Our verdict

Reduce the term of your mortgage with a transaction account from Heritage Bank.

If your regular repayments stay the same during low interest rates, more money is applied towards the principal balance with each repayment, shortening the terms of your home loan over time.

Pros

Free internet and phone banking
$0 account fee per month

Cons

$5 overseas ATM fees
international transaction fees apply

Australians with a home loan through Heritage Bank can use their everyday banking balance to reduce their monthly payments. A 100% offset account is a transaction account where the entire balance is deducted from the principal of your home loan before interest is applied. By lowering the amount of your loan, you effectively lower the amount of interest due to the bank each month.

Details

Key details

Product Name	Heritage Bank Mortgage Crusher
Monthly account fee	$0
Card access	Visa
Own network ATM fee	$0
International ATM Fee	$5
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay, Samsung Pay, Garmin Pay

Eligibility

Minimum Age	18
Joint account availability	No
Minimum opening deposit	$500
Residency status	Permanent Australian residents with an Australian address

Key features

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Account keeping fee

There are no monthly account keeping fees deducted from your account.

Transaction fees

The following transactions are allowed an unlimited number of times each month for no fee; online banking, phone banking, SMS account enquiries, direct credits, direct debits, cheque deposits, cash deposits at a branch, BPAY, and counter cash withdrawals and transfers.

Visa debit card

Your transaction account will be linked to a Visa debit card that can be used to make your everyday transactions by drawing money directly out of your account.

ATM access

Money can be withdrawn using your linked Visa debit card at Heritage Bank, BankSA, Bank of Melbourne, St.George, and Westpac ATMs.

EFTPOS

Up to ten EFTPOS purchases can be made monthly before Heritage Bank will begin charging you $0.50 per transaction.

Overseas withdrawals

You will be charged $5 for any withdrawals made overseas along with a currency conversion fee. Other provider charges might also be charged to you when making withdrawals overseas.

Electronic transactions

Direct credits such as your salary can be made into the account at no charge to you.

Availability

The Mortgage Crusher is only available for use with Heritage Bank's standard variable home loan.

Balance requirements

In order to receive the offset to your home loan principal, you must have at least $500 in your account.

Offset type

This is a 100% offset, meaning that the entire balance of the transaction account is deducted from the principal of your home loan, not only a percentage.

Credit union membership

In order to be eligible for a home loan and the Mortgage Crusher account from Heritage Bank, you first need to become a member. This can be done online and will require you to buy a share in the bank for $1.

Click here to compare Heritage bank home loans.

How to apply

Eligibility

Before you can apply for the Heritage Bank Mortgage Crusher, you need to be a home loan customer with Heritage Bank and fill out an Offset Account Link form. This form can be accessed on their website, but there are also other eligibility requirements you should be aware of first:

Home loan type. The 100% offset account is only offered to customers with the standard variable home loan. If you have a different loan product or a personal loan with Heritage Bank you may want to consider the Loan Offset account instead. This is not a 100% offset account, but it does take a percentage of your balance off of your principal mortgage amount.
Membership number. Your Mortgage Crusher Account and standard variable home loan must both be held under the same membership number.

What happens after I submit my application?

The online form can be typed onto and then printed so that it can be submitted to Heritage Bank for review. Alternatively, you can ask for a Mortgage Crusher in person at a local branch or by calling them on the phone. Once the home loan and Mortgage Crusher account have been linked, you can begin building your balance to offset your principal. Once the account has been activated, your Visa debit card or access card will be mailed to your home address.

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Westpac Choice Apple Pay Google Pay Samsung Pay Garmin Pay Digital Card	Monthly fee $5	Government Guarantee	Own network ATM fee $0	Card type Mastercard	Eligible cardholders can get discounts when shopping at partner brands.	Go to site More info Compare	loading Fetching your data...
Suncorp Bank Everyday Options Account Apple Pay Google Pay Samsung Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Eligible Visa Debit cardholders can get cashback when using their card to shop at partner retailers. You can link up to 9 sub-accounts to your Everyday Options Account to help you manage your budget and different expenses.	Go to site More info Compare	loading Fetching your data...
ING Orange Everyday Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	1% cashback on utility bills (T&Cs apply) Access unlimited rebates on all international transaction fees when the account conditions are met.	Go to site More info Compare	loading Fetching your data...
Ubank Spend Account ExclusiveApple Pay Google Pay Samsung Pay Garmin Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Use code FINDER20 to score $20 after 5 card purchases in your first 30 days. See terms link on the app store	Go to site More info Compare	loading Fetching your data...
Newcastle Permanent Everyday Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	$0 monthly fees, unlimited free transactions plus a Visa debit card and digital card.	Go to site More info Compare	loading Fetching your data...
St.George Complete Freedom Account Apple Pay Google Pay Samsung Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Get $40 cashback on groceries when you spend $160 on your digital Visa Debit card within 60 days at Woolworths or Coles. New customers only. (T&C’s apply).	Go to site More info Compare	loading Fetching your data...

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Heritage Bank Mortgage Crusher information page
2. Heritage Bank Mortgage Crusher TMD

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Heritage Bank Mortgage Crusher

Pros

Cons

Key features

Account keeping fee

Transaction fees

Visa debit card

ATM access

EFTPOS

Overseas withdrawals

Electronic transactions

Availability

Balance requirements

Offset type

Credit union membership

How to apply

Eligibility

What happens after I submit my application?

Compare other transaction accounts

Sources

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