Once bitten, twice shy? Don’t count on it.
Bank of New Zealand has launched another ‘Unbeatable’ campaign, and laid down a fresh challenge. It’s offering a two-year fixed rate of 7.60 per cent, which is currently 0.20 per cent pa lower than that offered by its major competitors.
With ‘Unbeatable’ Bank of New Zealand promises consumers that they will beat any two-year fixed rate currently advertised by the other four big banks on the Bank’s Classic Home Loan.
Bank of New Zealand’s General Manager for Business Development and Strategy, Andrew Whitechurch, says customers will be delighted with the ‘Unbeatable’ campaign.
“Consumers were the big winners of the original ‘Unbeatable’ campaign, and they will once again benefit from some very low rates. Similar to last time, we will beat any two-year fixed home loan rate currently advertised by the other big banks.”
Mr Whitechurch says the original ‘Unbeatable’ campaign helped Bank of New Zealand win significant market share in 2004, and the Bank is “keen to cement its position as the Bank to come to for great home loan rates and great service.”
According to Mr Whitechurch, Bank of New Zealand is able to offer campaigns such as ‘Unbeatable’ because it does not sell home loans through brokers. “This means we don’t pay third party commissions, costs or inducements and are therefore able to offer consumers better fixed rates over the long term.”
He says if you offer competitively priced products, outstanding service and easy access to home loan specialists as Bank of New Zealand does, that’s got to be attractive for consumers.
“The figures speak for themselves. Since May 2004, Bank of New Zealand has captured 21 per cent of home loan system growth, and as a result it has grown its share of the market from 15.8 per cent to 16.2 per cent. Customers are putting us at the top of their home loan shopping list.”
Mr Whitechurch says
the ‘Unbeatable’ promise is only available on home loans
drawn down by 8 April 2005. He urged customers to “get in
quick, because in a rising rates market this offer won’t
The original ‘Unbeatable’ campaign, which ran from mid-October to mid-December last year, saw Bank of New Zealand win 26 per cent of systems growth in December. The Bank grew its home loan book by $345 million that month – 40 percent higher than any previous month’s growth.