SBS Bank Sweeps Top Bank Award, Tough Year Looms For Homeowners

Kiwis are facing another tough financial year, with inflation soaring and mortgage retail rates tracking up at speed. But home ownership remains important to so many Kiwis, and in this difficult environment it is vital to partner with a home loan lender you can trust.

That is why Canstar is today extremely pleased to name its Bank of the Year, Home Loans - the member-owned bank SBS Bank!

The winner of this coveted award was identified by a Canstar research team that considered providers across the market to find the winner. Canstar uses its proprietary methodology to consider products across short-, medium- and long-term fixed loan profiles, along with floating profiles.

SBS Bank took home the ultimate winner of Bank of the Year, Home Loans. Our research also identified SBS Bank as an Outstanding Value award winner, alongside HSBC.

The award comes at a volatile time in the market, with home loan rates rising rapidly and aspiring homeowners dropping out of the market. While the market has cooled dramatically since its highs of last year, saving a deposit still remains a near-impossible task for many.

Indeed, Canstar’s Consumer Pulse 2022 report found around a third of New Zealanders in their 30s and 40s - an age at which many settle down to have families - appear to have simply clocked out of the market over 2021 as house prices soared. It is not yet clear if those who have given up on the dream may be tempted back by falling house prices.

Canstar analysis found saving a deposit as low as 10%, for a median-priced Auckland house, would require putting away 50% of the average income, for more than five years. Furthermore, rising interest rates and tightened loan criteria make it even more difficult for First Home Buyers, as well as those already on the ladder.

Jose George, Canstar NZ General Manager, said falling house prices might alleviate some pressure, but rising costs mean it is vital to have confidence in your home loan lender, and know that the deal being offered is competitive and suited to your needs.

“Our research has made clear how incredibly tough it is out there for both homeowners and those wanting to get into the market. In a highly competitive field, SBS stood out due to the value it provides to customers, and the products on offer. We congratulate them for their success.”

SBS Group CEO Mark McLean said, “We’re delighted to have been recognised as the 2022 Canstar Bank of the Year - Home Loans. As a mutual bank, our members have been an integral part of our commitment to delivering outstanding value for over 150 years.”

Mr McLean added, “We demonstrate this through our product and service offerings, including our home loans, and this independent award from Canstar pays testament to the efforts of the entire SBS Bank team in ensuring that both our competitive pricing and superior product features continue to provide our members with yet another reason to bank with a mutual bank that puts its members at the heart of everything.”

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