Heartland goes direct to customers with 2.89% mortgage

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.