Heartland Bank

What Heartland Bank does

Heartland Bank Limited is a New Zealand-incorporated, licensed bank and wholly-owned subsidiary of Heartland Group Holdings Limited (NZX-listed, ticker HGH). Founded in the 1870s and headquartered at Newmarket, Auckland, the bank employs 51-100 people and operates across New Zealand and Australia, holding the distinction of being the only New Zealand-owned bank that owns an Australian bank.

Heartland's product franchise is built around niche lending verticals that the four Australian-owned majors (ANZ, ASB, BNZ, Westpac) do not prioritise. The core products are reverse mortgages for homeowners aged 60 and over (NZ's leading provider with over 22,000 customers assisted), vehicle and asset finance (including Tesla loans and commercial helicopter finance), rural and livestock lending (Sheep and Beef Direct, Dairy Direct, livestock finance, farm transition loans), and a savings-and-deposits book (term deposits, PIE deposits, notice savers, digital saver, direct call accounts). Distribution is hybrid: a digital-first platform with iOS/Android mobile app and online banking, supplemented by a nationwide branch network and direct contact centre sales supported by an Advisor Hub for reverse mortgage brokers and financial advisers.

The business model is a spread-and-fee model characteristic of a niche deposit-taking institution. Revenue derives principally from net interest margin between lending yields and deposit costs, with ancillary fee income from establishment, transaction, and servicing charges. With a market capitalisation of approximately NZD 959 million and a pending NZD 620 million acquisition of TSB Bank (announced 2 June 2026, expected close December 2026), Heartland is mid-execution on a transformational merger that will create TSB Heartland Bank — a combined entity of approximately NZD 15-18 billion in total assets, NZD 34 million of expected annual pre-tax synergies, and positioning as New Zealand's sixth- or seventh-largest bank.

Name

Heartland Bank

Legal name

Heartland Bank Limited

Website

https://heartland.co.nz

Company type

Private

Founded year

1870

Operating status

Operating

Headcount range

51–100 employees

Short description

Heartland Bank is a New Zealand-licensed challenger bank specialising in niche lending — reverse mortgages, rural and livestock finance, vehicle and asset finance, and savings deposits — serving retail retirees, farmers, and small businesses across New Zealand, with a pending merger to acquire TSB Bank.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

Commercial Banks, Nec (6029), National Commercial Banks (6021), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Residential Mortgage Origination & Servicing (Retail) (FSABAAAD)

akta.pro secondary industry

Bank Branch / Retail Purchase Mortgages (FSALAAAA)

Keywords

• Retail banking
• Financial services
• Banking products
• Lending services
• Deposit accounts

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Revenue model

1. Interest Income - Lending: Heartland Bank generates the majority of its revenue from interest income on its lending portfolio, which includes reverse mortgages (home equity release for seniors aged 60+), vehicle and car loans, asset and equipment finance for businesses, rural and livestock loans for farmers, and SME/business credit. The bank's revenue is tied to interest income and is sensitive to interest rate cycles.
2. Deposit-Taking and Savings Products: Heartland Bank accepts deposits from retail customers through savings accounts, term deposits, PIE deposits, notice savers, and call accounts. Interest paid to depositors represents a cost of funding, with the spread between lending rates and deposit rates contributing to net interest income.
3. Fee Income: The bank earns fee income from various banking services, including loan establishment fees, transaction fees, and ongoing account servicing fees. Lending criteria, terms, conditions, fees and charges apply to all credit products.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Heartland Bank operates as a banking institution headquartered in Auckland, New Zealand. Specific product and service line details (such as lending, deposits, mortgages, or wealth offerings) are not described in the provided input beyond its identification as a bank.

Product overview

Heartland Bank is a New Zealand-based bank offering a portfolio of specialist lending and savings products. The offering consists of a digital-first banking platform (mobile app and online banking) with integrated specialist products: reverse mortgages for retirees (the company's flagship niche product with Consumer Trusted accreditation), vehicle financing (including Tesla loans), asset and equipment finance across transport, construction, agriculture, and other sectors, rural lending for farmers, village access loans for retirement transitions, and savings products including term deposits, PIE accounts, and notice savers. The company also offers home loans and personal loans. Heartland Bank positions itself as a challenger bank with a regional focus, and is the only New Zealand bank to own an Australian bank. The company has announced a proposed merger with TSB Bank to create TSB Heartland Bank Limited.

Differentiator

Problem solved

Functional benefit

Brands

• Heartland Seniors Finance: Senior-focused reverse mortgage and retirement finance products targeting New Zealanders aged 60 and over.

