EQUITY HOME. HowDO. we stay in. our family. home?

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1 HowDO we stay in our family home? HOME EQUITY loan

2 Welcome If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us. A Heartland Home Equity Loan will allow you to borrow against the equity in your home without having to sell it releasing cash for a well-earned and comfortable retirement. In this brochure we explain in some detail exactly what the Heartland Home Equity Loan is, how it works and how it could help you. Home equity release is a new idea for some, so if you need more information, please remember we are only a phone call away to answer any of your questions simply call us on At Heartland Bank, we pride ourselves in finding products for people, not people for products. We re the specialist bank that helps you Do More. 2 Heartland Home Equity Loan

3 Key Points at a Glance How the Heartland Home Equity Loan works 4 What is a Heartland Home Equity Loan? What can I do with the money? Who can apply? The Heartland Bank promises 5 Releasing equity with your Heartland Home Equity Loan 6 Calculating how much you can borrow Minimum and Maximum loan amounts Other Property Criteria Example of a Heartland Home Equity Loan 7 With Heartland you are protected 8 Lifetime Occupancy guarantee No Negative Equity guarantee Loan Repayment guarantee Ownership of your home Independent legal and financial advice 30-day cooling-off period Home Equity Release Schemes Code of Standards Fees and legal requirements 9 Arrangement fees Legal work Interest rates Keeping track Your obligations under the loan Commonly asked questions Will I still own my home? Can I rent out my home? How do you value my home? How and when is my loan repaid? Can I increase my loan amount? Property ownership What if I move house? What if I have a concern or complaint, or want to provide feedback? What s the next step? Heartland Home Equity Loan 3

4 How the Heartland Home Equity Loan works What is a Heartland Home Equity Loan? Many of us are now living in homes that hold the majority of our wealth, and by accessing some of this wealth without having to move, we can do the things we need, or have always wanted to do. The Heartland Home Equity Loan enables you to use some of the money tied up in your house without having to sell it. You do that by taking out a loan against your home. The total loan amount, including accumulated interest, is only repayable when you move permanently from your home; usually when you sell your property, move into long-term care or pass away. You continue to own and live in your home for as long as you wish, benefiting from any potential increase in property values. You do not need to make any regular repayments, although you are free to do so at any time. The amount you can borrow depends on a number of factors, such as your age and the value of your home. The Heartland Home Equity Loan is designed to help you manage your financial requirements by accessing only what you need, as and when you need it. You might look at the equity in your home like this: Grand Children Living Expenses Travel Who can apply? Inheritance Protection Home Improvements New Car Anyone aged 65 or over who owns their own home can apply for a Heartland Home Equity Loan. You must be able to sign the application form and legal documents yourself, as we are generally unable to consider applications under a Power of Attorney. What can I do with the money? A Heartland Home Equity Loan is yours for you to do whatever you choose. Many people use it to fund home repairs or improvements, travel to visit family members, pay for medical procedures, upgrade to a more reliable car, help your children purchase a home of their own, or a host of other uses to make life easier and more comfortable. The Heartland Home Equity Loan is designed primarily to release funds to improve your quality of life. You should review carefully any proposal that involves borrowing to invest, and we strongly recommend you discuss any such proposal with a lawyer or financial adviser and your family. 4 Heartland Home Equity Loan

5 The Heartland Bank promises At Heartland Bank, we recognise the trust that those taking out a Heartland Home Equity Loan have placed in us. In return, and provided you meet your obligations under the loan, we make the following promises: PROMISE ONE Lifetime Occupancy guarantee Your home will remain the place you live in for as long as you choose. PROMISE TWO No Negative Equity guarantee The amount required to repay the loan will never exceed the net sale proceeds of the property. PROMISE THREE Loan Repayment guarantee There is no requirement to make any loan repayment until the end of the loan. It is important that you are completely happy with all aspects of your Heartland Home Equity Loan. To ensure this, your legal work must be carried out by the solicitor of your choice, who will represent only your interests and work with you to make sure everything has been fully explained and discussed. If you have any questions about your specific situation or would like further information simply give us a call on Jeff Greenslade Chief Executive Heartland Home Equity Loan 5

