Kiwibank best for first-timers: Report
Thursday 21 June 2012
KiwiBank has been given the First-Home Buyer Award from financial research and ratings group CANSTAR for the second year in a row.
By The Landlord
The group looked at 36 loans from nine New Zealand lenders to determine which served the needs of first-time buyers best. As well as the interest rates on offer, the total experience was examined.
“It’s vital that financial institutions help educate first-home buyers about how they should be preparing themselves, setting savings goals and offering savings vehicles that provide incentives towards the end goal of home ownership,” CANSTAR National Manager Derek Bonnar said.
“First-home buyers have special needs and should be encouraged to prepare themselves so they are in the best possible financial shape to take that next, bold step.”
As part of the evaluation, CANSTAR reviewed educational material, the process involved, the level of access to a real person to provide a guiding hand and the products and features tailored for first-time buyers.
“Kiwibank once again ticked all the boxes for the second year in succession. They were a very convincing winner, due to the depth of products and services tailored specifically for first-timers and we congratulate them on their commitment to this specialised market segment,” Bonnar said.
CANSTAR was particularly impressed by Kiwibank’s personal finance management service, Heaps!, where first home buyers building a deposit can track their finances and goals.
“Kiwibank continues to strengthen its offering with the release of an offset home loan which will assist not only first home buyers but all borrowers to save money on their home loan,” Mr Bonnar said.
“This offset home loan also comes with a market-leading rate which will save Kiwis money, even without using the offset facility.”
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