Heartland Group Holdings

What Heartland Group Holdings does

Heartland Group Holdings Limited (NZX/ASX: HGH) is a trans-Tasman specialist banking group headquartered in Auckland, New Zealand, with operating subsidiaries Heartland Bank Limited (New Zealand) and Heartland Bank Australia Limited. The group operates on a 'best or only' strategy, focusing on niche financial products underserved by major banks — primarily reverse mortgages (with approximately 92% market share in New Zealand and 40% in Australia), livestock finance through StockCo Australia, motor finance, and a Canstar award-winning savings and deposits franchise.

The group's core technology is a modern digital banking platform, including a cloud-based core banking system upgraded in New Zealand in November 2023, the Heartland Mobile App, and Heartland Digital internet banking. The mobile platform has driven measurable outcomes — over 5,300 motor finance customers self-managed their way out of arrears, repaying approximately $2.4 million digitally, and 46% of accounts are moving to online communications. Distribution combines direct digital channels with an extensive intermediary network, notably 2,700+ accredited brokers for Australian reverse mortgages and motor dealer networks.

Revenue is generated primarily through net interest income from a NZ$7.16 billion lending book spanning household, rural, and commercial loans across both countries, complemented by retail deposit funding and fee income. The company serves 185,000+ customers with approximately 600 employees across offices in Auckland, Christchurch, Ashburton, and Tauranga (New Zealand), and Melbourne, Sydney, and Brisbane (Australia). A proposed 2026 merger with TSB Bank would create TSB Heartland Bank Limited — New Zealand's seventh largest bank with approximately NZ$15 billion in total assets and NZ$34 million of expected annual pre-tax synergies.

Name

Heartland Group Holdings

Legal name

Heartland Group Holdings Limited

Website

https://heartlandgroup.info

Company type

Public

Founded year

1875

Operating status

Operating

Headcount range

101–250 employees

Short description

Heartland Group Holdings is a trans-Tasman specialist banking group operating Heartland Bank in New Zealand and Australia. It provides reverse mortgages (92% NZ, 40% AU market share), livestock finance, motor finance, savings, and digital banking to 185,000+ customers across niche segments underserved by major banks.

Ownership category

akta.pro rank

Product category

Specialist Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institutions, Not Federally Chartered (6036), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Building Societies (Mutual Mortgage/Retail Banks) (FSABAEAE)

Keywords

• Reverse mortgage lending
• Specialist banking services
• Livestock finance solutions
• Retail deposit products
• Motor finance products

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest on lending products including reverse mortgages (NZ and Australia), motor finance, livestock finance, business loans, and rural loans. Heartland Bank provides online home loans, reverse mortgages (leading provider), business loans, car loans, and rural loans in New Zealand. In Australia, reverse mortgages and livestock finance are major contributors.
2. Retail Deposits: Heartland Bank accepts retail deposits through savings accounts, term deposits, and notice savers. Competitive term deposit rates offered in both NZ and Australia. Heartland Bank Australia achieved A$1,147 million retail deposit growth between January-June 2024 through its pre-completion deposit raising programme.
3. Fee Income: Various fee income from financial products and services including account management, transaction fees, and lending-related fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Heartland Group Holdings is a trans-Tasman banking and financial services group providing specialist lending and deposit products across New Zealand and Australia. Its core offerings include reverse mortgages (market leader with ~92% NZ and ~40% Australia market share), livestock finance for food producers, savings and deposit products, motor finance, business loans, rural loans, online home loans, and asset finance, distributed through digital channels and intermediary/broker networks.

Product overview

Heartland Group Holdings is a trans-Tasman financial services group comprising two banks: Heartland Bank in New Zealand and Heartland Bank in Australia. The company operates on a 'best or only' strategy, providing specialist banking products that are differentiated from major banks. The product portfolio includes Reverse Mortgages (the leading provider in both countries with ~92% NZ market share and ~40% AU market share), Livestock Finance (specialist provider for farmers in both countries), Savings and Deposits (award-winning with Canstar Savings Bank of the Year 2018-2025), Motor Finance, Asset Finance, Business Loans, Rural Loans, and Online Home Loans in New Zealand. Products are distributed through scalable digital platforms (Heartland Mobile App and Heartland Digital) and intermediary networks. In Australia, products are offered through Heartland Finance (reverse mortgages) and StockCo Australia (livestock finance), now combined under Heartland Bank Australia following the Challenger Bank acquisition in 2024.

