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Brokers express reservations about the ANZ/NBNZ deal

Mortgage brokers view ANZ Bank’s $5.7 billion purchase of National Bank with near universal misgiving and are sceptical that the Australian bank will continue running both brands for long.

Wednesday, October 29th 2003, 6:49PM

by Jenny Ruth

But ominously for ANZ, many are reporting that their clients now want to steer clear of both banks in the fear that National Bank’s current high customer service levels will sink to ANZ’s poor standards.

"I don’t know how long they will operate as separate brands – logic says at some stage they will rationalise," says Charlie Reid of Mortgage Link Central Otago.

Wayne Oliver of Hamilton-based Oliver Financial Services, shares that doubt. "They say ‘in the immediate future,’ but I wonder how long the immediate future is. National Bank has always been held in high regard."

While ANZ Bank’s service levels are starting to improve, they still have a long way to go. "We constantly get complaints from people who bank with them," Oliver says.

If ANZ lets National’s standards slip, "they’ve paid a lot of money to lose a lot of goodwill," he says.

One reason for optimism that won’t happen is that National Bank head Sir John Anderson will head the ANZ operations in New Zealand. "That’s certainly a move in the right direction. If there are National Bank people running it or involved in the top tier administration, then that’s going to be a huge benefit." Oliver says.

Craig Seton at Mortgage Link Manawatu agrees and suggests it may end up being a reverse takeover with ANZ being absorbed into the National brand.

"If the senior National people are the ones driving this, it could be a good thing."

Nevertheless, he’s already finding clients are hesitant about getting mortgages from National now.

Sue Tierney at Auckland-based Mortgages by Design is determinedly optimistic. She points to the ASB Bank stable of brands and the fact that Sovereign and Bank Direct manage to operate in completely different niches.

"I really hope they keep their word – what we want is good healthy competition for our clients."

Tierney hopes ANZ Bank will learn from its own rocky merger with Post Bank and from Westpac’s difficult takeover of Trust Bank.

But if it does repeat past mistakes, "it’s going to create new opportunities for a new player," she says.

Mortgage Choice boss Miranda Caird says that while she would have preferred the takeover hadn’t occurred, she cautions against knee-jerk reactions against National Bank.

"I don’t believe ANZ can come in and change the culture overnight. They’ve bought National for its strengths and that’s definitely in the customer service area," Caird says.

Rob Parsons at Mortgage First in Canterbury says it could have been worse: "It could have been BNZ – at least it’s a broker-friendly bank that’s bought National."

« Brokers not keen on ANZ/NBNZ dealBoomer market gets hotter »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 26 February 2024 9:10am

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