Banks get ready for battle
Monday 1 November 2004
A banking war over two-year fixed home loans is only the beginning of a new level of competition, says a top executive of one bank.
By The LandlordSuperbank chief operating officer James Munro says: "I think it is going to get increasingly competitive.
"Probably right across the retail banking landscape what we're going to see through next year is increased competition on every product line, including cards and transaction accounts."
He says his staff are calling the BNZ-led battle for two-year fixed home loan business "bank wars".
BNZ has pledged to beat any two-year home loan rate offered by major rivals on loans taken up by December 17.
ASB today starts Fastsaver, a savings account for electronic customers that will compete with Superbank's Supersaver.
Read More - Opens in a new window
Commenting is closed
It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.