Economics
Ipad-to-Cash Giveaways Impede RBNZ Bid to Tame Housing: Economy
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Central Bank Governor Graeme Wheeler’s quest to cool New Zealand’s housing boom is being stymied by 50-year low mortgage rates and giveaways being offered by the nation’s banks as they chase new customers.
ANZ Bank New Zealand Ltd., the largest lender, is offering NZ$1,000 ($791) with loans of NZ$100,000 or more, while Bank of New Zealand Ltd. is handing out NZ$1,000 of fuel and grocery vouchers. Westpac Banking Corp. is giving iPads and cash, and ASB Bank Ltd. was giving a Sony 42-inch flat-screen TV.