Heartland drops floating home loan rate to 2.50% p.a.

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NZX/ASX Release
Heartland drops floating home loan rate to 2.50% p.a.
9 November 2020
Heartland Group Holdings Limited’s (Heartland Group) (NZX/ASX: HGH) subsidiary Heartland Bank
Limited (Heartland) (NZX: HBL) has lowered its already low floating home loan rate to 2.50% p.a. –
the lowest floating rate offered by a bank in New Zealand.
The leading floating rate amongst banks follows Heartland’s recent re-entry into the home loans
market with New Zealand’s lowest fixed term mortgage rates (1.99% p.a. 1-year fixed, 2.35% p.a. 2-
year fixed, 2.45% p.a. 3-year fixed).
“Customers shouldn’t have to pay so much for their floating home loan – nor should they have to
take time from their busy day to go to the bank or meet with a mortgage manager to refinance their
home,” explained Heartland Group CEO Jeff Greenslade. “By digitalising the application process, we
can save our customers time and money.”
Heartland’s online Home Loans platform allows customers to apply and receive approval without
needing to make an appointment, visit a broker, or arrange a house call.
The low floating rate isn’t the only feature that has changed.
“We’ve learnt a lot from our customers since re-entering the market in October and have made
changes to expand our approval criteria. Customers refinancing at our floating rate are also eligible
for a $750 credit.”
The New Zealand owned and managed bank has been helping New Zealanders with their finances
since 1875, but it prides itself on being different from other banks.
“Heartland Group’s structure provides the group with broader funding flexibility,” said Greenslade.
“Alongside our digital strategy, we're able to offer products through innovative channels at a lower
cost, and can pass that onto the borrower.”
To be eligible for Heartland Home Loans, customers must be refinancing or purchasing a standalone
house on a single section, have a deposit or equity of at least 20% and live or intend to live in the
home. A credit of $750 is available for customers who refinance their home loan to Heartland and
take out a loan on the floating rate for at least 12 months (subject to clawback).
Find out more and apply online at heartland.co.nz/home-loans.

Heartland Bank Limited’s lending criteria, terms, conditions and fees apply. Interest rates are subject
to change. The $750 credit for refinance on the floating rate is subject to clawback if the customer
moves to a fixed rate or leaves Heartland before the end of the 12-month term.

– Ends –

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For further information, please contact:
Person who authorised this announcement: Jeff Greenslade
Title: Chief Executive Officer,
Heartland Group
Contact phone number: 09 927 9149
Contact email address: jeff.greenslade@heartland.co.nz
Address: Level 3, Heartland House
35 Teed Street
Newmarket
Auckland
New Zealand

Person who authorised this announcement: Chris Flood
Title: Chief Executive Officer,
Heartland Bank
Contact phone number: 09 927 9139
Contact email address: chris.flood@heartland.co.nz
Address: Level 3, Heartland House
35 Teed Street
Newmarket
Auckland
New Zealand