– 2.35% p.a. floating revolving credit Heartland re-entered the residential mortgage market in October 2020 with its self-serve online home loans application and market-leading 1-year fixed rate. Since 31 December 2020, the fintech lender has seen a 173% increase in average monthly drawdowns, and has received over 6,600 applications since re-launching. Heartland’s online process allows for a faster home loan approval than the traditional process with other lenders. Those who meet the eligibility criteria can fill out the digital application in minutes and get a decision online, with no need to make an appointment or arrange for someone to come to them. The self-serve home loan application is designed to reduce the friction often associated with interacting with a bank, as it allows people to apply for a mortgage at their convenience without the help of a bank representative. The online process means there is a lower cost of onboarding – the savings from which can be passed on to the customer through the lowest rates in the country.