What should I expect with customer service wait times at People First?

Unfortunately, many customers have reported long wait times, sometimes exceeding two hours. It's advisable to try calling during off-peak hours or use online services when possible.

Are there any hidden fees with Heritage Bank's home loans?

Yes, Heritage Bank has some hidden fees such as break costs for fixed-rate loans and potential rate lock fees. It's important to read the terms carefully or consult with a representative for clarity.

What is the discharge process like at People First and Heritage Bank?

The discharge process can take 10-15 business days once all documents are submitted, and there is a discharge fee of $350. Make sure to submit all required documents promptly to avoid delays.

How much would I pay monthly on a $500,000 loan at 5.64% interest over 30 years?

For a $500,000 loan at 5.64% over 30 years, your monthly payment would be approximately $2,883, with a total interest of $537,887 over the loan term.

Does People First offer any benefits for medical professionals?

Yes, People First offers LMI waivers for certain medical professionals, including doctors and dentists, with an LVR up to 95% and a deposit of at least 5%.

Are there any issues with online banking at People First?

Yes, there have been reports of frequent outages with People First's online banking platform, which can affect your ability to manage your accounts online.

What are the early repayment costs for a Heritage Bank fixed-rate loan?

Early repayment costs can vary, so it's best to check with Heritage Bank for current estimates, as these costs can change daily.

How much can I save by refinancing to People First and Heritage Bank?

Refinancing a $500,000 loan could save you $277 per month, totaling $99,836 over 30 years. Savings will vary based on your specific loan details.

Is there a high annual fee for Heritage Bank's home loan packages?

Yes, Heritage Bank charges a high annual fee of $395 for their Complete Home Loan Package, payable annually in advance.

UPDATED MAY 23, 2026

People First and Heritage Bank Home Loans: The 2026 Review

LMI waivers for legal, medical, and accounting pros offer big savings. Watch out for potential hidden costs with rising rates. Ready to maximize your savings?

Current People First and Heritage Bank Home Loan Rates

Ineedaloanof

for

with

payments.I'mlookingfor

rateloanswitha

deposit.

6.98%

Average Rate

5.84%

Best Rate

$2,947

Monthly Payment

Advanced

Sort By

Basic Variable Home Loan

People First and Heritage Bank

5.84%

Interest Rate

Variable

5.85%

Comparison Rate*

$2,947

per month

Principal And Interest

20%-30% DepositOffsetRedraw

Check Eligibility

Fees:

Discharge

$350+ other fees may apply

Basic Variable Home Construction

People First and Heritage Bank

5.84%

Interest Rate

Variable

5.85%

Comparison Rate*

$2,947

per month

Principal And Interest

20%-30% DepositOffset

Check Eligibility

Fees:

Discharge

$350+ other fees may apply

Discount Variable - Owner Occupied

People First and Heritage Bank

6.09%

Interest Rate

Variable

6.10%

Comparison Rate*

$3,027

per month

Principal And Interest

20%-30% DepositRedraw

Check Eligibility

Fees:

Application

$250Discharge $345+ other fees may apply

Basic Variable Home Loan

People First and Heritage Bank

6.24%

Interest Rate

Variable

6.25%

Comparison Rate*

$3,075

per month

Principal And Interest

5%-20% DepositOffsetRedraw

Check Eligibility

Fees:

Discharge

$350+ other fees may apply

Basic Variable Home Construction

People First and Heritage Bank

6.24%

Interest Rate

Variable

6.25%

Comparison Rate*

$3,075

per month

Principal And Interest

5%-20% DepositOffset

Check Eligibility

Fees:

Discharge

$350+ other fees may apply

Discount Variable - Owner Occupied

People First and Heritage Bank

6.49%

Interest Rate

Variable

6.49%

Comparison Rate*

$3,157

per month

Principal And Interest

10%-20% DepositRedraw

Check Eligibility

Fees:

Application

$250Discharge $345+ other fees may apply

Basic Variable Home Loan

People First and Heritage Bank

8.18%

Interest Rate

Variable

8.18%

Comparison Rate*

$3,732

per month

Principal And Interest

4%-20% DepositOffsetRedraw

Check Eligibility

Fees:

