Heritage Bank has decreased its three-year fixed home loan interest rate by 10 basis points to 4.89% (comparison rate 5.54%).

The loan type includes owner occupied, investment and vacant land.

Your Mortgage’s home loan calculator shows the reduction will save customers about $17 a month for a loan of $300,000 on a loan term of 20 years, compared to the previous rate.

The new rate is effective from Friday, 20 September.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan