BNZ Wins Canstar's Bank Of The Year, Home Loans

22 April 2024

Canstar is proud to announce the winner of its Bank of the Year, Home Loans Award. This year’s winner is BNZ!

The Bank of the Year, Home Loans award takes both residential and investor home loans into account, and assesses factors such as net cost, ease of application, the discharge process, and customer satisfaction. BNZ’s win was due to its strong combination of products and services across the entire home loan journey.

Bruce PItchers, Canstar Content and Editorial Manager, said a property owner’s partnership with their loan provider is incredibly important, particularly in the current environment. Mortgage rates are the highest they’ve been for 15 years, and Kiwis with mortgages are feeling it. Property owners are looking for good deals, effective products, and services that meet their needs.

“We know from our Consumer Pulse report that most New Zealanders are cutting back on household spending to afford the higher costs of living right now. Property owners may need to restructure their loans, or even take mortgage holidays, as a result of the higher costs. Having a bank that’s ‘in your corner’ at times like this is incredibly important.

“BNZ has shown itself to be a leader across the entire home loans market, and we congratulate them for their success in winning this award.”

Karna Luke, BNZ’s Executive of Customer Products & Services, says, “At BNZ, we are passionate about helping New Zealanders achieve their housing dreams.

“We take pride in offering competitive home loan products and providing a seamless experience - from the ease of application to our promise to provide a home loan decision within 24 hours of receiving all required information. Our priority is to serve customers brilliantly, enabling them to move forward with their home ownership plans quickly and confidently.

"Our commitment to delivering exceptional service has driven the growth of our home loan market share, and we are honoured to receive this award in recognition of our dedication to supporting New Zealanders on their home ownership journeys.”

Canstar’s expert panel also identified a number of home loan providers that deliver Outstanding Value to their customers, awarding them five stars in its ratings system. The Outstanding Value winners are:

• BNZ
• Kiwibank
• Heartland
• The Co-operative Bank
• Westpac

Canstar Home Loan star ratings use a sophisticated and unique ratings methodology that compares both price and features across home loan products. The Bank of the Year winner is awarded on the back of the star ratings and customer satisfaction. Canstar’s panel assessed 59 products and 11 providers to come up with this year’s winners.

CANSTAR provides Australia and New Zealand's only fully interactive online research service in retail and business finance. Founded in 1992, CANSTAR Pty Limited (formerly CANNEX) is Australia and New Zealand's premier researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients. CANSTAR researches, compares and rates a suite of banking products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. 

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