Mortgages

SuperBank primed for mortgage attack

A young bank promoted in Kiwi supermarkets challenges its larger rivals by discounting interest rates. Rob Stock reports.

Monday, July 19th 2004

It's not every day a new bank enters the mortgage market in New Zealand intent on making life uncomfortable for the big four high-street banks.

But today, SuperBank unveils its new mortgage business and its offering has a new twist designed to win market share from ASB, ANZ National Bank, Westpac and BNZ.

It will aim to mine a deep vein of Kiwi discontent with the main bank lenders.

SuperBank is launching a home-loan package which rewards loyal customers by giving them discounts on their interest rates, discounts which get bigger the longer they keep their loan with the bank. That is a New Zealand first, SuperBank boss James Munro says.

It will mean that customers who stay at SuperBank for the long term won't be expected to haggle to get rates which are equal to, or better than, those enjoyed by someone who has just taken out their first loan.

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Unity First Home Buyer special 3.99
ICBC 4.25
SBS FirstHome Combo 4.29
Co-operative Bank - First Home Special 4.35
Co-operative Bank - Owner Occ 4.45
TSB Special 4.49
ANZ Special 4.49
ASB Bank 4.49
SBS Bank Special 4.49
Unity Special 4.49
Westpac Special 4.49
TSB Special 4.00
SBS Bank Special 4.49
Kainga Ora 4.49
Kiwibank Special 4.49
Nelson Building Society 4.59
ICBC 4.59
Unity Special 4.65
BNZ - Std 4.69
ANZ Special 4.69
Westpac Special 4.75
ASB Bank 4.75
SBS Bank Special 4.99
ICBC 4.99
Kainga Ora 5.15
Westpac Special 5.29
BNZ - Std 5.29
Kiwibank Special 5.39
TSB Special 5.39
ASB Bank 5.45
AIA - Go Home Loans 5.45
Co-operative Bank - Owner Occ 5.49
SBS Bank 5.59
SBS FirstHome Combo 3.29
AIA - Back My Build 3.34
SBS Construction lending for FHB 3.74
CFML 321 Loans 3.95
Co-operative Bank - Owner Occ 4.99
Co-operative Bank - Standard 4.99
Heartland Bank - Online 5.30
ICBC 5.39
Kiwibank - Offset 5.65
Kiwibank 5.65
ANZ 5.69

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