Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

BNZ Puts Its Money Where Its Mouth Is

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.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>