Which Banks Offer Reverse Mortgages in New Zealand?
Short answer: the major New Zealand banks — ANZ, ASB, BNZ, Westpac and Kiwibank — do not currently offer a reverse mortgage. In New Zealand, reverse mortgages are provided mainly by Heartland Bank and SBS Bank.
| Bank | Reverse mortgage? | Notes |
|---|---|---|
| ANZ | No | Does not currently offer a reverse mortgage product in New Zealand. |
| ASB | No | Does not currently offer a reverse mortgage product in New Zealand. |
| BNZ | No | Does not currently offer a reverse mortgage product in New Zealand. |
| Westpac | No | Does not currently offer a reverse mortgage product in New Zealand. |
| Kiwibank | No | Does not currently offer a reverse mortgage product in New Zealand. |
| Heartland Bank | Yes | Offers reverse mortgages to New Zealand homeowners, typically aged 60+. |
| SBS Bank | Yes | Offers reverse mortgages to New Zealand homeowners, typically aged 60+. |
Why don’t the big banks offer them?
Reverse mortgages are a specialised form of lending for older homeowners, with features like no required monthly repayments and a no-negative-equity protection. In New Zealand this niche is served by two specialist lenders rather than the major trading banks. If you bank with ANZ, ASB, BNZ, Westpac or Kiwibank, you would still arrange a reverse mortgage through Heartland Bank or SBS Bank.
Who does offer reverse mortgages in NZ?
The two main New Zealand reverse mortgage lenders are:
- • Heartland Bank — NZ reverse mortgage lender
- • SBS Bank — NZ reverse mortgage lender
You can compare the two providers, read how reverse mortgages work, or try the reverse mortgage calculator.
Get matched with a reverse mortgage adviser
This site is operated by Evolve Group Limited (FSP711891), a licensed Financial Advice Provider. A licensed adviser can compare Heartland and SBS for your situation and provide recommendations in writing.
Enquire nowFrequently asked questions
Does ANZ offer a reverse mortgage in New Zealand?
No. ANZ does not currently offer a reverse mortgage product in New Zealand. The two main reverse mortgage lenders in NZ are Heartland Bank and SBS Bank.
Does ASB offer a reverse mortgage?
No. ASB does not currently offer a reverse mortgage in New Zealand. Reverse mortgages in NZ are provided mainly by Heartland Bank and SBS Bank.
Does Westpac offer a reverse mortgage in New Zealand?
No. Westpac does not currently offer a reverse mortgage product in NZ. Heartland Bank and SBS Bank are the main providers.
Does Kiwibank offer a reverse mortgage?
No. Kiwibank does not currently offer a reverse mortgage in New Zealand. The main NZ reverse mortgage lenders are Heartland Bank and SBS Bank.
Does BNZ offer a reverse mortgage?
No. BNZ does not currently offer a reverse mortgage in New Zealand. Reverse mortgages in NZ are provided mainly by Heartland Bank and SBS Bank.
Which banks offer reverse mortgages in New Zealand?
In New Zealand, reverse mortgages are offered mainly by Heartland Bank and SBS Bank. The major banks — ANZ, ASB, BNZ, Westpac and Kiwibank — do not currently offer a reverse mortgage product.
Bank product availability can change over time. Confirm current offerings with the relevant bank or your Evolve adviser before making any decision. Information is general only and not personalised financial advice.