Law change slows Heartland's motor, home loan approvals

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)
Jenny Ruth
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...

More Finance

No longer 'boutique' Generate is executing, CEO says
Finance

No longer 'boutique' Generate is executing, CEO says

The fund manager is now the seventh-largest KiwiSaver provider.

Gregor Thompson 09 May 2025
ANZ half-year profit surges on non-cash gains
Finance

ANZ half-year profit surges on non-cash gains

Cash earnings were flat, and net interest margin rose slightly.

Pattrick Smellie 08 May 2025
BNZ preserves margins on flat half-year
Finance

BNZ preserves margins on flat half-year

BNZ outranks its Australian cousins for customer preference.

Pattrick Smellie 07 May 2025
Westpac's NZ net interest margin expands again
Finance

Westpac's NZ net interest margin expands again

Net interest margins rose in NZ, but shrank for the group as a whole.

Pattrick Smellie 05 May 2025