Kiwibank has been awarded Canstar Bank of the Year – 2018 First Home Buyers status, for the eighth year running.
The Canstar’s First Home Buyer Award is given to the financial institution that provides the strongest combination of products and services across the first-home buyer market in New Zealand. The award recognises providers offering outstanding value home loans, as well as additional services and support to help first home buyers when purchasing their home.
“Kiwibank outperforms the market on total cost of the loan with loans at a greater than 80% LVR,” Canstar NZ general manager Jose George said. “Kiwibank distinguish itself from the rest of the market by how it treats low equity home loans.”
For loans with an LVR of greater than 80%, Kiwibank applies an upfront fee, which is proportional to the LVR and loan amount. The majority of the market applies a margin on the interest rate.
“Due to this fact, Kiwibank maybe thousands of dollars cheaper on 90% LVR and tens-of-thousands of dollars cheaper at 95% LVR,” George said.
Canstar said Kiwibank also performs well with its institutional support and it offers a good amount of services and features for first-home buyers. This includes specialist lenders, a range of educational materials, tools and calculators, and additional services such as a high-interest savings account to first-home buyers.
Canstar reviewed 57 products across nine institutions. The First Home Buyer Award is recalculated every 12 months based on the latest rates and features offered by each institution. Canstar also monitors rate changes on an ongoing basis.
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