A young bank promoted in Kiwi supermarkets challenges its larger rivals by discounting interest rates. Rob Stock reports.
Monday, July 19th 2004, 8:21AM
by The Landlord
It's not every day a new bank enters the mortgage market in New Zealand intent on making life uncomfortable for the big four high-street banks.
But today, SuperBank unveils its new mortgage business and its offering has a new twist designed to win market share from ASB, ANZ National Bank, Westpac and BNZ.
It will aim to mine a deep vein of Kiwi discontent with the main bank lenders.
SuperBank is launching a home-loan package which rewards loyal customers by giving them discounts on their interest rates, discounts which get bigger the longer they keep their loan with the bank. That is a New Zealand first, SuperBank boss James Munro says.
It will mean that customers who stay at SuperBank for the long term won't be expected to haggle to get rates which are equal to, or better than, those enjoyed by someone who has just taken out their first loan.
