Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

BNZ sets new ‘unbeatable’ benchmark

22 October 2004

Bank of New Zealand sets new ‘unbeatable’ benchmark in battle for 2-year fixed rate

We’ve been challenged once, twice and now three times. But we remain: unbeatable.

As part of its ‘Unbeatable’ campaign, and just 24-hours after the last cut, Bank of New Zealand announced today it is reducing its two-year fixed home loan rate to 7.15%pa, a drop of 0.10%. The new rate is effective from Monday 25 October 2004.

This move is in response to a competitor attempting to match the bank’s ‘Unbeatable’ rate, and is the third rate drop since the spring campaign began on 6 October.

Bank of New Zealand’s General Manager for Business Development and Strategy, Andrew Whitechurch, says the bank’s ‘Unbeatable’ campaign has started a price war, with the ultimate winners being consumers.

“In the past seven days, we’ve seen Bank of New Zealand’s two-year fixed rate move from 7.40%pa to this new rate of 7.15%pa. ‘Unbeatable’ has turned the whole fixed rate market upside-down, and home loan buyers are laughing all the way to the bank teller,” says Mr Whitechurch.

Mr Whitechurch says the bank has moved very quickly with competitors’ attempts to match Bank of New Zealand’s two-year fixed rate.

“When you tell people you’re unbeatable, you’re throwing down a challenge to your competitors. Needless to say, our promise to customers of having some of the sharpest fixed-rates on the market remains intact. ”

The ‘Unbeatable’ campaign was launched to coincide with spring, traditionally one of the most popular times for homebuyers. To take advantage of the ‘Unbeatable’ offer, home loans must be drawn by 17 December 2004.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: