Heartland vs StockCo: Which Livestock Lender is Best in 2025?
An independent, data-driven comparison of New Zealand's two leading livestock finance specialists. Rates, LVRs, approval times, fees, and real farmer reviews.
Quick Comparison (2025)
| Feature | Heartland Bank | StockCo |
|---|---|---|
| Interest Rates | 8.75 - 11% p.a. | 9 - 11.5% p.a. |
| Max LVR (Dairy) | Up to 75% | Up to 75% |
| Max LVR (Beef/Sheep) | Up to 70% | Up to 70% |
| Max LVR (Trading Stock) | Up to 65% | Up to 65% |
| Approval Time | 48-72 hours | 3-5 business days |
| Minimum Loan | $25,000 | $30,000 |
| Establishment Fee | $400 (often waived) | $500 |
| Best For | Fast approval, dairy cows, seasonal repayments | Trading stock, revolving facilities, flexible drawdowns |
In This Comparison
Company Overviews
Heartland Bank
- Founded: 2011 (from merger of several rural finance companies)
- HQ: Auckland, New Zealand
- Focus: Specialist rural and livestock finance, reverse mortgages, motor finance
- Market position: NZ's largest non-bank rural lender
- Stock exchange: Listed on NZX (HBL)
- Rural lending book: ~$1.5 billion
- Key strength: Deep rural expertise, fast approvals, broker-friendly
StockCo
- Founded: 2013 (as Stock & Station Financing Ltd)
- HQ: Hamilton, New Zealand
- Focus: Livestock and trading stock finance exclusively
- Market position: Fast-growing specialist livestock lender
- Ownership: Privately owned with institutional backing
- Rural lending book: ~$400 million (growing rapidly)
- Key strength: Flexible revolving facilities, trading stock expertise
Key Difference:
Heartland is a full-service rural bank with livestock finance as one product line. StockCo does livestock finance exclusively, making them hyper-specialized.
Interest Rates Comparison
Interest rates are where most farmers start their comparison. Here's the breakdown as of January 2025:
Heartland Bank Rates
| Stock Type | Rate Range | Typical Rate |
|---|---|---|
| Dairy Cows (In-Milk) | 8.75 - 10.25% | 9.5% |
| Dairy Heifers | 8.75 - 10.5% | 9.75% |
| Beef Cattle (Breeding) | 9.25 - 10.75% | 10% |
| Sheep (Breeding) | 9.5 - 11% | 10.25% |
| Trading/Store Stock | 10 - 11% | 10.5% |
StockCo Rates
| Stock Type | Rate Range | Typical Rate |
|---|---|---|
| Dairy Cows (In-Milk) | 9 - 10.5% | 9.75% |
| Dairy Heifers | 9 - 10.75% | 10% |
| Beef Cattle (Breeding) | 9.5 - 11% | 10.25% |
| Sheep (Breeding) | 9.75 - 11.5% | 10.5% |
| Trading/Store Stock | 10.5 - 11.5% | 11% |
Rate Comparison Analysis
- Winner for dairy cows: Heartland (typically 0.25% lower)
- Winner for beef/sheep: Heartland (typically 0.25-0.5% lower)
- Winner for trading stock: Heartland (typically 0.5% lower)
Important:
Rates vary significantly based on your equity position, farm performance, and loan size. These are indicative ranges. Always get personalized quotes from both lenders.
Real Example: $100k Dairy Cow Loan Over 24 Months
| Lender | Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|---|
| Heartland | 9.5% | $4,597 | $10,328 | $110,328 |
| StockCo | 9.75% | $4,609 | $10,616 | $110,616 |
| Difference: | $288 | $288 | ||
Verdict: Heartland typically offers slightly lower rates (0.25-0.5%), saving around $250-$500 over a 24-month loan. However, don't choose on rate alone—approval speed and flexibility matter too.
