Heritage Personal Loans: Provider and Policy 2026

Match the Name to the Loan

Identify a Heritage loan by the credit provider and product in the contract, then reconcile those details with the latest statement. Heritage’s personal-loan target market determination names Heritage and People’s Choice Limited as issuer. The document describes an unsecured facility for personal purposes, with a Fixed Personal Loan option.

Both Heritage Bank and People First Bank identify the same company and Australian credit licence 244310. That shared legal identity doesn’t establish that their products have identical limits or servicing arrangements. People First Bank’s banking transformation announcement describes the transition to one national brand as continuing.

Record the following details together in your file:

• The legal credit provider and trading name on the contract.
• The exact product name and whether the facility is secured.
• The account reference that matches the latest statement.
• Any variation or migration notice applying to that facility.

For an existing Heritage-branded account, Heritage’s published customer contact number is 13 14 22. For a People First Bank personal loan, its product page gives 13 11 82. Use the channel attached to the account when requesting statements or a payout figure.

Incorrect: replace an existing Heritage loan’s remaining term with the maximum term advertised by People First Bank.

Correct: retain the client’s contractual term and apply any documented variations. Assess a replacement loan separately under the receiving product’s terms.

Current Borrower and Product Conditions

Heritage’s advertised fixed personal loan is unsecured, while its Car Loan requires vehicle security. The Heritage product comparison lists the unsecured personal loan at $5,000 to $50,000, with terms of one to seven years. Its listed purposes include education, renovations, travel, weddings and debt consolidation.

Vehicle purpose alone doesn’t establish the product. Heritage’s Car Loan funds eligible cars, caravans or motorbikes up to 10 years old, with secured loans from $20,000. The fixed personal-loan page separately includes older standard vehicles or vehicles under $20,000 among its uses.

People First Bank’s Unsecured Personal Loan starts at $2,000, with an advertised range up to $50,000 and terms up to seven years. It has a fixed rate for the loan’s life. These are product distinctions you must preserve when comparing a new offer with a Heritage facility.

Income and Existing Commitments

Heritage’s personal-loan application checklist requests two consecutive recent payslips or three months of statements showing income deposits. For self-employed applicants, it requests two years of personal and business tax returns and financials, plus the last two notices of assessment.

The checklist also calls for business activity statements and interim financials in the circumstances it specifies. For rental income, it lists a rental agreement, managing-agent statement, account statement showing rental credits or tax returns. Tax returns are mandatory where the applicant has more than four rental properties.

Include the living-expense assessment and statements for existing commitments. The checklist distinguishes debts being paid out from those being retained, so state which facilities will close. Listed evidence requirements don’t establish that every income amount will be accepted in the assessment.

Purpose and Security in the Contract

The approved purpose remains a contractual condition. Heritage’s lending terms, clause 2.5.3, restrict use to the purpose in the Specific Particulars unless Heritage approves otherwise. The Specific Particulars are the contract’s individual loan details.

For secured debt, retain the security documents and identify the asset being released or retained. For an unsecured Heritage personal loan, don’t add vehicle-security requirements merely because the money bought a car.

Existing Debt and Refinance Evidence

Reconcile the loan’s outstanding balance with its required repayment, remaining term and payout amount before assessing a replacement. The statement describes the existing debt. A payout quote establishes the amount needed to close it for the nominated settlement day.

Collect the contract and applicable variations, the latest statement and repayment history. Then request a written payout quote with an itemised breakdown. Heritage’s lending terms, clause 10.1.3, provide for a written payout statement for a specified day and details of its components on request.

People First Bank’s personal-loan guidance explains that its online balance excludes interest accrued in the current month. Its payout figure is valid only for the requested day. Keep that explanation attached to People First Bank accounts rather than assuming every Heritage statement works identically.

Consider this hypothetical reconciliation. A statement shows $18,000 outstanding, with 30 months left and a required repayment of $650 a month.

The lender quotes $18,120 to settle on the nominated day. Use the quote to size the payout and retain the repayment and term as separate comparison inputs.

A replacement over five years spreads the debt over a longer period. Compare total remaining repayments and replacement costs before treating a lower monthly payment as a saving. Use the personal loan refinance guide for that comparison.

People First Bank lists three months of loan repayment history and bank statements among its refinance evidence. Submit the receiving lender’s required documents alongside the existing contract details. After settlement, obtain confirmation that the old facility is closed and any security release has been completed.