BNZ's ads escape censure - just

A man in Christchurch, presumably a broker, called G Hill, complained to the Advertising Standards Complaints Board that the BNZ ad campaign was “miss-leading (sp) and dishonest”.

His argument was that BNZ withdrew from the broker market as it wasn’t doing very well there and that mortgages sourced through brokers are more cost-efficient than bank-originated home loans.

BNZ hit back at the allegations saying firstly that margins had been falling and broker commission costs had been rising.

“We felt we could offer our customers better interest rates by cutting out the middle man,” BNZ said in its submission.