Advantage Newsletter January 2022
13 January 2022
The January edition of our Advantage Newsletter is now live!
It has been another year of uncertainty and change, so we hope you are doing well and staying safe. From all the team at Heartland, we hope you had a wonderful festive season and were able to spend some time with your loved ones, whether that was virtually or in person.
In this edition, we discuss how Heartland has continued to enhance our market-leading product in 2021 and received two Excellence Awards at the Australian Mortgage Awards. We also share some tips on how to keep yourself safe online, and an amazing home-made sausage roll recipe from one of our credit assessors!
Loan-to-value ratio increase
Heartland has increased the maximum loan-to-value ratio (LVR) for our Standard Reverse Mortgage product by 5% across each age category. For example, the new maximum LVR for a 60-year-old is 20% (previously 15%), and a 70-year-old will now be 30% (previously 25%).
The maximum loan is rarely taken upfront, with it typically drawn down progressively via regular advances for up to 10 years, and/or with some held in a cash reserve facility (like a ‘line of credit’) for future needs or unexpected expenditure.
This is the biggest change to our reverse mortgage criteria in over 15 years and comes at a time where more and more retirees are struggling to make ends meet.
All of this and more can be read in Advantage.
Can we help you?
Heartland has a dedicated team of reverse mortgage specialists who deliver personalised service. If you would like to apply for a reverse mortgage, arrange a face to face meeting with an accredited broker, or have any questions, please feel free to get in touch.
Please note that Heartland encourages our customers only to borrow what they need, and applications are not guaranteed — they are subject to credit criteria, a suitability assessment and acceptable valuation. Independent legal advice will be required. You can also repay your loan, in part or in full, at any time.
Information provided is accurate as of 1 January 2022 and may change from time to time.