Heartland trials digital mortgage product

In what Heartland chief executive Jeff Greenslade is calling a "pilot" programme, the banking subsidiary is offering to lend an unspecified amount at lower interest rates than anybody else in the market.

Greenslade wouldn’t say how much Heartland has committed to the experiment. He rejects the idea that it's a bet but won't say whether the bank will cover its costs.

Borrowers face no fees and must either have at least a 20% deposit or 20% equity and be owner-occupiers. The only thing resembling a catch is that all of their dealings with Heartland will be digital and online.

"This is a limited offer. We want to test market appetite for that sort of digital channel," Greenslade told BusinessDesk.