The housing market is in flux due to COVID-19, and it seems likely to be a buyers’ market for at least a few months.
Interest rates have hit record lows, and with the removal of minimum deposit requirements there will be opportunities
for some looking at entering or investing in the property market.
For buyers, choosing the right home loan at a time like this is vital. Official Cash Rate cuts have flowed through to
the high street, with banks offering record low rates.
However, many Kiwis are facing serious economic pressures and New Zealand is expected to enter into a recession. It is
in this market that Canstar is announcing KiwiBank has won Canstar’s Bank of the Year Award for Home Loans.
“This is an extremely difficult time for many Kiwis,” says Jose George, Canstar New Zealand General Manager. “We hope
our assessment of New Zealand’s Bank of the Year will help those New Zealanders looking to buy property as they face
what is likely to be one of the most significant decisions of their life.
“The market is very volatile and it will be important for Kiwis to feel they are well informed and able to make a
decision that suits their individual circumstances. Beyond house buying, we may well see customers looking to refinance,
change their mortgage structure, or downsize their property as the true impact of COVID-19 becomes clear.”
Like many banks, Kiwibank is actively offering support for people affected by COVID-19. But as Mr George adds: “Among
all the banks Canstar researched, it was a standout across many of its home loan products.”
In response to the award, Nicole Pervan, General Manager Product, at KiwiBank, said: “Owning a house is a long-term
commitment and at Kiwibank we are committed to supporting customers with their home ownership ambitions. During this
time of uncertainty, we’re seeing more and more the importance of the bank as the number one source of information for
customers.
“Supporting customers at this time and ensuring they can afford the proposed lending remains key for us”.
As part of its research into the 2020 Bank of the Year Canstar considered 308 home loan products from 11 providers,
across fixed and floating options for home buyers and investors.
Details of all Canstar’s Outstanding Value 5 star home loans can be found here.