An ASB home loan competition run via Facebook is likely a move to cement its standing with a younger demographic, a banking expert says.
Radio station The Edge has been promoting the competition, which runs from 8am until 8pm today and for another three further Wednesdays.
People were asked to like a Facebook post and the more likers it received, the lower the one-year rate offered would be. A winner would then be chosen to receive the rate.
Massey University’s Claire Matthews said ASB tended to be a bit edgier than some of the other banks and aimed for a younger demographic.
The latest competition would be an attempt to grab the attention of tech-savvy 30-somethings buying their first homes, she said.
She said competitions and promotions would continue as long as the home loan market remained competitive. “When it’s competitive, they do whatever they can.”
