HSBC keeps the heat on BNZ
HSBC is continuing its aggressive counter to Bank of New Zealand’s anti-mortgage broker campaign, although it doesn’t want to say explicitly that this is its intention.
Monday, May 3rd 2004, 4:28PM
by Jenny Ruth
Among the other major home lenders, ANZ Bank and National Bank are offering 7.15% three-year fixed rates, Westpac Bank is offering 7.29% and ASB Bank is offering 7.30%.
Kiwibank has joined the action dropping its three-year fixed rate to 6.99%.
HSBC’s new three-year rate comes on top of its previous matching of BNZ’s two-year rate of $6.69%, with the additional benefit of up to $1,000 towards legal expenses, depending on the size of the loan.
The bank says it is withdrawing this offer from the close of business on Monday, May 3 because demand has been such that its available funding is fully booked.
The bank also withdrew a flyer sent to mortgage brokers promoting the two-year rate which promised: "We won’t cut you out."
Paul Matthews, head of personal financial services at HSBC, says the flyer was sent out by "an overly enthusiastic person."
Matthews agrees HSBC didn’t want to be seen as criticisng BNZ. "Any inference that we were attacking or commenting on our opposition wasn’t appropriate." Nevertheless, "The message we are sending is certainly that we do support brokers."
A further sign of how keen HSBC is to woo broker originated business is that it opened for broker business between 9am and 4pm last weekend. "We’ll be there to support our broker and adviser relationships," the bank said.
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