Heritage Bank reviews: 2026 independent read

The 2023 merger context

Heritage Bank merged with People's Choice Credit Union in March 2023 to form People First Bank. The combined entity has approximately $25 billion in assets and serves more than 700,000 members across Australia, making it one of the largest customer-owned banks in the country.

As at mid-2026, the integration is progressing. Heritage and People's Choice continue to operate under their existing brand identities and their separate ACLs, but the underlying balance sheet, credit policy and product strategy are increasingly aligned. A full single-brand transition is expected over the medium term.

Heritage Bank home loan range

Heritage Bank's home loan products cover variable rate, fixed rate (1 to 5 years), investor variable and fixed, and a discounted package product. The bank participates in the federal First Home Guarantee scheme. The credit policy is conservative compared to specialist non-banks but reasonable for clean files.

For Queensland borrowers, particularly in the Darling Downs and South-East Queensland, Heritage Bank has historically had strong local market knowledge and branch support. The merger with People's Choice extends this national reach without eliminating the Queensland brand identity.

Personal loan and car loan range

Heritage Bank's personal loan range covers unsecured variable, unsecured fixed and secured car loans, with rates typically sharper than Big 4 unsecured products. The car loan product specifically has been competitive in the Queensland market for new and used vehicle purchases.

When Heritage Bank is the right pick

Heritage Bank is a reasonable choice for borrowers who: live in or are buying property in Queensland (particularly the Darling Downs and South-East QLD), value the customer-owned mutual structure, want a sharper rate than Big 4 packaged products, and are comfortable with the ongoing People First Bank integration.

It is not the right pick for borrowers who: need specialist credit policy, want the broader national reach of a Big 4 banking relationship, or have file profiles requiring larger lender risk appetite.

Is Heritage Bank still operating?

Yes. Heritage Bank continues to operate under its existing brand identity within the People First Bank structure formed by the 2023 merger with People's Choice Credit Union. The integration is progressing and a single-brand transition is expected over the medium term.

What is People First Bank?

People First Bank is the customer-owned bank formed by the 2023 merger of Heritage Bank (Queensland) and People's Choice Credit Union (South Australia). It is one of the largest customer-owned banks in Australia with approximately $25 billion in assets. Heritage and People's Choice continue to operate as separate brands within the combined entity.

Is Heritage Bank a real bank?

Yes. Heritage Bank is an Australian customer-owned bank that has been operating since 1875. It is an ADI under APRA supervision and customer deposits are protected by the federal Financial Claims Scheme up to $250,000 per account holder.

What is the Heritage Bank home loan rate?

Heritage Bank publishes current variable and fixed home loan rates on its home loans page. For clean-credit owner-occupier files at reasonable LVR, the bank is typically competitive against Big 4 packaged products with no annual package fee on standard variants.

How does Heritage Bank compare to Newcastle Permanent?

Heritage Bank (now under People First Bank) and Newcastle Permanent are two of the larger customer-owned banks in Australia, with different state catchments (Heritage strongest in QLD; Newcastle Permanent in NSW). Both publish broadly similar rates and product ranges; the right choice typically depends on where the borrower is located and which bank's branch network is more accessible.