Powered by MOMENTUM MEDIA
subscribe to our newsletter

Heartland launches digital home loan product

The New Zealand-based bank has launched its first digital home loan for owner-occupiers, and has its sights set on expanding its presence in the Australian SME market.

The new loan product can be applied for entirely online, including the upload of all supporting documentation, with no extra fees or charges.

To be eligible for the new home loan product, New Zealand customers must be refinancing or purchasing a standalone house on a single section, and have saved a 20 per cent deposit, or hold 20 per cent equity in their current home.

Additionally, the product is only available to owner-occupiers intending to move into the home.

Fixed rates start at 2.89 per cent for one year, and 2.97 per cent for two years.

Advertisement
Advertisement

Australian SME finance expansion

The announcement comes shortly after the release of Heartland’s half-year results, for the first half of the 2020 financial year, in which the lender stated its intentions to expand its operations in Australia, and invest in “new areas of opportunity”.

According to the lender, its corporate restructure, undertaken in 2018, has provided the group with the opportunity to launch its existing products into other markets, notably, allowing for the expansion of its New Zealand small business lending branch – named Open 4 Business of O4B – into the Australian market.

According to Heartland, O4B was launched in Australia in November 2019, and is currently being piloted to ensure the product is “set up and operating well.”

The lender stated it will increase marketing activity to drive up leads for its Australian small business arm throughout the second half of the 2020 financial year.

PROMOTED CONTENT


Further, the company also stated that “further diversification of funding programs remains a strategic focus” in its Australian business over the rest of the financial year, to support business growth.

[Related: Heartland earnings bolstered by reverse mortgage growth]

Heartland launches digital home loan product
home loan product
mortgagebusiness

Hannah Dowling

Hannah Dowling is a journalist for mortgage business, the leading source of news, opinion and strategy for professionals working in the mortgage industry.

Prior to joining the team at Mortgage Business, Hannah worked as a content producer for a podcast catering to property investors. She also spent 6 years working in the real estate sector at a local agency. 

Hannah graduated from Macquarie University with a Bachelor of Media and Journalism. 

You can email Hannah at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The RBA has studied the role of collateral in credit markets under stress, and has found that collateralised borrowing rose for some segment...

Auction volumes surged significantly over the December quarter across Australia, largely attributed to a “resurgence” in Melbourne, acco...

Loan conditions and collateral guarantees continue to be major stumbling blocks for small businesses looking to access financing, according ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: A new record in mortgage approvals

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.