6 Releasing equity with your Heartland Home Equity Loan Only you know how much money you may need at any given time. At Heartland Bank, we want to make sure that you are comfortable with whatever arrangements you make. You do not have to take your whole entitlement immediately. Our Express Top Up facility is designed to make it quick and easy to draw further funds, as and when you require them. When you set up your Heartland Home Equity Loan, simply tell us how much you would like to draw down initially, and then how much you may need to borrow in the future. We will then give you the funds you need now, and establish an Express Top Up facility to manage your future requirements. You then have the freedom to apply for further funds at any time, however there is no obligation to do so. There is no interest charged on any undrawn amount of your Express Top Up facility. An administration fee may apply for each additional drawdown, which can be added to the loan balance. Minimum and Maximum Loan Amounts A minimum loan amount of $10,000 and a maximum loan amount of $500,000 applies (subject to lending criteria). Other Property Criteria Your home must be your principal residence, built using conventional construction. It must also meet our minimum property value criteria. The property should be mortgage free, or if there is a small mortgage outstanding, it must be repaid when the Heartland Home Equity Loan begins. This can be done by using part of your loan. As security for your loan, Heartland Bank must be the first and only mortgage on your property. This means you will be unable to take out another mortgage or charge on your home from a different company. Calculating how much you can borrow The following table shows the maximum percentage of your home s value you can borrow at various ages. The percentage is based on the age of the youngest borrower minus 45, and the ages below are shown as examples. Age of youngest borrower Maximum % of home s value available 65 20% 70 25% 75 30% 80 35% 85 40% 6 Heartland Home Equity Loan

7 Example of a Heartland Home Equity Loan We are often asked how a Heartland Home Equity Loan adds up over time, and how much equity will remain in the property. We have therefore prepared the following example for a fictional couple, based on a typical Heartland Home Equity Loan house value, loan amount and age. When applying for their Heartland Home Equity Loan, the couple are: Aged: 73 and 75 Have a home valued at $500,000. And apply for a loan of $50,000. The average interest rate during a 15 year loan period is assumed to be 8.5% per annum. The average property growth rate is assumed to be 5% per annum. After 15 years, the chart below shows how the value of the home has increased. The green area shows how much of that value will be used to repay the Heartland Home Equity Loan. The graph shows that under a property growth rate of 5% per annum, the value of the property at the end of the loan period exceeds the loan amount by over $850,000. It is important to note the above example is a general illustration only and individual experience will be different. Remember, 15 years is simply an example. The Heartland Home Equity Loan is designed to last as long as you need it, until you move permanently from your home. One of our team can prepare a tailored calculation for you. $1,000,000 $750,000 $500,000 $250,000 $ Loan Amount Equity Remaining Heartland Home Equity Loan 7

8 With Heartland you are protected To ensure you are protected, and provided you meet your obligations under the loan, we will provide you with the following three guarantees: Lifetime Occupancy guarantee You have the right to live in your property for as long as you choose to do so. No Negative Equity guarantee The Heartland Home Equity Loan No Negative Equity guarantee protects you or your estate should the loan amount ever exceed the value of your home. This means that you, or your estate, will never have to pay back more than the net sale proceeds of your property even if the loan plus accumulated interest exceeds this amount. In addition, you may choose to nominate a percentage of equity you want to protect of the eventual value of your home. Heartland Bank s Equity Protect Option ensures that when the loan is repaid, regardless of the eventual size of the loan, you are guaranteed to retain your chosen Equity Protect amount. Loan Repayment guarantee The Loan Repayment guarantee means there is no requirement to make any loan repayments until the end of the loan. 8 Heartland Home Equity Loan The Heartland Home Equity Loan also offers a number of other safeguards to ensure you, your family and estate are protected. An overview is shown below, however should you wish further details we are only a phone call away. Ownership of your home You retain ownership of your home at all times, and continue to enjoy any increase in property value. Independent legal advice For your protection it is a requirement that you receive independent legal advice from your own freely chosen solicitor. Independent financial advice We strongly recommend that you talk to your financial adviser and your family when considering a Heartland Home Equity Loan. 30-day cooling-off period We are committed to ensuring you are 100% comfortable and happy with your decision to take out a Heartland Home Equity Loan. That s why we offer a 30-day cooling-off period, which means if you change your mind within 30 days of taking out your loan, you can simply pay it off and we will refund our application fee in full. Home Equity Release Schemes Code of Standards Heartland Bank has adopted the Code of Standards set out by the Office for Senior Citizens (part of the Ministry of Social Development) for providers of home equity release products. These voluntary standards are designed to protect consumers, and are based on seven key principles that we are committed to complying with. You can obtain a full copy of the code at or call us on