Discharge

$350+ other fees may apply

Basic Variable Home Construction

People First and Heritage Bank

8.18%

Interest Rate

Variable

8.18%

Comparison Rate*

$3,732

per month

Principal And Interest

4%-20% DepositOffset

Check Eligibility

Fees:

Discharge

$350+ other fees may apply

Discount Variable - Owner Occupied

People First and Heritage Bank

8.19%

Interest Rate

Variable

8.19%

Comparison Rate*

$3,735

per month

Principal And Interest

Min 5% DepositRedraw

Check Eligibility

Fees:

Application

$250Discharge $345+ other fees may apply

Home Build Access (HBA) SIL

People First and Heritage Bank

8.55%

Interest Rate

Variable

7.71%

Comparison Rate*

$3,862

per month

Principal And Interest

Min 2% Deposit

Check Eligibility

* Comparison rate is calculated on a loan amount of $150,000 over 25 years. Rates and fees are subject to change. Terms and conditions apply.

+ Only key fees (application, discharge, ongoing) are displayed - other fees such as redraw, administration, and processing fees may also apply.

People First and Heritage Bank Product Statistics

Real-time insights and market analysis

Average Variable Rate

6.95%

50 products

Average Fixed Rate

6.68%

39 products

Best Available Rate

5.64%

Variable • Owner Occupied • P&I

Total Products

89 variations

Fee Summary

Application Fee

$100 - $250

Monthly Fee

Discharge Fee

$345 - $350

Late Payment Fee

$10 - $70

Key Features

Offset Account

25%

Redraw Facility

82%

Extra Repayments

100%

Split Loan

82%

Product Ranges

Interest Rates5.64% — 9.29%

Max LVR10% — 98%

Loan Amount$20K — $100.0M

Is Your Rate Too High?

Regularly reviewing your home loan rate can ensure you're not paying more than necessary. With People First and Heritage Bank health check tool, you can easily assess whether your rate remains competitive in today's market. Stay informed and potentially save on your repayments by checking your rate today.

Run Full Health Check

Run Full Health Check

About People First and Heritage Bank

Company overview and contact information

People First and Heritage Bank is a community-owned financial institution offering both branch and online services. With a public ownership structure, they focus on delivering personalized banking experiences. As a part of the broader ANZ corporate group, they benefit from a stable shareholder base, reflecting a long-term, entrepreneurial vision.

Their home loan offerings include 17 products with 89 variations, featuring interest rates ranging from 5.64% to 9.29%. These loans cater to diverse borrower needs, providing flexible repayment options and no setup or ongoing fees. Their target customers include individuals seeking community-focused banking solutions.

What sets People First and Heritage Bank apart is their commitment to community support through initiatives like the Community Lottery program. As an APRA-regulated institution, they ensure secure and reliable banking services, reinforcing their reputation for stability and customer-centric solutions.

Company Details

Legal Name: ANZ

ABN: 11005357522

ACN: 005357522

Established: 1835

Headquarters: Melbourne, Australia

Ownership: Public

Key Features

People First and Heritage Bank offer community-owned home loans with flexible repayment options, competitive rates, and personalized service, making them a standout choice for borrowers seeking tailored financial solutions.

Offset Account

Link your loan and transaction account to reduce interest and shorten your loan term. This feature allows you to use your savings to offset your loan balance, effectively lowering the interest you pay.

Unlimited Extra Repayments

Make unlimited additional repayments on your loan without penalties, helping you reduce your loan term and save on interest. This flexibility allows you to pay off your loan faster.

Construction Loan Option

Available on the Basic Variable product, this option supports borrowers building a new home with progress payments. It provides the financial structure needed during the construction phase.

Program One to One

Receive personalized service with a dedicated Relationship Manager if you have significant business with the bank. This ensures a single point of contact for all your financial needs, enhancing your banking experience.

Online Banking Features

Access your loan details and manage your finances through comprehensive online banking services. This convenience allows you to handle transactions and monitor your loan anytime, anywhere.

No Application or Settlement Fees

Enjoy cost savings with no application or settlement fees, reducing the upfront costs associated with securing a home loan. This makes the process more affordable for borrowers.

Split Loan Option

Divide your loan into separate portions with different terms or rates, such as fixed and variable. This flexibility allows you to tailor your loan structure to suit your financial strategy.

