Reverse mortgages and specialist niches expand options for clients
Heartland Group’s 150-year anniversary is more than a heritage story – it’s a reminder of how far specialist lenders have come, and how much choice they now add beyond the big banks.
The 150-year milestone follows a reset year where Heartland reported FY2025 NPAT of $38.8m (underlying $46.9m) and reshaped its lending book to prioritise core niches such as reverse mortgages and rural finance.
Heartland began life in 1875 as the Ashburton Permanent Building & Investment Society, recording just £233 in mortgage lending in its first year. Today, after a series of mergers and restructures culminating in the creation of Heartland in 2011, its lending book has grown to $7.16 billion across household, rural, and commercial borrowers in New Zealand and Australia.
Heartland Group CEO Andrew Dixson (pictured left) said the bank is intent on using that legacy to stay sharply focused.
“We’re reshaping what a trans-Tasman banking group can be. By staying focused on areas where we can add real value, we believe Heartland will remain a resilient and purpose-driven organisation for years to come,” Dixson said.
Trans-Tasman growth builds specialist scale
From Ashburton roots, Heartland has steadily built a trans-Tasman footprint. Its 2014 acquisition of an Australian reverse mortgage business was followed by the purchase of StockCo Australia in 2022 and Challenger Bank in 2024, creating Heartland Bank Australia and making Heartland Bank the first New Zealand bank to acquire an Australian bank.
Today, Heartland Group is listed on both the NZX and ASX, with two banks under its umbrella – Heartland Bank in New Zealand and Heartland Bank Australia. That platform gives it scale in carefully chosen niches rather than across the whole market.
Reverse mortgages and niche lending in focus
For Kiwi advisers, the practical relevance is Heartland’s specialist product mix. Both banks focus on reverse mortgages, livestock finance, and savings and deposits, while in New Zealand Heartland Bank also offers motor finance and asset finance. These segments can be particularly useful for older clients looking to unlock home equity, agribusiness customers, and borrowers needing tailored asset finance solutions.
“Heartland’s story is one of continuous progress, evolving our products, services, and digital capabilities so customers have more ways to reach their goals,” Heartland Bank New Zealand CEO Leanne Lazarus (pictured right) said.
Lazarus added that its “uniquely Kiwi heritage remains the cornerstone of a specialist banking model designed to help customers unlock opportunity.”
Backed by more than 13,000 shareholders and around 600 staff servicing over 185,000 customers across New Zealand and Australia, Heartland is positioning around a “best or only” strategy in its chosen niches.
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