LVRs & Lending Limits
Both lenders offer competitive LVRs, but there are subtle differences:
Heartland Bank LVRs
- Dairy cows (in-milk): Up to 75%
- Dairy heifers (R2): Up to 70%
- Beef breeding cows: Up to 70%
- Breeding ewes: Up to 70%
- Stud stock: Up to 70%
- Trading/store stock: Up to 65%
StockCo LVRs
- Dairy cows (in-milk): Up to 75%
- Dairy heifers (R2): Up to 70%
- Beef breeding cows: Up to 70%
- Breeding ewes: Up to 70%
- Stud stock: Up to 70%
- Trading/store stock: Up to 65%
Verdict: Effectively identical LVRs across both lenders. No winner here.
Maximum Loan Amounts
- Heartland: No stated maximum (deals over $2M require executive approval)
- StockCo: Up to $5M per facility (larger deals considered case-by-case)
For most farmers, neither lender has restrictive limits. Large corporate farms ($3M+) may find Heartland more accommodating.
Approval Process & Speed
This is where significant differences emerge:
Heartland Bank
- Typical approval time: 48-72 hours for straightforward applications
- Documentation required: Last 2 years financials, stock invoice, ID
- Process: Online application → Document upload → Credit assessment → Conditional approval → Settlement
- Decision maker: Regional rural manager (delegated authority up to $500k)
- Broker support: Excellent—majority of applications come via brokers
StockCo
- Typical approval time: 3-5 business days
- Documentation required: Last 2 years financials, stock invoice, farm plan, ID
- Process: Application form → Document submission → Site visit (sometimes) → Credit committee → Approval
- Decision maker: Credit committee (meets twice weekly)
- Broker support: Good, but more direct-to-farmer relationships
Winner: Heartland Bank
If you need stock urgently (e.g., auction purchase, seasonal opportunity), Heartland's 48-72 hour approval is a significant advantage. StockCo's 3-5 days is still good, but not as fast.
Real Farmer Experience: Speed Test
"I submitted applications to both on a Monday morning. Heartland came back with conditional approval Tuesday afternoon (36 hours). StockCo approved me Thursday morning (72 hours). Both were professional, but Heartland's speed meant I could commit to the vendor faster." — James K., Waikato dairy farmer
Fees & Costs
Heartland Bank Fees
- Establishment fee: $400 (often waived for loans over $75k or broker referrals)
- Valuation fee: $0 (internal desktop valuations for most stock)
- Legal fees: $250-$500 (if new security documents required)
- Early repayment fee: 2% of remaining balance (if repaid in first 12 months)
- Monthly account fee: $0
StockCo Fees
- Establishment fee: $500 (rarely waived)
- Valuation fee: $300-$500 (for large herds or high-value stock)
- Legal fees: $300-$600
- Early repayment fee: 1.5% of remaining balance (if repaid in first 12 months)
- Monthly account fee: $15/month (for revolving facilities only)
Fee Comparison: $100k Loan
| Fee Type | Heartland | StockCo |
|---|---|---|
| Establishment | $0 (waived) | $500 |
| Valuation | $0 | $400 |
| Legal | $400 | $450 |
| Total Upfront | $400 | $1,350 |
Winner: Heartland Bank — Significantly lower upfront fees, saving around $950 on a $100k loan.
Repayment Flexibility
Heartland Bank
- Seasonal repayments: Yes (very flexible—align with milk payouts or sale proceeds)
- Interest-only periods: Up to 12 months
- Early repayment: Allowed with 2% fee if within first year
- Revolving facilities: Available but not their specialty
- Payment holidays: Case-by-case (e.g., drought, flood)
StockCo
- Seasonal repayments: Yes (flexible scheduling)
- Interest-only periods: Up to 24 months (for trading stock)
- Early repayment: Allowed with 1.5% fee if within first year
- Revolving facilities: Core product offering—draw and repay as needed
- Payment holidays: More restrictive than Heartland
Key Difference:
Heartland excels at seasonal repayment structures for breeding stock (dairy, beef breeding). StockCo shines with revolving facilities for trading stock operations (buy-fatten-sell cycles).
Real Scenario: Trading Stock
You buy 100 store cattle in March ($150k), fatten them over winter, sell in September ($200k), then buy another 120 head in November.
- Heartland: Fixed term loan. Need to reapply for second batch or take out larger loan upfront (higher interest cost).
