As part of BNZ’s promise to help New Zealanders be good with money, the bank wanted to jolt people into tackling their biggest financial commitment – their home loan. Most New Zealanders had no idea how much money they were wasting on unnecessary home loan interest.
Millions of dollars in worthless shredded money was recycled into a simple campaign, which is not just saving New Zealand home owners hundreds of thousands of dollars, it increased BNZ mortgage lending by $600 million. Home loan enquiries jumped 13%. Bank preference increased 11% against BNZ non ‘main bank’ customers.
Every day, billions of dollars in old banknotes were destroyed by the world’s major banks and turned into waste. The idea was to salvage some of that waste and make it valuable again. Collaborating with the Reserve Bank, $1,000 of real shredded cash was put into bundles and delivered to homeowners across the country with a letter explaining how a BNZ Tailored Home Loan could help them prevent such waste and save $156,000 on a typical $300,000 home loan.