Bank of New Zealand Puts Its Money Where Its Mouth Is
Bank of New Zealand is revitalising its Unbeatable home loan offer from this weekend (September 24), offering to beat any of its major competitors on any fixed term that it offers between six months and seven years with its Classic Home Loan. If Bank of New Zealand can’t beat the rate, and a customer can show that he or she got a better deal from another big bank, either directly or through a broker, Bank of New Zealand will pay $100* to that customer.**
The latest campaign follows on from the one that sparked the so-called mortgage price war a year ago, says Bank of New Zealand General Manager, Marketing Distribution & Strategy, Andrew Whitechurch.
“But for Bank of New Zealand, it is essentially a continuation of our pricing policy throughout 2005. We have consistently offered the lowest two and three year fixed rates of the big banks. Generally, we have been the best value of the big banks in the fixed rate market this year.”
“After last year’s Unbeatable campaign, the market, and more importantly, our customers and those looking for mortgage finance, now know that Bank of New Zealand is leading the way on price. It’s something we are committed to for the long term.”
Mr Whitechurch says the latest campaign was aimed at underlining Bank of New Zealand’s pricing approach. “However, we never really went away. Bank of New Zealand is in this race for keeps, and we will continue to define the terms of this market.
“This time, we’ve extended the campaign to cover all our fixed terms from six months through to seven years. Although customers are still selecting two and three year terms, the interest rate outlook has changed, so we are broadening our offer to all of our fixed terms and customers can choose the one that suits them best.”
Mr Whitechurch says because Bank of New Zealand won’t deal with mortgage brokers, he believes it has a competitive advantage that the other big banks don’t have.
“We’re so confident that we cannot be beaten, we will give $100 to any customer that finds and takes a better deal within a reasonable time. This is a first for banking in New Zealand, and a way for us to tangibly demonstrate our commitment to leading the market.
“This offer is not available through brokers. If you’re in the market for a fixed term home loan from a big bank, you could miss out on a great rate unless you talk to us.”
Bank of New Zealand’s Spring campaign will run for a limited time.
* Original proof of draw down must be produced within 60 days of seeing Bank of New Zealand
**Subject to Bank of New Zealand’s normal home lending criteria. Big banks are ASB Bank (excluding Bank Direct), National Bank, ANZ and Westpac only. Excludes Fly Buys, GlobalPlus home Loans and packaged offers. Not available on loans for business purposes. Early repayment charges may apply.
Establishment fees apply and Lender’s Mortgage Insurance may apply. Loans involving companies or multiple securities may incur additional fees.