Separately, the 'Southern Cross Building Society' opened in Auckland in 1923, offering a similar range of financial services to its customers throughout the North Island.

[citation needed] In 1952, 'MARAC Finance' was established lending money to businesses to purchase commercial vehicles as the 'North Shore Rental Van Company'.

On 5 January 2011, CBS Canterbury, Southern Cross Building Society and MARAC Finance Limited combined to become one organisation.

[6] The rationale for the merger was to create a financial institution that had both widespread national coverage and enough assets and resources to get a full banking licence.

[10] In February 2014, Heartland moved into the Reverse Mortgage (or Home Equity Release) market through the purchase of Sentinel in New Zealand and Australian Seniors Finance in Australia.