You may notice we have a new name! Don’t worry – nothing else has changed. See more info here.

Are you 60 or over with a home loan deferral expiring? You could refinance your home loan with a Heartland Reverse Mortgage (plus Application Offer)

13 October 2020

Heartland Bank News

Extended – $200 fee reduction to continue until 31 December 2020

As we have seen a strong uptake on this offer, with some customers requesting an extension in order to complete their application, we are pleased to advise an extension of the offer to the 31st December 2020.

Are you 60 or over with a home loan deferral expiring?

Initially designed to assist customers during COVID-19, many of the arranged 6-month loan repayment deferral schemes are due to expire soon. However, with continued restrictions in place, many people are still unable to afford to meet their monthly loan repayments.

You may also be considering applying for a deferral scheme now, but unsure how you will be able to make loan repayments after the 6-month term finishes.

If you are aged 60 or over, and in this position, you may have considered selling your property to repay your home loan, to fund your retirement and reduce repayment stress. However, with an unpredictable housing market, and preference to remain in place, this can be an undesirable option for many.

The alternative – a Heartland Reverse Mortgage.

How can a Heartland Reverse Mortgage help?

With a Heartland Reverse Mortgage you could refinance your standard home loan, keep your home, and release some further equity at the same time, without having to sell or downsize.

The great thing about a Heartland Reverse Mortgage is that you don’t need to make any regular repayments, allowing you to defer your repayments for as long as you choose. The interest is just added monthly to your loan. Importantly, you are able to make repayments anytime you like, at no additional cost. The loan is only due to be repaid when you move permanently from your home.

A Heartland Reverse Mortgage also promises lifetime occupancy, and a no negative equity guarantee. This means that the amount required to repay the loan will never exceed the net sale proceeds of the property, and you can stay in your home for as long as you choose.

This, along with a flexible loan structure (initial advance, regular advances, or a cash reserve, like a ‘line of credit’), gives many retirees peace of mind and allows them to enjoy a more comfortable retirement free from financial stress. You can even apply for a Heartland Reverse Mortgage for your second property (investment or holiday home) or use it to help pay for aged care.

Refinance Application Offer – $200 fee reduction

We know that during this time of financial stress, the refinancing costs can be significant, and administration required to refinance your home loan difficult.

To assist and reduce this burden, we are offering a $200 reduction of our Settlement Fee (reducing it from $495 to $295) for all new Heartland Reverse Mortgage applications for the purpose of refinancing a current mortgage (or include the purpose of a mortgage refinance) received by 31 November 2020.

Heartland are committed to supporting our customers through this difficult time in our society. If you have any questions, would like to start your application, or arrange a face to face meeting with a specialist accredited broker, feel free to contact us on 1300 889 338 or [email protected]. We are here to help you.