Our revolving credit home loan is just 6.49% p.a.
Heartland’s Revolving Credit Home Loan lets you access cash at a floating rate. No monthly fees, no reducing credit limit.
How does Heartland’s Revolving Credit Home Loan work?
Heartland’s Revolving Credit Home Loan offers flexible access to funds, which you can put towards whatever expenses you need to.
You can choose to draw down some (or all) of your account limit to pay for a portion of your purchase or refinance, or you can choose to add a revolving credit on top of your term home loan – keep in mind that we treat the revolving credit as fully drawn when assessing your affordability and equity.
Your account limit will stay the same over time, and you can borrow up to that limit at any time – however, you’re not required to borrow funds until you need them, and you’ll only pay interest (calculated daily and charged monthly) on the funds you use.
Features
Our rates
Floating
6.49
%
p.a.
Revolving credit (floating)
6.49
%
p.a.
1 year fixed
5.89
%
p.a.
Interest rates accurate as at 26/03/25
Got questions?
- How does it work?
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Heartland’s Revolving Credit Home Loan is like an overdraft that’s secured against your property, offering flexible access to funds which you can put towards whatever expenses you need to. Because the account is secured against your home, it offers a much lower interest rate than a personal loan or credit card – and it also doesn’t cost you extra in ongoing fees.
When you take out a Heartland Revolving Credit Home Loan, you’ll get an EFTPOS card to use to withdraw money as and when you need it. The credit limit will stay the same over time, and you can borrow up to that limit at any time – however, you’re not required to borrow funds until you need them, and you’ll only pay interest on the funds you use.
Unlike a credit card or personal loan, there’s no requirement to make regular repayments. However, we can ask you to pay back what you’ve borrowed at any time, and you must repay what you’ve borrowed when the term of the account is up. Interest will be calculated on the daily balance, so you’re encouraged to make repayments whenever you can to keep the balance as low as possible. In particular, if you’ve reached your account limit, you’ll need to pay down the interest owed so that you don’t exceed the limit and accrue default interest.
Because you’re not required to make regular repayments of what you’ve borrowed, a revolving credit home loan is generally only suitable for people who are disciplined when it comes to managing their money.
- Are there any monthly account fees?
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No – unlike most credit cards, there are no ongoing monthly account fees associated with a Heartland Revolving Credit Home Loan. Other fees may still apply, which you can find out about here.
- How will interest be charged?
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Interest will be calculated daily and charged monthly. You’ll only be charged interest on the funds you’ve used and haven’t yet repaid.
For example, if you have a $100,000 account limit and $75,000 is drawn down as a portion of your mortgage, you’ll be charged interest only on that $75,000, not on the additional $25,000 available under your limit. Let’s say over the course of three months you pay that $75,000 down to $65,000 – at that point, you’ll then only be charged interest on the $65,000 you still owe Heartland.
If you exceed your full account limit, you still won’t need to immediately pay back all of what you’ve borrowed, but you’ll need to pay back interest monthly.
