Heartland is pleased to announce that we are changing our Cash Reserve to provide our customers with additional protections.

Instances of scams, fraud and elder abuse are increasing. In 2023 alone, Australians lost more than $455 million to scams, including $275 million to investment scams. Those aged 65 and over were the most affected age group, losing more than $114 million.

We’re committed to safeguarding our customers from scams and fraudulent activities. To reduce the risk to customers we’re introducing additional controls and enhancing our responsible lending processes for our Cash Reserve offering.

The enhancements to our Cash Reserve will give additional comfort to you that all parties to the loan will know of Cash Reserve applications each time they are made. Importantly, it’ll mean customers’ unique requirements and objectives are considered with each application.

What’s changing?

From 28 March 2024, we’ll be separating the Cash Reserve from all loan agreements. You’ll still be able to apply for funds from a Cash Reserve – but the way to do this will change.

Cash Reserve applications will need to be made through a new Cash Reserve application form through Heartland Finance Online and the Heartland Finance Mobile App, or by contacting our team.

We’ll have an experienced, dedicated team to support Cash Reserve applications. Once you’ve made a Cash Reserve application, we’ll do a responsible lending assessment, call you to confirm you fully understand the application, and, if approved, issue a new loan agreement for signing electronically. Once signed by all parties, the funds will be paid to your nominated bank account.

 

Have more questions?

Will this affect my existing Cash Reserve?

Any Cash Reserve funds already drawn down will not be impacted. If you’d like to apply for more funds from your Cash Reserve on or after 28 March 2024, you will need to complete the new Cash Reserve application form via Heartland Finance Online and the Heartland Finance Mobile App or by contacting our team. Existing customer Cash Reserve requests received before 28 March 2024 will follow the existing request process.

I don’t currently have a cash reserve can I get one?

If you don’t currently have a cash reserve and require more funds, you can apply to increase your total loan amount via our further advance application. Further advances are based on the age of the youngest person, the current property value and the total loan balance, at the time of application. Fees will apply and a new valuation of your home will be required. Please contact us to obtain a further advance application form.

Where is the new Cash Reserve application form?

The new Cash Reserve application form, which will be required from 28 March 2024, will be found from this date online via Heartland Finance Online or the Heartland Finance Mobile App, or can be requested by contacting our team.

Why is the Cash Reserve application process changing?

Heartland is making these changes to protect our customers and reduce their potential risk of scams and fraudulent activities. We’re introducing additional controls and enhancing our responsible lending processes. The changes will give additional comfort to customers that all parties to the loan will know of Cash Reserve application each time they are made. Importantly, it’ll mean each customer’s unique requirements and objectives are considered with each application.

What are the new cash reserve terms?

Outlined below are the updated Cash Reserve terms that, if you have a cash reserve applicable, will be included in your Reverse Mortgage loan agreement. It will also apply to all customers currently with a cash reserve from 28 March 2024.

Applicable

We are not currently offering you any credit in excess of the Reverse Mortgage Facility Limit. You may, however, apply for an amount of credit in the future.

We do not have to approve the application.  We have sole and unfettered discretion whether to approve it.  If we do approve it, there will also need to be a written agreement signed by both of us varying this Reverse Mortgage Loan Agreement to increase the amount of credit before you can obtain that credit – see clause 4 of the general terms.

If the amount you apply for does not exceed $[Cash Reserve amount]* then we may not need a valuation report from a registered valuer. Requiring a new valuation report from a registered valuer will be dependent on our risk assessment at the time of application.

* If you are an existing customer, to confirm your current cash reserve amount please log into Heartland Finance Online, the Heartland Finance Mobile App or contact us.

How can I check the status of my Cash Reserve application?

For information about the status of Cash Reserve applications, get in touch with our dedicated team at [email protected] or 1300 889 338.

 

Information provided is accurate as of 1 March 2024 and may change from time to time.