Home loan mission: Unbeatable

Your mission: to find from any of the other four big banks a lower advertised two-year fixed home loan rate than that offered by Bank of New Zealand. Your chances: impossible. (Journalists note: this message will not self-destruct).

Bank of New Zealand is promising customers the lowest advertised two-year fixed home loan rate of the big four banks in a new home loan campaign code-named operation ‘Unbeatable’. The offer applies to the initial 2-year term and to 2-year fixed rates (excluding packaged offers) publicly advertised by ASB Bank (excluding Bank Direct), National Bank, ANZ and Westpac only.

Bank of New Zealand’s general manager for business development and strategy, Andrew Whitechurch, is confident the bank’s two-year fixed rate will not be beaten by any of the other four big banks advertised rates. “To beat the rising rates market, our chief economist, Tony Alexander, recommends that customers fix their home loan for two years. This new campaign makes it easy for home loan customers: fix your home loan for two-years with Bank of New Zealand, and you can be confident that you’re getting an unbeatable two-year rate,” says Mr Whitechurch.

Mr Whitechurch says the bank will better any currently advertised two-year rate by any of the other four big banks.

“Two-years is the term of preference for home loan customers at present, and we are committed to offering consumers a great deal for this popular term. We will not be beaten on price by the four big banks on our two-year fixed rate.

“We can afford to offer this great deal because our margin can’t be eroded by third-party fees and costs like our major competitors’ margins can be.”

Bank of New Zealand’s current two-year rate is 7.40% p.a, which is at least 0.20% lower than any of the four big banks advertised rates.

The ‘Unbeatable’ campaign was launched on Saturday 9 October to coincide with spring, traditionally one of the most popular times for homebuyers. To take advantage of the offer all home loans must be drawn by 17 December 2004.