3 February 2005
December housing figures a record breaker for Bank of New Zealand
Bank of New Zealand has ended a steadily improving 2004 on a high, with latest housing figures showing the Bank loaned one in every four dollars spent on a mortgage in December.
The figures, released by the Reserve Bank this week, reveal that Bank of New Zealand won 26 per cent of systems growth in the housing market in December. The Bank’s home loan book also grew by a record $345 million - 40 per cent higher than any previous month’s growth.
Bank of New Zealand’s General Manager for Business Development and Strategy, Andrew Whitechurch, says while the Bank’s December’s figures were buoyed by the success of the ‘Unbeatable’ spring home loan campaign, the increase is part of a sustained improvement in Bank of New Zealand’s share of the home loan market.
“Since May 2004, the Bank has averaged a 21 per cent share of systems growth, with our home loan book growing by $1.9 billion over that time. Our market share has also increased from 15.7 per cent to 16.2 per cent over the same period,” says Mr Whitechurch.
“The figures show we’re trending upwards. What it means is that more and more customers are coming to Bank of New Zealand for home loans.”
Mr Whitechurch says customers want three things when getting a mortgage: easy access to home loan specialists, outstanding service, and competitively priced products.
“Those are the three areas we’ve focused on in 2004, and that’s why customers put us at the top of their home loan shopping list.”
- In particular, Bank of New Zealand in 2004:
Reorganised and streamlined its mobile mortgage operations in Auckland, adding more Mobile Mortgage Managers. Significantly improved customer satisfaction, increasing its customer satisfaction rating by 6 per cent in 2004. Bank of New Zealand also rated first or equal first for branch service in all four AC Nielsen Quarterly Consumer Finance Monitor Surveys in 2004. Launched home loan campaigns such as ‘Unbeatable’, which promised market-leading rates on fixed term home loans.
“There’s no secret formula. It’s about getting the basics right,” says Mr Whitechurch.