ANZ’s Reno Loan, a proposition developed in partnership with TBWA\New Zealand to help Kiwi homeowners renovate rather than relocate, has delivered a 49 per cent increase in top-up requests and more than 9,000 approved loans.
The initiative is also helping stimulate New Zealand’s small business economy, with renovation spending flowing directly into tradies, carpet layers, tilers and other suppliers across the country.
ANZ said the Reno Loan has exceeded expectations since launching. It is an example of ANZ and TBWA\New Zealand’s building products and marketing together – starting with a genuine customer problem, developing a proposition to help solve it, then using creativity to drive awareness and adoption.
The Reno Loan was developed in response to a challenge facing Kiwi homeowners: with moving becoming harder and renovation costs rising, many were finding themselves stuck in homes that no longer worked for their changing lives.
ANZ and TBWA\NZ’s answer was to develop a new lending proposition to help make it possible to renovate.
The proposition offered eligible ANZ home loan customers a top-up of up to $50,000 at a competitive fixed rate for three years, helping remove one of the barriers to renovating sooner and falling back in love with the homes they already have through the integrated Bring Back That Lovin’ Feeling platform.
ANZ general manager of marketing Matthew Pickering says the response demonstrates what can happen when product and marketing are developed around the same customer need.
“The ANZ Reno Loan was built around a simple insight: many New Zealanders love where they live but need help making their homes work harder for them,” Pickering said.
“The response we’ve seen since launch reinforces the value of starting with a genuine customer need and building a proposition around it. The ANZ Reno Loan is helping more New Zealanders take that first step towards creating a home that better fits their lives.”
The Reno Loan is the latest in a series of initiatives developed through the ANZ and TBWA\NZ relationship that have taken the same approach.
Catherine Harris, CEO of TBWA\NZ, says Reno Loan demonstrates the value of bringing agency and client teams together around the business problem, not just the communications brief.
“Reno Loan is a great example of what can happen when product, marketing and creativity come together from the outset. We worked with ANZ to identify a genuine customer problem, build a useful solution around it, and then create the platform to drive people to it. More than 9,000 loans later, the results speak for themselves,” she said.
Shane Bradnick, chief creative officer at TBWA\NZ, says Reno Loan creative campaign tapped into a feeling that many Kiwis quietly recognised.
“There’s something quite emotional about the relationship we have with our homes. They’re where we build our lives, raise our families and create memories. But over the past few years, a lot of people have started to feel a bit stuck. We loved the thought maybe people hadn’t fallen out of love with their home forever – they’d just lost that lovin’ feeling,” Bradnick said.
“When you’ve got a track as iconic as You’ve Lost That Lovin’ Feelin’, the idea almost writes itself. It let us tell a banking story with warmth, humour and optimism rather than leaning into the stress that often surrounds renovations. Our hope is that people see the work and smile – and maybe are even inspired to pick up the sledgehammer.”
