Home loan stoush: Bank denies it is 'trying to squeeze out brokers'
New Zealand mortgage brokers are accusing BNZ bank of attempting to bypass their services through a new direct-to-consumer advertising campaign. The bank denies these claims, stating that its 'BNZ Direct' service is intended to provide customers with more choice.
Why it matters
This highlights a growing tension between traditional financial intermediaries and banks seeking to digitize and streamline customer acquisition.
Share twitter Share linkedin Share link How do you tell if you're in a buyer's market or a seller's market? Opes Partners economist Ed McKnight explains the drivers of each and what signs Kiwis should look for. Video / OneRoof Mortgage brokers have accused one of New Zealand's major banks of trying to squeeze them out.
Brokers told OneRoof that BNZ's latest ad campaign, "Clever goes direct", was a snub to their industry and encouraged Kiwis to seek out independent advice on home loans.
However, BNZ strongly denies the allegations and said its ads highlighted its services and were aimed at giving customers choice.
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