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Bank of New Zealand home loans get ‘five-stars’

7 March 2005

Bank of New Zealand home loans get ‘five-stars’ from CANNEX

First ‘Unbeatable’. Now this.

Bank of New Zealand’s focus on providing outstanding home loan products at competitive prices is paying dividends, with the Bank’s fixed rate home loans considered amongst the best on the market by a leading financial services research company.

CANNEX has awarded five stars and given its highest total points score to Bank of New Zealand’s two-year Tailored Home Loan product – making it the best two-year home loan product of all the banks in terms of value for money.

CANNEX’s star ratings provide consumers with an easy way to understand the value for money a home loan offers. The ratings range from one star, meaning 'satisfactory qualities', to five-stars, meaning 'excellent qualities'. Each product is also given a total points score out of 10.

The Bank’s one-year, three-year, and five-year fixed rates also received five stars.

Bank of New Zealand’s General Manager for Business Development and Strategy, Andrew Whitechurch, says the ratings are proof that the Bank offers not only unbeatable prices, but outstanding products as well.

“‘Unbeatable’ has proven to customers that Bank of New Zealand offers consumers some of the cheapest two-year fixed rates in the market. With this award from CANNEX, we’re proving that our home loan products have some of the best features as well.

“I believe you’re essentially getting the best home loan money can buy when you buy from Bank of New Zealand.”

Mr Whitechurch says the Bank’s two-year Tailored Home Loan was the highest ranked two-year product of all those surveyed by CANNEX. “The two-year term is one of the most popular for home loan customers, so to get five-stars and the highest points score for that term is particularly pleasing.”

He reminds customers that Bank of New Zealand does not sell its home loans through brokers. “Customers have to get in touch with us directly to take advantage of our five-star products”.

Commenting on ‘Unbeatable’, Mr Whitechurch says that Bank of New Zealand’s ‘Unbeatable’ two-year offer on its Classic Home Loan is “selling well”. The ‘Unbeatable’ campaign promises consumers that Bank of New Zealand will beat any two-year fixed rate currently advertised by the other four big banks on the Bank’s Classic Home Loan for loans drawn down by 8 April 2005.

It’s offering a so far unchallenged rate of 7.60 per cent pa – currently 0.20 per cent pa lower than that offered by its major competitors.


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