Village Access Loans
What is a Village Access Loan?
A Village Access Loan allows older Kiwis to release some of the equity in their home to fund their entry into a retirement village. Most importantly, you don't have to repay the loan right away. You can take time to plan your move to your new retirement village home.
How does it work?
With a Village Access Loan, you don't need to make regular repayments. Interest is calculated on the outstanding balance and added monthly to your loan (compounded). Voluntary repayments can be made at any time, which reduces the balance and interest charged.
The total loan amount, including accumulated interest, must be repaid within three years. This could occur when you sell your property.
To be eligible, you need to be aged 60 or over, own your own home outright, or have a standard mortgage that can be paid off by the Village Access Loan. The amount you can access depends on the value of your home. The maximum amount you can access will be determined by Heartland’s lending criteria.
Learn more in our Village Access Loan Fact Sheet
Heartland’s responsible lending criteria, terms, conditions and fees apply.
How am I protected?
We take our duty of care seriously and have a range of safeguards in place to ensure you make an informed decision and are well protected*.
You do not need to make any loan repayments until the end of the loan. Although you can choose to make repayments at any time with no penalty, a mortgage discharge fee will apply when your loan is repaid in full.
You can choose to protect a percentage of the eventual net sale proceeds of your home. When your loan is repaid, you’re guaranteed to have this chosen percentage returned to you (up to 50%).
It’s important you feel comfortable with your decision. If you change your mind within 30 days, simply repay your loan (including interest and valuation fee), and we’ll refund the application fee in full.
It’s important that you are completely happy with all aspects of your Heartland Village Access loan. To ensure this, the legal advice on your loan agreement must be carried out by a solicitor of your choice, who will represent your interests and work with you to explain and discuss your loan.
Your Village Access journey
You are protected by responsible lending laws. Because of these protections, the recommendations given to you about Heartland loans are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed.
By providing us with your details, you are agreeing to the terms of our privacy policy.
Contact us
to you within one business day.
8.30am - 5.00pm
*Subject to complying with the terms and conditions of the Heartland Village Access Loan.