BNZ looks to copy SuperBank

Thursday 12 August 2004

It seems at least one of the major banks is taking more than a little notice of the newest player to enter the crowded mortgage market Superbank.

By The Landlord

Superbank launched its home loans offer in mid-July with a key element being its built-in reward system for existing customers, progressively lowering the interest rate the longer the customer stays with it.

The rate on a $210,000 home loan taken out at 7.5% would decline to 6.9% (assuming no other changes in the market) over 20 years, saving the borrower $10,000 over the life of a 25-year loan, Superbank says.

Bank of New Zealand is currently surveying its customers on their views of various different loans with a range of rewards for loyalty including varying numbers of Flybuys or AirPoints for each $1,000 borrowed and varying levels of lump sum payments up to $500 for re-fixing their fixed rate loan when the term expires.

But the bank is also asking customers’ views on reducing interest rates for each year the loan is held of varying amounts up to 0.2 percentage points a year and up to maximum 0.6 percentage points.

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