Heartland Reverse Mortgages has announced that it will be reducing the variable annual percentage rate for its standard reserve mortgage, from the current 5.6% per annum, to 5.25% p.a.
“We have been able to negotiate a reduction to our funding costs from 1 April and have been able to reflect this in our rate,” the New Zealand-based reverse mortgage provider said in a statement. “Heartland is committed to supporting our customers with our market-leading product and excellent service, and we hope to be able to help even more Australians with this reduction.”
Heartland also announced that it will be making two fee adjustments from April 1. The fee charged for cash reserve and redraw requests will be halved, from $60 per draw, to $30. Its valuation fee “special offer” waiver for new loans settlements will also be removed.
These changes will apply to all applications (loan applications and cash reserve/redraw requests) received from April 1.
