Home Loans

* A prepayment will occur (and fees and/or other amounts may be charged) if, during the loan term, you switch to a different interest rate or make other changes such as varying the loan term or your loan payments. If you want to pay us back early, or change your interest rate or other details during the loan term, please contact us first to check what fees and/or other amounts may be payable.

If we charge you any of the above fees or costs, we will add that amount to the amounts owing. That means we will charge interest on that amount until you pay it.

• Term loan agreement
• Revolving credit home loan agreement
• Mortgage Memorandum

If you do not pay an amount when it is due, then we will charge you interest at a default interest rate of 2% p.a. above the current interest rate. If you have a revolving credit home loan with us, the default interest rate is 6% p.a. above the current interest rate and includes failing to make any payments required to ensure that you don't exceed your credit limit.

A home loan, or mortgage, is a loan to you by a financial institution to allow you to purchase a property. In return, they hold security over the property. Home loans have terms that could range up to 30 years and usually include regular, scheduled repayments.

On a fixed rate, the interest rate you will pay on your loan is set for the selected period. The benefit of fixed interest rate periods is that you will have set repayment amounts during that period. The disadvantage is that if the interest rate drops, you will continue to be locked in at this rate for the remainder of your fixed rate period. If you wish to repay your loan or make changes to your scheduled repayment amounts during a fixed rate period, you may be charged a fee. If you wish to do this, please get in touch to find out what fees and other amounts may be payable.

A floating rate means that the interest rate will rise and fall in line with market conditions over the period of your loan. The benefit of this is the flexibility to make extra payments without cost. Remember: a floating interest rate may rise or fall depending on market conditions which may increase or decrease your repayment amounts.

Our Online Home Loan product no longer aligns with our product strategy. We will be winding down our Online Home Loans so we can focus on delivering value in areas where we believe we can make the greatest impact for New Zealanders.

The terms of your loan agreement remain in place. You’ll continue to receive the same service from our team. Depending on your circumstances, you may wish to consider your options for refinancing with another provider.

From 1 July 2025 we no longer offer new fixed interest rates. Our competitive floating rate remains available, however, top-ups are no longer available.

If you currently have a fixed rate home loan, your interest rate will remain in place until the end of your fixed rate period. When your fixed rate period ends, your loan will revert to our floating rate. Floating rates are variable, which means they can change at any time.

If you have more than one fixed home loan rate, and your fixed rates expire on different dates, we may be able to provide some other options based on your circumstances.

If you currently have a revolving credit home loan, the term remains unchanged. These loans are on variable interest rates, which are subject to change.

No, your interest rate won’t be affected. If you currently have a fixed rate home loan, your interest rate will remain in place until the end of your fixed rate period. When your fixed rate period ends, your loan will revert to our floating rate. Floating rates are variable, which means they can change at any time.

If you have more than one fixed home loan rate, and your fixed rates expire on different dates, we may be able to provide some other options based on your circumstances.

If you currently have a floating rate home loan, your floating rate will remain in place.

Floating rates are variable, which means they can change at any time, which may increase or decrease your repayment amounts. A benefit of floating is the flexibility to make extra payments without cost.

Yes, we continue to offer our floating rate. If you currently have a floating rate home loan, your floating rate will remain in place, but as floating rates are variable, the rate is subject to change.

Yes, but fees may apply in certain circumstances.

For variable rate home loans, no fee is charged if you repay your loan early in full.

For fixed rate home loans, we will charge a Prepayment administrative fee of $15 if you repay the loan during the fixed rate period. In addition, we will charge you a reasonable estimate of our loss, if applicable – this type of charge is sometimes called a “break fee”. If you want to pay us back early, please contact us first to check what fees and/or other amounts may be payable.

Heartland’s Revolving Credit Home Loan is like an overdraft that’s secured against your property, offering flexible access to funds which you can put towards whatever expenses you need to. Because the account is secured against your home, it offers a much lower interest rate than a personal loan or credit card – and it also doesn’t cost you extra in ongoing fees.

