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Heartland Home Loan FAQs

Click below to see the answers to some of our frequently asked questions.

If you're not finding the information you need, get in touch with us.

Heartland Home Loans

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.
Yes, we do. Learn more about Heartland’s Revolving Credit Home Loan.

Revolving Credit

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.

Repayments

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.
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