TSB to price match Aussie banks on home lending in New Zealand first

TSB is taking price out of the equation so New Zealanders can get the best home loan rates, without putting money into the pockets of Australian owned banks.

In a move never seen before in New Zealand banking, from today TSB will price match any nationally advertised one-year home lending rate offered by an Australian-owned bank until 3 March 2019.

“We know this is a bold and unique move in the New Zealand banking industry. But we believe it is an important move that will help support the good of wider New Zealand,” says TSB Chief Executive, Donna Cooper.

“More than $5 billion in combined profit was sent overseas by Australian-owned banks last year, that’s equal to almost 2% of New Zealand’s entire GDP. 

“At TSB we don’t think that’s quite right. If that money stays in New Zealand, it can continue to move through our local economy and boost regional growth.

“We truly believe it’s in New Zealand’s best interests to keep bank profits local, and that’s why we’re price matching any Australian-owned banks nationally advertised one-year home lending rate,” says Ms Cooper.

“TSB cares about profit for purpose – not about profit for profits sake. We invest a significant amount in the growth and wellbeing of New Zealand communities and people. 

“When people bank with us, they can make their home ownership goals a reality, support their local economy and ensure ongoing investment in our communities.”

Justine St John, TSB General Manager Marketing and Customer Experience says the ‘Aussie’ price match offer is available from Sunday 17th February to Sunday 3rd March.

“Anyone considering buying their first home or changing their current home lending arrangements should touch base with us and we can help them achieve their goals.

“With an increasing spotlight on overseas ownerships of banks, we are proactively encouraging New Zealanders to consider their banking options.

“TSB is a bank that punches above its weight and our customers are at the heart of everything we do.”

TSB received the highest customer satisfaction of any bank in New Zealand at 85.3% according to Roy Morgan and has won the Consumer NZ People’s Choice for Banking award three years running.

“This is a real reflection of the customer and community focus we pride ourselves on as a locally owned bank,” says Ms St John.

“It’s time more New Zealanders experience what TSB has to offer and with our promise to match the Aussie banks – now’s the moment.”

New Zealanders can start the application process here or talk to TSB’s lending team on 0800 872 226 between 8am-7pm weekdays and 9am-5pm weekends, through a TSB branch or via one of our mobile mortgage managers. Lending terms and conditions apply.

For more information contact:

Philippa Walker
TSB Media & Communications Manager


027 378 3759 / philippa.walker@tsb.co.nz