Dairy farm finance made easy
With Heartland’s online application and competitive rates, the process of buying or refinancing a dairy farm is in your hands – on your time.
Are you eligible?
To be eligible for a Dairy Direct loan, you’ll need to meet the following criteria:
- You must be 18 or older.
- You must be NZ citizen or permanent resident.
- You must be a dairy farmer.
- You must have more than 55% equity.
- The farm must be 50 hectares or larger.
- You must provide us first mortgage security.
How does it work?
- Complete the 3-step online application anytime, anywhere.
- Get a decision online. No phone calls required.
- We’ll confirm your details and loan structure, conduct any required checks and request any supporting documents.
- Upon completion, we'll be in touch within two business hours.
Calculate your repayments
Have a play with the calculator below to see what your repayments could look like.
- What are the interest rates and fees for Dairy Direct?
- The interest rate for Dairy Direct is currently a floating rate of 6.65% p.a. There are no establishment or ongoing fees to take out a Dairy Direct loan. There may be fees associated with varying or discharging your loan.
- Why is the application process online?
- An online application saves you time by allowing you to apply when you choose, wherever you are. There’s no need to spend time arranging appointments with rural relationship managers or going into a bank branch.
- What if my internet connection isn’t strong enough to complete the application?
- If you’re having internet issues and are unable to complete the application online, give us a call on 0800 43 27 00 and we can help you through the application process.
- What does online approval mean?
- Online approval means it looks like you might meet our lending criteria, based on the information you entered online. We will need to verify what you have told us with your supporting documentation, conduct any required checks, and confirm your loan structure. Any full approval will be subject to Heartland’s lending criteria, terms and conditions.
- How often will Heartland review my loan?
- We like to keep things hassle-free – we want to hear from you if your circumstances change, otherwise we’ll contact you every two years to review your loan.
- Do you have relationship managers that can meet with me?
- We’re confident that you’ll be able to complete our simple online application yourself. Once you have completed the online application and received an online approval, a relationship manager will be in touch. If you have any questions along the way reach out on 0800 43 27 00, we’re here to help.
- Do you offer a period of interest only repayments?
- Yes, we offer the option of five years of interest only, which can be extended in some cases.
- What information do I need to provide?
- After your online approval is received, you’ll need to provide us with a copy of your financial statements (less than 9 months old), a statement of position (a list of assets and liabilities less than 3 months old) and a valid ID and proof of address. We may also need to get a valuation of the farm, and other verification and checks may be required.
- What about personal guarantees?
- If your applying for your Dairy Direct loan on behalf of your company, or someone “trading as”, or if you rely on another entity for cash flow or security, we will require a personal guarantee from the company directors and shareholders, you, or the directors of the other entity. This means that each guarantor will be liable for the obligation of the borrower should it not meet them. It’s important you understand what this means and we recommend you discuss this with your lawyer or a trusted advisor.
- Do you offer a revolving credit facility?
- Yes, we offer a revolving credit facility as a component of Dairy Direct for working capital needs up to 10% of your loan amount. The revolving credit facility has the same interest rate as the overall loan.
- Can I repay some or all of my loan early?
- Yes, you can repay all or part of your loan early at any time. There may be fees associated with the early repayment of your loan.
- What can I do if I’m struggling to make my repayments?
- We understand that circumstances out of your control may impact your ability to make your loan repayments. In this case, you may be able to apply for a hardship variation. You can find out more and apply here.