Law change slows Heartland's motor, home loan approvals

Chief executive Jeff Greenslade wants Heartland to be the best or only player in its niches. (Image: supplied)

Wed, 23 Feb 2022

Heartland's processing time for approving motor loans has gone from two minutes on a good day, but more usually 20 minutes, to about two hours since the changes to the Credit Contracts and Consumer Finance Act (CCCFA) kicked in on Dec 1.That has led the company, which owns Heartland Bank and a separate reverse mortgages business in Australia, to warn that the CCCFA changes are slowing its motor and online mortgage lending, although it expects no material reduction in full-year growth because of strong performances in other areas of the busi...

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