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Can I rain check that home loan please?

14 December 2004

Can I rain check that home loan please?

Rain check. That's the good news for thousands of home loan customers, with Bank of New Zealand announcing that it will extend its new Ratelock feature to include the Bank’s ‘Unbeatable’ two-year fixed rate of 6.90 per cent p.a.

The offer of Ratelock on the ‘Unbeatable’ two-year rate enables customers to hold that rate for up to 60 days, as long as they commit to the loan before 17 December 2004.

Bank of New Zealand General Manager for Business Development and Strategy, Andrew Whitechurch, said this is great news for consumers. "Bank of New Zealand introduced Ratelock for all its regular loans on 6 December 2004. In order to allow more consumers to benefit from the ‘Unbeatable’ two-year rate, we have extended Ratelock to include the special 6.90 per cent rate as well. That’s great news if you are settling on a home loan between now and mid-February.”

Mr Whitechurch said whatever happens to rates in the short term, consumers can expect more great deals from Bank of New Zealand in 2005.

“We won't surrender the ground we have won in home loans in the last two months," he said. Mr Whitechurch said ‘Unbeatable’ had been a resounding success for customers, with the Bank’s two-year fixed rate dropping by 0.50 per cent p.a. over the 10-week campaign.

“When we started the campaign on 9 October 2004, our two-year fixed rate was 7.40 per cent p.a. It’s now 6.90 per cent p.a. We’ve sold four times more home loans on the two-year term in 2004 than over the same period in 2003.”

“Thanks to ‘Unbeatable’, thousands of New Zealanders have enjoyed lower interest rates in what has generally been, a rising rate market,” he said.

Bank of New Zealand introduced Ratelock on 6 December 2004.

ENDS

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