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Mortgage brokers help Heartland reach $1bn milestone

31 August 2021

Heartland Bank News

On 6 July 2021, Heartland Reverse Mortgages’ loan book officially passed $1 billion (AUD). This significant milestone by Heartland was achieved through growth of $621.5 million in just over seven years (from a $378.5 million book in April 2014).

Around 53% of Heartland’s loan book is from our intermediaries, highlighting just how valuable brokers are in helping Australian seniors to live a more comfortable retirement in their own homes and free from financial stress.

Heartland started working with a small number of specialist brokers just after our commencement in October 2004.

As of 30 June 2021, Heartland now has more than 1,100 Heartland Accredited Brokers, and works with 27 mortgage aggregators across the country.

Seniors First’s Andrew Cate, has been working with Heartland since 2014, and has helped more than 850 customers live a more comfortable retirement, through releasing equity from their homes with a Heartland Reverse Mortgage. Cate describes Heartland as a standout player in the reverse mortgage industry, having endured through the Global Financial Crisis in 2007, and the Royal Commission’s review on reverse mortgage lending in 2018.

“Heartland is the only reverse mortgage lender that has stayed solid through it all, and essentially changed the reverse mortgage game in Australia. They have built trust in the market through doing what’s right by the customer. That speaks volumes about the company,” said Cate.

Heartland is the leading provider of reverse mortgages in Australia, and has helped over 22,000 customers achieve more freedom in retirement with its award-winning Reverse Mortgage.

Heartland has won several awards over the years, including more recently a 5 Star Lender Award from Your Mortgage in 2021, and Infochoice’s Best Reverse Mortgage in 2020. We have also received two excellence awards in the 2021 Australian Mortgage Awards (Non-Bank of the Year, and Most Effective Digital Strategy – Lender). These awards are a testament to Heartland’s commitment to providing customers with a market-leading product, and the significant importance it places on its duty of care for customers – which includes an adaptable and flexible loan structure, significant customer protections, and a focus on good customer outcomes.

“I first found out about reverse mortgages because my father is a pensioner. Since learning about what Heartland can offer this demographic, I knew it was a product that could make a real difference to people’s lives,” Cate explained.

“Heartland has a team of incredibly friendly people who share my passion for helping people with financial products. They look at each customer individually and tailor the loan to suit their unique retirement needs.

“As a product with stringent compliance requirements, Heartland makes it easy for brokers by providing us with the training, tools and guidance to be able to properly educate our senior clientele about reverse mortgages,” said Cate.

Heartland’s Head of Operations, Sharon Yardley, said that without the support of their talented employees, across the Heartland Group who support our reverse mortgage offering, and accredited broker network, Heartland wouldn’t be where it is today.

“We know from customer feedback that reverse mortgages can be life changing in allowing them to remain in their homes and get the most out of retirement. Being able to support so many Australians in retirement is a huge milestone. Our Heartland Accredited Brokers and employees should be proud that they are making a real difference to the lives of older Australians in our community.” says Sharon.

More information

If you are a customer and have any questions, would like to start your application, or arrange a meeting with a specialist accredited broker, please contact our friendly team on 1300 889 338 or [email protected].

If you are a broker and would like to enquire about accreditation, please visit our Broker Portal for more information, or contact our Broker Support Team on 1300 662 865 or [email protected].

Information provided is accurate as of 31 August 2021 and may change from time to time.