Quantifiable outcome

• Heartland Bank has helped over 22,000 customers live a more comfortable retirement through its reverse mortgage product.
• +4 more outcomes

Named customers2 records

Segments5 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• TSB BankcoreStrategic or Co-development Partner · 2 June 2026TSB Bank is merging with Heartland Bank to create TSB Heartland Bank Limited, a new challenger bank of scale with regional focus. The merged entity will combine Heartland's specialist products (reverse mortgages, vehicle finance, asset finance, rural lending) with TSB's everyday banking (transactional accounts, home loans, savings). The merger is expected to close in December 2026, pending regulatory and shareholder approvals. Two current TSB directors will join the board of the merged entity.
• Age Concern New ZealandminorOthersAge Concern New Zealand is a charity dedicated to supporting anyone over 65, promoting dignity, wellbeing, equity and respect and providing expert information and support services in response to older people's needs. Heartland Bank references Age Concern as a partner organisation providing wellbeing support to retirees, which aligns with Heartland's reverse mortgage customer base.
• Consumer NZ (Consumer Trusted)minorOthersConsumer Trusted is an independent accreditation run by Consumer NZ that recognises businesses meeting strict standards for fairness, transparency, customer service, clear pricing, responsible conduct and protections. Heartland Bank Reverse Mortgages has been awarded Consumer Trusted accreditation for multiple consecutive years, providing credibility and trust signals for the reverse mortgage product among senior consumers.
• Access HealthcareminorOthersAccess Community Health is a leading provider in home-based healthcare and support with a nationwide team of over 3,000 Support Workers and Registered Nurses. Heartland Bank partners with Access Healthcare to provide wellbeing resources for over-60s, supporting the bank's positioning as a bank that cares about its reverse mortgage customers' overall wellbeing beyond just financial products.
• Returned Services Association (RSA)minorOthersThe RSA offers support to servicemen and women of all ages and all service backgrounds, as well as their families. Heartland Bank references RSA as a wellbeing resource partner for Kiwis over 60, providing connections to veteran support services that may be relevant to its senior customer demographic.
• Private Care NZminorOthersPrivate Care NZ's trusted in-home care and personalised support services enable people to retire in the comfort of their own home. Heartland Bank partners with Private Care NZ as a wellbeing resource for retirees, aligning with the bank's reverse mortgage value proposition of enabling people to age in place.
• Credit Reporting Agencies (Centrix, Equifax, Experian)coreTechnology or IntegrationHeartland Bank works with credit reporting agencies including Centrix Group Limited, Equifax Pty Limited, and Experian New Zealand Operations Limited (including Illion) to verify customer identities, assess creditworthiness, confirm current credit obligations, and manage credit risk across its lending portfolio.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• TSB Bank: TSB Bank is a New Zealand challenger bank and the proposed merger counterparty with Heartland. Comparable in size and community/regional focus, its everyday banking franchise complements Heartland's specialist lending, making it the most directly comparable peer.
• SBS Bank: SBS Bank is a New Zealand mutual bank operating as a regional/community challenger to the majors. It competes with Heartland for retail deposits, home lending and savings customers in similar regional NZ segments.
• The Co-operative Bank (New Zealand): The Co-operative Bank is a NZ challenger bank serving everyday banking, savings and lending customers with a values-led community positioning. It competes with Heartland for retail deposits and home/personal lending in regional NZ markets.

Emerging players

• Kiwibank: Kiwibank is a New Zealand state-owned challenger bank focused on retail banking, home loans and KiwiSaver. It is comparable to Heartland as a domestic NZ challenger competing against the Australian-owned Big Four.

Broad incumbents

• ANZ Bank New Zealand: ANZ New Zealand is one of the Big Four Australian-owned banks dominating the NZ retail and commercial banking market. Relevant as the dominant incumbent that Heartland positions itself against in retail and deposit taking.
• ASB Bank: ASB Bank is a major NZ retail and commercial bank (Commonwealth Bank of Australia subsidiary) and one of the Big Four. Comparable as a broad incumbent in savings, mortgages and business banking that Heartland competes against.
• Bank of New Zealand (BNZ): BNZ is a major NZ retail and commercial bank (National Australia Bank subsidiary). Comparable as a broad incumbent offering deposit and lending products across the same customer segments as Heartland.
• Westpac New Zealand: Westpac New Zealand is one of the Big Four Australian-owned banks dominating NZ retail and commercial banking. Comparable as a broad incumbent across deposits, mortgages and business lending.

Regional players

• Bendigo and Adelaide Bank: Bendigo and Adelaide Bank is an Australian regional/community bank focused on retail deposits, agribusiness and business banking. Comparable to Heartland's regional community positioning and agribusiness lending focus (livestock, sheep & beef, dairy), though operating in Australia rather than NZ.
• Suncorp Bank: Suncorp Bank is an Australian retail and SME-focused bank, now part of ANZ group. Relevant as a regional Australian competitor with comparable SME, asset finance and customer-deposit franchise in the trans-Tasman market Heartland services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC-oQ69gmf5NoPIAf4aNoFvA
• Facebookfacebook.com/HeartlandBankNZ
• LinkedInlinkedin.com/company/heartland-bank-nz
• Instagraminstagram.com/heartlandbanknz
• Xx.com/Heartland_Bank_

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heartland Bank