NAB turns up the heat in NSW-ACT home loan market with a total of $400,000 in customer giveaways - 2 August 2005
Tuesday, 2 August 2005
Competition in the NSW and ACT home mortgage markets is intensifying, as the major banks vie to attract and retain customers with a range of special offers.
National Australia Bank (NAB) has upped the ante in August with a unique $400,000 promotion, offering four customers across NSW and the ACT the chance to win $100,000 off their home loan.
The 'Get home faster' promotion is open to customers who are residents in NSW and the ACT who apply for home loans worth $100,000 or more that are approved between August 1 and September 2, 2005. To qualify for the prize draw, a home loan must be drawn down by November 30, 2005.
As part of the promotion the bank is also waiving the standard $600 application fee for all approved home loans in NSW and the ACT over $250,000 during the same period.
To support the promotion the NAB will this week launch an intensive month-long advertising and PR campaign that includes press, radio and online advertising, buspaks and smart cars and outdoor furniture.
Stephen Durkin, NAB's General Manager for Retail Banking in NSW-ACT, said the promotion would give NAB a real edge in the NSW mortgage market, which is the most competitive in the country.
"To be noticed in the marketplace you have to stand out from the crowd, and we believe this offer has enough sizzle to make potential customers sit up and take notice," he said.
"NSW and the ACT represent a major opportunity for the NAB and we are committed to building on the good momentum we have gained this year by expanding our share of the home loan market."
Background
Home owners in NSW & ACT borrow more on average
Home owners in NSW and the ACT have, on average, the largest home loans in the country, according to figures released by the Australian Bureau of Statistics. In May, the average loan size for NSW homeowners was $253,000 and $226,000 in the ACT. This compares with borrowers in Victoria ($209,000); Queensland ($208,000); WA ($174,000); South Australia ($154,000) and Tasmania ($151,000).
Compared to the rest of Australia, the average loan size is larger in NSW and the ACT for new constructions, the purchase of new and existing dwellings, and refinancing of existing dwellings.
(Source: ABS May Housing Finance, July 11, 2005)
Distribution of NAB's home loans
NAB helps over 170,000 home loan customers in NSW and the ACT achieve the great Australian dream of home ownership. The NAB's home loan customer base represents a broad cross section of the Australian community - from young first homeowners to investors.
The 'Get Home Faster' promotion
The 'Get home faster' promotion is open to customers who are residents in NSW and the ACT who apply for home loans worth $100,000 or more that are approved between August 1 and September 2, 2005. To qualify for the prize draw, a home loan must be drawn down by November 30, 2005.
The standard $600 home loan application fee will be waived for approved home loans in NSW and ACT over $250,000 during the same period.
Four customers will win $100,000 off their NAB Home Loan.
Winners will be announced in early December 2005.
For further information, please contact:
Patrick Southam
Corporate Affairs Manager, Retail Banking
National Australia Bank
(02) 9237 1690. Mobile 0419 415 998
E: patrick_southam@nab.com.au
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges
