Mike Pero hits back at BNZ over ads

Monday 26 April 2004

Mortgage broker Mike Pero Mortgages has hit back at the BNZ over its recent advertising campaign promoting mortgage products with "broker-free" interest rates.

By The Landlord

Mike Pero said his company "can also offer the same rate as the advertised BNZ rate, despite their claims that their rate is possible only by excluding broker commission".

The BNZ ceased working with mortgage brokers a year ago but launched the campaign last week "to put some emphasis on it", BNZ communications manager Owen Gill told the National Business Review (NBR) last week.

The bank's advertising says "We've cut out brokers to give you this great rate". As well as eliminating brokers' fees from mortgage costs, Mr Gill said the bank had felt it could provide better service to customers directly.

Mr Pero was "very disappointed" by the comments made by the BNZ in the NBR "and their aggressive negative attitude towards the mortgage broking industry in New Zealand", he said in a statement today.

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