Heartland Home Loans highlights significant savings and commits to making decisions within 48 hours of receiving information
Heartland Bank (heartland), the lender with the lowest standard fixed mortgage rates in New Zealand, today announced a new level of service for its mortgage application processing time. Applicants will now receive a pre-approval or denial within 48 hours (excluding weekends and holidays) of Heartland receiving all necessary information, including bank statements, any supporting documentation, and any clarification or additional information. required.
The challenger bank’s online application process means there is a lower onboarding cost, the savings of which can be passed on to the customer in the form of lower rates – in fact, a Heartland home loan could save money to a borrower up to $42,000 in interest payments on a loan of $500,000, over a term of 25 years with repayment of principal and interest.*
Heartland’s self-service mortgage application is designed to reduce the friction often associated with interacting with a bank, as it allows people to apply for a mortgage at their convenience without the assistance of a banking representative. Those who meet the eligibility criteria can complete the digital application online, without needing to make an appointment or have someone come.
Heartland Bank CEO Chris Flood explained: “People shouldn’t have to pay so much on their mortgage. Our home loan app disrupts the traditional market in favor of a fast digital solution, which can offer clients some of the best rates and time savings on the market.
Heartland currently offers market leading 2 and 3 year fixed residential mortgage rates at 3.79% per annum and 4.15% per annum respectively. It also offers the lowest revolving credit rate on the market at 3.75% per annum. To be eligible for a Heartland home loan, clients must refinance or purchase a freestanding home on a single section in a New Zealand urban centre, have a deposit or equity of at least 20%, own the property in their own name and intend to live there. See full eligibility criteria here.
To visit heartland.co.nz/home-loans
to learn more and apply.
*Based on a $500,000 mortgage, 3-year fixed rate of 4.15% per annum, 25-year principal and interest loan. Compared to the lowest 3-year fixed rate announced by ANZ, ASB, BNZ, Kiwibank and Westpac of 4.65% per annum as of March 14, 2022. The assumed rate differential of 0.5% per annum continues throughout of the duration of 25 years. No set up fees.
Heartland Bank’s responsible lending criteria, terms and conditions, fees and charges apply. Interest rates are subject to change.
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