ASB and sister entities Sovereign and BankDirect have cut their advertised, or carded, two-year home loan rate to the lowest advertised rate in the market that doesn't require the borrower to have a certain amount of equity in their property, and will throw in a Samsung Galaxy tablet and up to NZ$1,000 cash.
As reported by interest.co.nz yesterday, ASB has cut its two-year home loan rate by 25 basis points to 5.25%. Although this rate is 26 basis points higher than the 4.99% two-year rate offered by Kiwibank, to be eligible for the state owned bank's offer borrowers must have at least 30% equity in their property.
“This reduced 2 year rate launches our annual spring home loan campaign, which marks the traditional increased activity in house sales over the warmer months," Shaun Drylie, ASB's general manager for retail products and strategy, said.
"We are pleased to offer this fantastic rate regardless of a customer’s loan to value ratio, and new home loan customers will also receive a free Samsung Galaxy tablet and up to $1,000 cash,” Drylie added.
He also said new and existing ASB customers who fix at least NZ$100,000 for three, four or five years will also receive a Samsung Galaxy tablet.
TSB, which has been running advertisements targeting National Bank customers since ANZ announced the phasing out of the National Bank brand over two years last week, is offering National Bank customers Visa credit cards with NZ$500 loaded on them if they switch over and has also been offering six month magazine subscriptions and saying National Bank customers switching will go into a draw to win an iPad.
7 Comments
Just like Mcdonalds offering a free toy with the happy meal.
Once upon a time, the purchase of a home was the largest financial decision a family would make, but now it comes with the added bonus of piece of electronic crap, designed just to take your mind off how you are being skinned dry.
Nice perks, but somebody has got to pay for this. Either they are taking a cut on their margin, or you are paying for it.
Anyway if you are an apple fan then you would not value this perk.
When comparing the costs of the loan just factor the costs of these items in.
I do believe the Kiwi peasant is waking up to the managed credit scam economy that is NZ....I expect fewer fools to borrow...and the aussie property implosion to be contagious....How soon before the parasites offer 'free overseas shopping trips' with cash loaded credit cards...just sign up for a mortgage you fool.
And so with the full support of the Behive fools the NZ property bubble looks set to be blown larger. Who gains from this farce. Who loses. Who gives a rat's ........
One parasitic tool yet to emerge is the extended student property lifetime mortgage offer with free qualification thrown in...be a Doctor...whatever you want....pick your subject....Don't leave it to pinky greens to be able to demand to be refered to as "Doctor"....who!
If the present real estate "boom" is any indication I cant see much sign of fewer fools....
Going to be interesting, I wonder if the RB will hike rates a bit if this becomes a silly season...
Who loses has to be the tax payer with litle debt.....at some point we will see another 2008 and our Govn will step in and guarantee the banks to stop deposits runs...you and certainly I will be left paying for this mess.....which is what really p*sses me off....idiotd going bankrupt because of their own gambling I have no problem with...me paying the cost is the issue.
regards
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