Standard Variable

As the name suggests this loan type is the Society’s traditional Standard Variable home loan product that also acts as the automatic ‘roll’ product for fixed rate and introductory variable rate loans at the end of their initial term.

There are very few restrictions and penalties. It has an early termination fee for the first year only so may be attractive to borrowers expecting to repay the loan in the medium term.

Heritage’s Standard Variable benefits include:

• Redraw facility (pdf, 250KB)
• Additional repayments/capital reduction without penalty
• Ability to skip repayments if additional repayments have been made
• Flexible repayment frequency, e.g. weekly, fortnightly, monthly
• Change of term
• Vary payments
• Change due date (within reason and credit approval)
• 100% offset available