HSBC keeps the heat on BNZ
Monday 3 May 2004
HSBC is continuing its aggressive counter to Bank of New Zealand’s anti-mortgage broker campaign, although it doesn’t want to say explicitly that this is its intention.
By The Landlord
The bank’s latest move its to lower its three-year fixed homeloan rate to 6.88%, just below BNZ’s rate of 6.89%.Among the other major home lenders, ANZ Bank and National Bank are offering 7.15% three-year fixed rates, Westpac Bank is offering 7.29% and ASB Bank is offering 7.30%.
Kiwibank has joined the action dropping its three-year fixed rate to 6.99%.
HSBC’s new three-year rate comes on top of its previous matching of BNZ’s two-year rate of $6.69%, with the additional benefit of up to $1,000 towards legal expenses, depending on the size of the loan.
The bank says it is withdrawing this offer from the close of business on Monday, May 3 because demand has been such that its available funding is fully booked.
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