Reverse mortgage growth moving forward
Heartland Bank provides an update on the growth of its home equity release book.
Thursday, March 24th 2016, 4:33PM
Heartland Bank says it is continuing to see steady growth in new reverse mortgage loans in both New Zealand and Australia.
"In New Zealand, this reflects our push to increase market awareness of the product and help customers better understand how their retirement lifestyle can benefit from a reverse mortgage," it says in its interim report.
In Australia, where the distribution model is different from New Zealand, it is continuing to extend its market reach through building relationships with the mortgage broker network
The bank says strong growth in receivables has driven a net profit after tax of $25.6 mill for the six months to December 31. This an increase of 9% on the corresponding half year period in 2014.
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