Rates and Fees

Interest rate

Our base floating interest rate for a farm transition loan is 7.50% per annum. Heartland may, at its discretion, charge a higher or lower interest rate in some circumstances depending on your financial circumstances, which could include:

  • How much you want to borrow
  • The term of the loan
  • The security you provide
  • Your other financial commitments
  • Your credit history

The applicable interest rate for your loan will be discussed and agreed with you during the loan fulfilment process.

Default interest rates

If you do not pay an amount when it is due, then we will charge you interest at a default interest rate of 5% per annum above the then current interest rate.

Fees

Arrangement fee: $1,200

We will charge you this fee for processing a new loan application made to us, including approval and acceptance.


Variation fee: $200

We will charge you this fee if we vary the terms of your loan.


Discharge fee: $100

We will charge you this fee to release our mortgage over your property once your loan is repaid.


Additional advance fee: $175

We will charge you this fee for each additional advance made to you under your loan.


Arrears Fee: $250

We will charge you this fee if we have to pay your rates or insurance on your behalf because you are in arrears in relation to them.

Lending criteria, terms, conditions and fees apply.