Flexible Repayment Frequency

Choose from weekly, fortnightly, or monthly repayment options to align with your cash flow. This adaptability helps you manage your budget more effectively.

Interest Only Repayment Options

Available for investors and during construction, this option allows you to pay only the interest for a set period, freeing up cash flow for other investments or expenses.

Family Guarantee

Use a family member's equity to secure your loan, potentially borrowing up to 100% of the property value. This feature can help you enter the property market sooner with a smaller deposit.

Competitive Variable Interest Rates

Benefit from low variable rates that adjust with the market, offering potential savings over the life of your loan. This feature provides a cost-effective borrowing solution.

Redraw Facility

Access extra cash if you're ahead on your repayments through a free online redraw facility. This feature provides financial flexibility in case of unexpected expenses.

Rate-Lock Facility

Lock in a competitive rate for a fixed term to ensure certainty of repayments. This protects you from rate increases during the lock-in period, offering peace of mind.

No Ongoing Fees

Save money with no monthly administration fees, reducing the overall cost of your loan. This makes managing your loan more affordable over time.

Digital Banking Access

Enjoy free and unlimited access to online and mobile banking, including BPAY, direct debits, and EFTPOS. This feature ensures convenient and efficient management of your finances.

Fees & Charges

People First and Heritage Bank offer a range of home loan products with a transparent fee structure, including variable and fixed costs, ensuring borrowers are well-informed about potential charges.

Fee Type

Amount

Description

Valuation Fee

Variable

Payable at cost by the member for property valuation.

Solicitor's/Conveyancer Fee

Variable

Covers legal activities related to property settlement, payable at-cost on settlement date.

Documentation Fee

$200

Charged for preparation of additional mortgage documents or changes requested by the borrower.

Discharge of Mortgage Fee

$350

Charged for preparing a discharge of mortgage.

Monthly Administration Fee

$8/month

Charged monthly unless waived under specific packages.

Break Cost Fee

Variable

Applies to fixed rate loans when a 'Break Event' occurs, calculated based on interest differences.

Direct Debit Dishonour Fee

$10

Charged when a direct debit payment is dishonoured.

Portability Fee

$300

Charged when changing the security against an existing loan without altering loan terms.

Telegraphic Transfer Fee

$30

Charged for telegraphic transfers within Australia.

Annual Package Fee

$395/year

Charged annually for the Premier Advantage Package, payable in advance.

Non-Heritage ATM Withdrawal Fee

$2.50

Charged for withdrawals from non-Heritage ATMs.

Overseas ATM Withdrawal Fee

$5.00 plus currency conversion fee

Charged for ATM withdrawals overseas, plus a currency conversion fee.

Card Replacement Fee

$10.00 each

Charged for subsequent card replacements within a year; express delivery and emergency overseas options available at higher costs.

Rate Lock Option Fee

0.15% of the total loan amount

Charged to lock in an interest rate before loan settlement.

Fees subject to change. Refer to lender documentation for current rates.

Eligibility Criteria

People First and Heritage Bank offers home loans to individuals who meet specific age, residency, and financial criteria, ensuring accessibility for a wide range of borrowers in Australia and New Zealand.

Must be at least 18 years old.

Must be a citizen or permanent resident of Australia or New Zealand.

Must reside in Australia at the time of application.

Lending criteria apply, including income verification and credit assessment.

Loan-to-Value Ratio (LVR) must be between 70% and 98%.

Lenders Mortgage Insurance (LMI) is required if the deposit is less than 20%.

Eligible professionals in legal, medical, or accounting fields may qualify for LMI waivers.

Property must be one that the bank is willing to finance, with certain restrictions on property types.

Loan amounts range from $20,000 to $99,999,999.

Applicants must be natural persons, not legal entities.

Important Notes

LMI is required for loans with an LVR above 80%, except for eligible professionals who may receive waivers.
Special programs are available for first home buyers, including a 5% Deposit Scheme.
Eligible professionals in accounting, legal, and medical fields may receive special LMI waivers.
Loans are only provided for properties that the bank is willing to buy back in case of default.

