Newly-badged Bank of Melbourne has offered a price-matching promotion, vowing to equal any mortgage offer from the majors.
The Westpac subsidiary has pledged to match the advertised price of any comparable product from the big four across its fixed and variable home loans, term deposits and some savings accounts. The promotion will run through the end of February, and a Bank of Melbourne spokesperson told Australian BrokerNews the offer will be specific to Bank of Melbourne, and will not apply across St. George and BankSA.
Bank of Melboure chief executive Scott Tanner has said the bank's offer will eliminate the need for consumers to "shop around".
"I hear from our customers that they are truly impressed with the service we are delivering, particularly in our retail branches, and I want to give more Victorians the opportunity to experience this for themselves," he said.
Victorian broker Tony Petrevski of Smartline told Australian BrokerNews he has yet to see a spike in consumer interest in Bank of Melbourne, but conceded it was "early days yet". Petrevski said the bank's success with brokers would be largely dependent on its service proposition.
"Their service levels are yet to be tested. If they can deliver during peak busy periods, then they will get the business. Service levels influence where most brokers place business," Petrevski said.
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