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Rates and fees

Here you will find information about interest rates, fees, legal requirements and some useful resources.

Interest rates

Heartland Reverse Mortgageā€™s variable interest rate is 10.50% per annum from May 17, 2024.

The interest rate is variable and will change from time to time. This could be due to what is happening in the economy both in New Zealand and overseas, as well as changes to our own borrowing costs.

Default interest rates

If you do not meet the terms and conditions of your loan you could be charged a default interest rate of up to 2% p.a. above the current interest rate.

Fees and legal requirements


Fees do apply to your Heartland Reverse Mortgage, including when you set up your loan or set up further top-up loans (however, in most cases these fees can be added to your loan amount). For full information about our fees and when they are charged, see our fee schedule.

Independent legal and financial advice

To protect your own interests, you will be required to seek advice from your own legal adviser, who will provide you with the necessary independent legal advice you need before making any decisions. They will advise you about their fees, and you will be responsible for any costs that arise through your engagement with them in regards to your reverse mortgage application.

Legal obligations

In order for us to keep our promises to you, you also have a number of legal obligations to us. This includes continuing to look after your home, making necessary repairs, and adequately protecting it from damage. You also must continue to pay your rates, and insure your property.

To help you monitor your loan, we send you a statement every six months, with details of your loan over the previous period, including interest.

Code of Banking Practice

The Code of Banking Practice sets out standards for good banking practice. We adhere to the Code (as a member of the New Zealand Bankers' Association) and see it as a minimum standard to maintain good relationships and communications with our customers.

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Reverse Mortgage insights guide with the title: Enjoy a better lifestyle in retirement