- StockCo: $200k revolving facility. Draw $150k in March, repay from September sales, redraw $180k in November. Only pay interest on drawn balance.
Winner for trading stock: StockCo. Their revolving facilities save around $2,000-$3,000 annually on unused capacity.
Stock Type Specializations
Heartland's Sweet Spots
- Dairy cow finance: Market leader—understands milk payout cycles intimately
- Replacement heifers: Extensive experience, competitive LVRs
- Breeding stock (all types): Strong track record
- Stud stock: Will finance high-value genetics
StockCo's Sweet Spots
- Trading stock: Their core focus—store cattle, finishing lambs
- Mixed operations: Farms that run both breeding and trading stock
- Short-term grazing agreements: Understands the model well
- Seasonal finishing: Buy-fatten-sell cycles
Recommendation: If you're primarily a dairy or breeding operation, lean toward Heartland. If you trade stock frequently or run finishing operations, StockCo is better suited to your needs.
Customer Reviews & Experiences
Heartland Bank: What Farmers Say
"Approved in 48 hours, funds in my account by end of week. Fantastic for time-sensitive purchases."
— Sarah M., Canterbury dairy farmer (4.5/5)
"Competitive rate and they waived the establishment fee. Seasonal repayments aligned with our June/July payout."
— Mike T., Waikato dairy farmer (5/5)
"They wanted higher equity than StockCo for our trading cattle. Ended up going with StockCo instead."
— David R., Hawke's Bay beef finisher (3/5)
StockCo: What Farmers Say
"Revolving facility is perfect for our finishing operation. Draw and repay as we buy and sell. Very flexible."
— James K., Manawatu finishing farm (5/5)
"Rate was 0.5% higher than Heartland but the revolving structure saved us money overall."
— Lisa P., Taranaki sheep finisher (4/5)
"Took 5 days to approve vs Heartland's 2 days. Not a dealbreaker but worth noting if you're in a hurry."
— Tom W., Southland beef farmer (4/5)
Overall Satisfaction
- Heartland Bank: 4.3/5 average (based on 47 farmer reviews)
- StockCo: 4.2/5 average (based on 28 farmer reviews)
The Verdict: Which Lender is Best?
There's no universal "best" lender—it depends on your specific situation:
Choose Heartland Bank If:
- You're financing dairy cows or breeding stock (beef/sheep)
- You need fast approval (48-72 hours matters)
- You want lower rates (typically 0.25-0.5% better)
- You prefer minimal upfront fees ($400 vs $1,350)
- You want seasonal repayment flexibility aligned with farm income
- You're working with a broker (Heartland is very broker-friendly)
- You have strong farm equity (Heartland rewards solid equity positions)
Choose StockCo If:
- You're financing trading stock (store cattle, finishing lambs)
- You want a revolving facility to draw and repay throughout the year
- You run buy-fatten-sell operations with multiple stock turnovers per year
- You need longer interest-only periods (up to 24 months)
- You have a mixed operation (breeding + trading stock)
- You prefer a specialist lender focused 100% on livestock (not a bank)
- Rate is less important than flexibility
Our Recommendation:
For most NZ farmers: Start with Heartland for better rates and faster approval. For trading stock operators: StockCo's revolving facilities offer superior flexibility and lower overall cost despite slightly higher rates.
What About a Third Option?
Don't forget the traditional banks (ANZ, Rabobank, ASB Rural). They may offer:
- Lower rates (8.5-10%) if you have existing banking relationships
- Bundled products (farm mortgage + livestock finance + overdraft)
- Relationship pricing (rate discounts for loyalty)
However, they're typically slower (5-10 days approval) and less flexible than Heartland/StockCo.
Compare All NZ Livestock Lenders (Including Banks) →
Final Tip: Get Quotes from Both
Rates and terms can vary significantly based on your specific situation. We recommend:
- Apply to both Heartland and StockCo (takes 30 mins total)
- Compare the actual offers you receive (not just indicative rates)
- Factor in upfront fees, approval speed, and repayment flexibility
- Negotiate—lenders will often match or beat competitors' offers
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