Mortgages

Banks get ready for battle

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.

Monday, November 01st 2004

Superbank 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.

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Unity First Home Buyer special 3.95
SBS FirstHome Combo 4.19
ICBC 4.49
Co-operative Bank - First Home Special 4.55
Unity Special 4.59
Kainga Ora 4.59
ASB Bank 4.65
AIA - Go Home Loans 4.65
BNZ - Std 4.65
Co-operative Bank - Owner Occ 4.65
SBS Bank Special 4.69
ICBC 4.89
China Construction Bank 4.95
Kainga Ora 4.95
Unity Special 5.09
Nelson Building Society 5.09
Westpac Special 5.19
BNZ - Std 5.19
SBS Bank Special 5.19
ASB Bank 5.25
AIA - Go Home Loans 5.25
TSB Special 5.25
ICBC 5.65
Kainga Ora 5.69
Westpac Special 5.79
BNZ - Std 5.79
SBS Bank Special 5.79
Co-operative Bank - Owner Occ 5.89
ASB Bank 5.89
AIA - Go Home Loans 5.89
Kiwibank Special 5.99
TSB Special 5.99
China Construction Bank 5.99
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 5.75
Kiwibank Special 5.75
Kiwibank 5.75

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