People First and Heritage Bank Home Loan Pros & Cons

Our expert take on whether People First and Heritage Bank is right for you

Pros

+No setup or ongoing fees
+Flexible repayment options with unlimited extra repayments
+LMI waivers for certain professions
+Community Lottery program supporting local projects

Cons

–Slightly above market interest rates
–Customer service delays and long wait times
–High discharge and annual package fees

Best For

Medical professionals seeking LMI waivers
Borrowers wanting flexible repayment options
Community-minded individuals supporting local projects
Those looking for no setup or ongoing fees

Not Ideal For

Borrowers prioritizing the lowest interest rates
Customers needing quick and responsive service

💡

Bheja Verdict: People First and Heritage Bank offer community-focused home loans with flexible features, but slightly higher rates and customer service issues may deter some borrowers.

Expert Secrets (Why Use Us?)

Insider knowledge about People First and Heritage Bank that most borrowers don't know

LMI Waivers by Profession

Profession	Deposit	LMI Status	Savings
Legal, medical, or accounting profession	10%	Waived	—
Accounting Professionals	10%	Waived	—
Legal Professionals	10%	Waived	—
Medical Professionals (Group 1)	10%	Waived	—
Medical Professionals (Group 2)	10%	Waived	—
Accountant	10%	Waived	—

+2 more professions qualify

LMI Cost Examples

1$500k loan at 90% LVR: ~$10k LMI

2$720,000 loan at 90% LVR: ~$17,699 LMI

3$760,000 loan at 95% LVR: ~$36,187 LMI (waived for eligible medical professionals).

4For a $500,000 loan at 85% LVR, LMI is $6,000.

Fee Waivers

Heritage Bank: $225 establishment fee waiver for personal loans applied between April 30, 2025, and July 7, 2026.

People First Bank: Transaction fee waivers for customers impacted by natural disasters like Tropical Cyclone Alfred.

Westpac Choice account monthly fee waived for 12 months if opened online by 30 September 2026.

Westpac: Monthly fee waived for deposits of $2,000/month, customers under 35, or full-time students.

Offset Benefits

Bankwest's 40% offset benefit on fixed-rate home loans can significantly reduce interest payments.

Multiple offset accounts (up to 9 with Bankwest) allow strategic management of funds to minimize interest.

Example: With a $500,000 loan, a $50,000 offset balance could save approximately $2,000 annually in interest.

Offset accounts can provide liquidity while reducing the effective interest rate on your home loan.

Admin & Logistics (The Help Desk)

Everything you need to manage your loan

Application Process

5 Steps

Submit Discharge Request Form: Complete the Discharge Request Form accurately and submit it to the bank. (Tip: Double-check all information to ensure accuracy and avoid delays.)

Pay Discharge Fee: Pay the applicable discharge fee of $350 for the preparation of a discharge of mortgage. (Tip: Ensure payment is made promptly to avoid processing delays.)

Document Verification: The bank will verify all submitted documents and ensure everything is in order. (Tip: Stay in contact with the bank to confirm receipt and status of your documents.)

Processing Period: Wait for the bank to process the discharge, which typically takes 10-15 business days. (Tip: Plan ahead and allow extra time for any unforeseen delays.)

Settlement Booking: Coordinate with your settlement agent or solicitor to book the settlement date. (Tip: Ensure all parties are informed and ready for the settlement date to avoid last-minute issues.)

Processing Times

Discharge Process10-15 business days once all documents are submitted

Required Documents

Discharge Request Form

💡

Pro Tips

Request the discharge at least two weeks before your intended settlement date.
Keep a copy of all submitted documents for your records.
Contact customer service at 13 11 82 for any questions or clarifications.
Ensure all fees are paid to avoid any processing delays.
Verify all information on the Discharge Request Form to prevent errors.

Still Unsure? Let a human handle it.

Not sure if People First and Heritage Bank is right for you? Our brokers can help you compare options.

Go Direct to Bank

You do the paperwork alone
You get the "Advertised Rate"
You sit on hold for 40 mins

Use Bheja Expert

We negotiate discounts
We check LMI waivers
We have zero waiting time

Zero Cost. Zero Obligation. Just friendly advice from experts who know People First and Heritage Bank home loans inside out.

Frequently Asked Questions

People First and Heritage Bank typically take about 5-7 business days for conditional approval and 10-15 business days for full approval, depending on the complexity of your application.