to 0.30% on investment home loan rates, with Heritage now offering a Home Advantage Variable rate as low as 4.09% for eligible borrowers.
Last month, Heritage also announced cuts to many of its variable owner-occupier rates as well as selected investment home loans.
“Heritage prides itself on offering home loan rates that are among the sharpest in the market, and these cuts will help us maintain that position,” Mr Lock said.
“At a time when we’ve seen some other lenders lifting their rates in recent weeks, we’re going in the opposite direction and making our home loans even more attractive for prospective borrowers across the country.
“Heritage offers not just extremely competitive rates but also the advantage of banking
‘‘ WE’VE SEEN GOOD GROWTH IN OWNER-OCCUPIER LENDING IN RECENT WEEKS ON THE BACK OF A MAJOR MARKETING CAMPAIGN.
PETER LOCK
with a customer-owned institution that avoids the kinds of questionable behaviours currently under scrutiny at the Royal Commission into banking.”
Mr Lock said Heritage had room to move within the APRA caps on investment lending and was keen to a secure a greater share of that market.
“We’ve seen good growth in owner-occupier lending in recent weeks on the back of a major marketing campaign,” he said.
“We’ve managed our portfolio within the APRA investment lending restrictions and can now also target higher growth in the investment lending sector as well.”