When you take out a Heartland Revolving Credit Home Loan, you’ll get an EFTPOS card to use to withdraw money as and when you need it. The credit limit will stay the same over time, and you can borrow up to that limit at any time – however, you’re not required to borrow funds until you need them, and you’ll only pay interest on the funds you use.

Unlike a credit card or personal loan, there’s no requirement to make regular repayments. However, we can ask you to pay back what you’ve borrowed at any time, and you must repay what you’ve borrowed when the term of the account is up. Interest will be calculated on the daily balance, so you’re encouraged to make repayments whenever you can to keep the balance as low as possible. In particular, if you’ve reached your account limit, you’ll need to pay down the interest owed so that you don’t exceed the limit and accrue default interest.

Because you’re not required to make regular repayments of what you’ve borrowed, a revolving credit home loan is generally only suitable for people who are disciplined when it comes to managing their money.

No – unlike most credit cards, there are no ongoing monthly account fees associated with a Heartland Revolving Credit Home Loan. Other fees may still apply, which you can find out about here.

Interest will be calculated daily and charged monthly. You’ll only be charged interest on the funds you’ve used and haven’t yet repaid.

For example, if you have a $100,000 account limit and $75,000 is drawn down as a portion of your mortgage, you’ll be charged interest only on that $75,000, not on the additional $25,000 available under your limit. Let’s say over the course of three months you pay that $75,000 down to $65,000 – at that point, you’ll then only be charged interest on the $65,000 you still owe Heartland.

If you exceed your full account limit, you still won’t need to immediately pay back all of what you’ve borrowed, but you’ll need to pay back interest monthly.

Unlike some other revolving credit products, your limit will not reduce over time, meaning you can draw up to that limit until the term is over and the full amount becomes repayable, or until we inform you otherwise.

We require our Heartland Revolving Credit Home Loan customers to have their income paid directly into the account – this helps keep the interest costs as low as possible. You can make further repayments at any time by transferring funds to your revolving credit account within the Heartland Mobile App.

Any amount that you’ve borrowed from your revolving credit account will also need to be repaid on the same date that your term loan matures, unless specified otherwise under your loan agreement. For example, if you take out a 20-year term loan, any additional funds you’ve drawn down from your revolving credit account will generally also fall due at the same time. Bear in mind that any future variations to your term lending with us may change this, and that there may also be exceptions to this general rule.

Email [email protected] and we’ll work with you to see if you’re eligible.

Yes. You’re also welcome to get in touch with Heartland to request a reduction of your account limit or that we convert it to a term loan with regular repayments. If you exceed your limit, we will contact you to discuss next steps, which may include converting some or all of your lending to a more suitable structure.

Yes, you can pay your loan back early by paying the full prepayment amount. If you have a Heartland Revolving Credit Home Loan, you can pay off and re-draw the account at any time at no cost.

You can also repay some of your loan at any time. However, any part prepayment must not be less than any minimum prepayment amount we specify in the loan agreement (currently being $100 for a floating interest rate or $1,000 for a fixed rate loan portion). We may also charge you an administrative fee and, if a loan portion with a fixed rate is being repaid, an amount equal to the reasonable estimate of our loss arising from the part prepayment (if any).

If you want to do this, please contact us so that we can check what fees and other amounts may be payable.

We understand that circumstances out of your control may impact your ability to make your repayments. This could include illness, injury, loss of employment, the end of a relationship, or other reasonable cause. In any of these cases, you can apply for a Hardship Variation. You can find out more and apply here.

There are serious consequences if you do not meet your loan commitments. Under the loan agreement, you agree to pay all amounts owed to us now and in the future. If you are unable to make your repayments, we may sell the property and use the proceeds to repay any amounts owing. If this does not cover the amount owing, you will still owe us the outstanding amount.