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

 

Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>


Stats NZ: Prices For Transport And Housing Rise In March 2021 Quarter

Higher prices for transport and housing led to a 0.8 percent lift in the consumers price index in the March 2021 quarter, Stats NZ said today. Prices for getting around rose in the March quarter. Transport prices rose 3.9 percent, the biggest quarterly ... More>>

Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>