9 Fees and legal requirements Arrangement fees There will be a charge in order to set up your Heartland Home Equity Loan; an arrangement fee may also apply to further top-up loans. These can be added to your loan amount on settlement. Other fees involved in setting up your Heartland Home Equity Loan are a valuation fee, and your own solicitor s costs. Legal work Heartland Bank retains its own legal firm to act for the Bank, and you are not required to pay additional fees to cover Heartland Bank s legal work. To protect your interests, your own legal adviser should act for you. Your solicitor will advise you about their charges for completing the necessary legal work. You will be responsible for your own solicitor s fees. Keeping track To help you monitor your loan, we will send you a statement every six months showing you details of your loan over the previous period, including interest. Your obligations under the Loan In order for us to keep our promises, you have a number of legal obligations to us. These include continuing to look after your home, making neccessary repairs as required and protecting it from damage. You will also need to continue to pay your rates and adequately insure your property. If you do not meet your obligations under the loan, Heartland Bank may be unable to honour our promises to you. Interest rates Like any other loan, interest will be charged on your Heartland Home Equity Loan. Interest will be charged at our applicable published variable market rate (roughly 1.5% to 2% over regular floating mortgage rates) and will be added to the amount you have borrowed to form the overall loan balance. Interest is calculated on the daily balance, compounded and debited monthly to your loan account and paid, together with the principal, at the end of the loan period when you move permanently from your home. Being a variable interest rate, it is subject to change. Should interest rates change, we will write to you. Heartland Home Equity Loan 9

10 The Heartland Home Equity Loan - commonly asked questions Will I still own my home? Yes, you will always own your home and continue to live in it just as you do now. Only when you move permanently from your home (or in the case of joint applicants, when both of you have moved permanently from your home) will the loan be repaid, usually from the proceeds of the sale of your home, leaving the balance to you or your beneficiaries. You can stay in your home as long as you wish and continue to benefit from any capital growth of your home. Can I rent out my home? Once you have a Heartland Home Equity Loan you are not able to rent out your home full time, or provide a tenant with a long term lease. Your home should remain your place of residence. How do you value my home? To allow us to establish the value of your home, and therefore calculate how much you will be entitled to borrow, we will need to assess the value and condition of your home. We will arrange for a registered valuer to visit your home to assess its value, and a copy of this assessment will be provided to you. You can choose to pay for this assessment when you send us your application, or it can be added to the loan on settlement. How and when is my loan repaid? With a Heartland Home Equity Loan you do not need to make regular repayments. The value of your Heartland Home Equity Loan, plus interest, is only due to be repaid when you move permanently from your home - usually when you sell your property, move into long-term care or pass away. The loan is usually repaid from the sale proceeds of your home, and the balance is then retained by you or your estate. Although the Heartland Home Equity Loan is designed to last for as long as you are able to remain in your home, you may repay all or part of your Heartland Home Equity Loan at any time without penalty, providing you with flexibility to manage your finances in the way that suits you best. Can I increase my loan amount? When your Express Top Up is fully drawn you can apply to increase your total loan amount. Increases are based on the age of the youngest person, the current property value and the total loan balance, at the time of application. An arrangement fee may apply and a review of the value of your home may be required. Property ownership Some applicants (called Nominated Residents) may not be the sole owners of the home they live in. For example, the home might be in a family trust, it might be part owned by other family members, or in the case of a couple, owned by only one person. As long as the Nominated Residents of the home meet the age criteria, and all residents are recorded on the loan, you can still apply for a Heartland Home Equity Loan providing all the owners agree to sign the application form and legal documents. What if I move house? If you move into another house you can apply to transfer all or part of your Heartland Home Equity Loan to your new home, depending on the value. 10 Heartland Home Equity Loan

11 What if I have a concern, complaint, or want to provide feedback? Heartland Bank is proud to offer customers a high level of service, and your satisfaction is very important to us. If you wish to raise a concern or complaint about our service, or offer feedback, we encourage you to contact us. In the first instance, please get in touch with your usual point of contact at Heartland Bank and we will make sure your complaint is investigated promptly; or us at or call us on and ask to speak with a member of the Risk and Compliance team. If a solution can t be found or you are unsatisfied with the outcome, you can contact our approved dispute resolution scheme being the Banking Ombudsman, an independent party who helps sort out unresolved complaints. This service is free of charge. You can contact the Banking Ombudsman at: Banking Ombudsman Scheme Address Freepost , PO Box , Featherston Street, Wellington 6146 Telephone / What s the next step? If you d like to know more, it s free to call us at any time. We will be able to answer any additional questions you may have, provide you with our full disclosure information, or help you to make an obligation free appointment to talk to a Heartland Bank representative. Call us TOLL FREE on Heartland Home Equity Loan 11

12 Heartland Bank Limited 35 Teed Street, PO Box 9919, Newmarket, Auckland 1149, New Zealand Call us TOLL FREE on Heartland Home Equity Loan

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