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Heartland goes direct to customers with 2.89% mortgage

Heartland Group has launched a direct-to-consumer digital mortgage with a one year rate of just 2.89%, as it takes on the established banks.

Thursday, March 5th 2020, 9:56AM

The group launched its new product this week, with two year rates of 2.97%, and three year rates of 3.39%. The rates are the cheapest on offer in the market, ahead of Simplicity's 2.95% mortgage.

The new product will not be available through the adviser channel, as Heartland explores direct digital customers, through mobile and desktop online. 

Heartland chief executive Jeff Greenslade told TMM Online the new mortgages were a "trial", but the bank would put financing in place to extend the offering if it proves popular. 

"We're going to see if the rate is of interest to customers, and take stock," he said. "Once we hit our pilot limit, we will weigh up different factors, and if it's successful, will set up funding in the group structure to support it," he said. 

The product is the most aggressive move yet by a non-bank to take prime mortgage customers. Simplicity's 2.95% mortgage, available to KiwiSaver customers, was launched back in October. 

To qualify for Heartland's record low rates, customers need a 20% deposit, and must be owner-occupiers. The bank will lend on standalone properties in Auckland, Hamilton, Tauranga, Napier, Hastings, Kapiti Coast, Wellington, Nelson, Christchurch, Queenstown or Dunedin.

Greenslade told TMM Online Heartland was testing the appetite for digital mortgage products. 

"People say they like doing things on their mobile, so we're seeing if there's any truth in it."

Tags: digital lending Heartland mortgages

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 3.85
ANZ Special - 2.65 2.75 3.35
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 ▼3.19 ▼3.49
SBS Bank Special - 2.79 ▼2.69 ▼2.99
The Co-operative Bank - Owner Occ 4.40 2.79 2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 3.29 3.89
TSB Bank 5.34 3.59 3.49 3.79
TSB Special 4.54 ▼2.65 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.65 2.69 2.79
Median 4.55 3.22 3.22 3.44

Last updated: 3 July 2020 8:15am

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