Local Bank SBS Leaps To Top Of First Home Buyer Rankings

Invercargill-based SBS Bank has leapt to the top of the rankings for First Home Buyers, winning Canstar’s Bank of the Year in the category for 2022.

The win - SBS’s first in this category - continues the bank’s remarkable success this year, after it won Canstar’s Bank of the Year, Home Loans, in April. The double-whammy win means SBS is now a frontrunner among Kiwis looking to buy property, whether upsizing or buying a first home.

Jose George, Canstar New Zealand General Manager, said SBS’s win reflected, in particular, its focus on value and customer service.

“Buying a first home can be a hugely intimidating experience. The last few years have been a rollercoaster for first home buyers and now we’re in a period of higher interest rates and dropping house prices. Navigating this sort of market is really tough, particularly for those entering the property market for the first time.

“SBS offers a really competitive and supportive package for first home buyers, which is hugely helpful for those who have worked hard to get themselves into a position to buy.

“Our consumer research shows how difficult that has been for so many. Last year, the research showed around a third of Kiwis in their 30s and 40s appeared to clock out of the market altogether. It’s not yet clear if they’re being tempted back by dropping prices, but attractive first home buyer packages will certainly help.”

SBS Group CEO Mark McLean said: “We’re delighted to have been recognised as the Canstar 2022 Bank of the Year, First Home Buyers. As a member-owned bank that has been helping our members into their own homes for over 150 years, helping even more New Zealanders achieve their dreams of home ownership is core to our purpose as an organisation.

“Our SBS team loves knowing they have made a tangible difference to the first home buying process and we will continue to focus on making these dreams a reality for future generations. Being recognised by Canstar through this award confirms that we’re achieving our own goal of providing exceptional value to the first home buyer market.”

Canstar’s First Home Buyer Award uses a sophisticated and unique methodology, and is awarded to the financial institution that provides the strongest combination of products and services across the first home market in New Zealand.

The award aims to give recognition to institutions offering outstanding value home loans as well as additional services that benefit first home buyers in making an informed decision when purchasing a home for the first time. 

The institution which cumulatively receives the highest score across the areas of consideration will be awarded Canstar’s Bank of the Year, First Home Buyer.

© Scoop Media