Heartland Reverse Mortgage's variable interest rate is 7.82% per annum from Feb 26, 2018.
Interest is compounded monthly. The interest rate is variable and will change from time to time. These changes will be caused by a range of factors, including what is happening in the funding market and economy both in New Zealand and overseas, as well as changes to our own borrowing costs.
Heartland Seniors Finance aims to maintain the variable rate at approximately 1.5% - 2% above the major banks’ variable mortgage lending rates.
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 2% per annum above the then current interest rate.