Differentiator

Problem solved

Functional benefit

Products and services

• Reverse Mortgages Specialist reverse mortgage product allowing people over 60 years of age to access equity in their homes as a loan with no regular repayments required. Available in both New Zealand and Australia.
• Livestock Finance Specialist livestock finance providing capital solutions to food producers across Australia and New Zealand, enabling farmers to manage their business with more flexibility.
• Savings and Deposits Savings and deposit products including Direct Call Account, 90 Day Notice Saver, 32 Day Notice Saver, and Digital Saver. Heartland Bank has won Canstar NZ's Savings Bank of the Year for eight consecutive years (2018-2025).
• Motor Finance Vehicle financing solutions enabling customers to access safer or better vehicles. Available in New Zealand through digital platforms, distributed via motor dealers and intermediaries.
• Asset Finance Asset-based financing solutions for businesses available in New Zealand.
• Business Loans Commercial lending products for business purposes, available through Heartland Bank New Zealand.
• Rural Loans Rural/agricultural lending products for New Zealand farmers and rural businesses.
• Online Home Loans Digital mortgage products for New Zealand homeowners distributed through online channels.
• Village Access Loans A specialized product designed to offer older New Zealanders a solution to barriers associated with moving into retirement living.
• Term Deposits Deposit products including 6-, 9-, and 12-month term deposits offered by Heartland Bank Australia with market-leading rates.

Quantifiable outcome

• 92% reverse mortgage market share in New Zealand; 40% in Australia
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Toi Foundation / Toi Foundation Holdings LimitedcoreStrategic or Co-development Partner · 2 June 2026Heartland signed conditional merger implementation agreement (MIA) with Toi Foundation to merge Heartland Bank and TSB Bank. Under the proposed transaction, Heartland will acquire all TSB shares for aggregate consideration of $620 million. The merged bank will be called TSB Heartland Bank Limited, creating New Zealand's seventh largest bank with ~$15 billion in total NZ assets.
• Challenger Limited (ASX: CGF)coreStrategic or Co-development Partner · 8 April 2024Heartland Bank completed acquisition of Challenger Bank Limited from Challenger Limited on 30 April 2024. Total consideration of AU$115.7 million. The acquisition made Heartland Bank the first NZ registered bank to acquire an Australian ADI, critical milestone in Heartland's Australian expansion strategy.
• InZone Education FoundationcoreStrategic or Co-development Partner · 1 January 2017Heartland's Manawa Ako internship programme was established in 2017 through partnership with InZone Education Foundation. The programme provides opportunities for next generation of Māori and Pasifika to experience working in the financial sector and corporate environment.
• Seniors FirstminorChannel Partner/ Reseller/ DistributorReverse mortgage consultant partner working with Heartland Bank Australia. Consultant Palka Kumar works with Heartland to help customers access home equity through reverse mortgages, receiving up to seven new appointments weekly.
• Finance Brokers Association of Australia (FBAA) / SERIFminorChannel Partner/ Reseller/ DistributorHeartland Bank Australia is an active member of the Seniors Equity Release Industry Forum (SERIF), led by the Finance Brokers Association of Australia. SERIF is a collaborative initiative aimed at enhancing awareness and understanding of reverse mortgage products across the broader financial services ecosystem.

Scale indicators17 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Resimac: Australian non-bank specialist lender active in reverse mortgages and prime/residential lending. Direct competitor in Heartland's specialist mortgage and reverse mortgage segments, with comparable niche-lending focus.
• MyState Bank: Tasmanian-headquartered Australian bank with digital specialist lending focus. Comparable in size and trans-Tasman ambition (also operates in NZ), with similar mortgage and deposit-gathering strategy targeting underserved segments.
• Firstmac: Australian non-bank specialist lender focused on residential mortgages, asset finance, and deposit raising. Comparable specialist lending strategy outside the major banks and direct competitor in non-bank mortgage origination.
• Bendigo and Adelaide Bank: Australian regional/specialist bank with similar strategy of dominating niche segments underserved by the majors. Comparable in scale and specialist lending focus across mortgages, agribusiness, and consumer finance, though materially larger.
• Australian Unity: Australian member-owned financial services group that offers reverse mortgages alongside banking and wealth products. Direct competitor in Heartland's core Australian reverse mortgage franchise (where Heartland holds 40% share).
• TSB Bank: New Zealand community-owned bank and the proposed merger counterparty. Comparable NZ mutual/community banking heritage, similar specialist positioning, and target of Heartland's transformational consolidation strategy.

Regional players

• Co-operative Bank (New Zealand): New Zealand mutual bank with community-focused positioning and similar specialist retail banking model. Comparable NZ heritage as a mutual/building-society-origin lender now operating as a registered bank.
• Unity Bank (formerly CBS): New Zealand building society that converted to a bank with similar mutual/community heritage to Heartland's origins. Comparable NZ specialist retail banking focus though smaller and more regionally concentrated.

Broad incumbents

• Suncorp Bank: Australian challenger bank competing with major banks through specialist products (agribusiness, SME, consumer). Much larger scale than Heartland but follows a similar regional/specialist positioning philosophy.
• KiwiBank: New Zealand state-owned challenger bank offering full-service retail and SME banking. Comparable trans-Tasman competitive set and NZ challenger-bank positioning, though significantly larger and offering broader product range.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=ILQGm70iqo8
• LinkedInlinkedin.com/company/heartland-group-holdings

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Heartland Group Holdings