Press Release – Heartland Heartland has just launched a new revolving credit home loan with the lowest revolving credit rate on the market. At only 2.75% p.a., it is 0.70% p.a. lower than the next lowest rate, and nearly a whopping 2.00% p.a. lower than the 4.71% p.a. average rate …
Heartland has just launched a new revolving credit home loan with the lowest revolving credit rate on the market. At only 2.75% p.a., it is 0.70% p.a. lower than the next lowest rate, and nearly a whopping 2.00% p.a. lower than the 4.71% p.a. average rate offered by the big banks.
But growth was hit by higher-than-expected repayments, boosted by government stimulus.
Bank and reverse mortgage specialist Heartland Group has reported interim after-tax profit up 10.6% on the same period last year, with the impact of Covid-19 on operations less than expected.
The NZX-listed financial service company’s net profit after tax (npat) was $44.1 million for the six months to December, up from $39.9m in the first half of the previous year.
Chief executive Jeff Greenslade told
NBR the group’s customer base was sufficiently protected from the effects of the pandemic, and he expected a similar strong performance in the second half of the year.
Martin De Ruyter/Stuff
Mortgage lending is booming as house prices continue to rise. Heartland and The Co-operative Bank are undercutting the lending rates of the big banks in a bid to win market share. None of the big four Australian-owned banks is offering a six-month fixed rate below 3 per cent, though HSBC and TSB are. The Co-operative Bank’s chief executive, David Cunningham, told
Interest.co.nz that the bank had drawn down on the Reserve Bank’s Funding for Lending programme. The programme provided cheap funding for banks and was designed to support lending in a bid to help the economy weather the economic storm caused by the Covid-19 pandemic..