SBS Bank Partners With Kāinga Ora To Help First Home Buyers

Published: Wed 27 Jul 2022 02:51 PM
First home buyers will have more opportunities to access the shared ownership scheme First Home Partner, following a new partnership announced today between Kāinga Ora – Homes and Communities and SBS Bank.
SBS has been confirmed as the third participating lender for First Home Partner, joining founding banks Westpac and BNZ.
Jason Lovell, Kāinga Ora Manager Home Ownership Products, says the SBS partnership supports Kāinga Ora to continue helping first home buyers to overcome the deposit barrier.
“We are excited to announce this latest milestone for First Home Partner. It means applicants have more opportunities to access the scheme and work towards home ownership.
“There is strong interest in First Home Partner, and momentum continues to build. Since launching in October 2021, the scheme has supported more than 55 individuals and whānau to purchase their own home (as at 22 July 2022). In addition, 70 applicants have signed Sale and Purchase Agreements – they are just awaiting settlement date, finance or council documents.
“The individuals and whānau that we have been working with say First Home Partner has played a key role in helping them to get into their own home, particularly in the current market. We look forward to continue working with SBS to help make home ownership a reality for more New Zealanders.”
SBS Group CEO Mark McLean says today’s announcement reflects the bank’s commitment to help first home buyers. SBS is already a participating lender for the First Home Loan scheme, which is also administered by Kāinga Ora.
“We’re excited to be a First Home Partner lender and to be able to assist more New Zealanders in achieving their home ownership dreams,” says Mark.
“We have had a strong ongoing relationship with Kāinga Ora for 15 years and were delighted to have been recognised by Canstar with the Bank of the Year for First Home Buyers award. This is testament to our strong team and their commitment in supporting Members into their first homes. We look forward to welcoming even more home buyers to SBS Bank.”
First Home Partner applicants can apply for home loan pre-approval with SBS Bank from Monday, 1 August.-ENDS-About First Home Partner
· First Home Partner is a shared ownership scheme administered by Kāinga Ora on behalf of the Government. Launched in October 2021, it is designed to assist first home buyers who can service a mortgage but need help raising their deposit.
· Shared ownership means that you initially share ownership of the home with a third party who purchases the home with you (in this case Kāinga Ora). You are the majority homeowner and occupier, but Kāinga Ora will own a share in the home, that you will buy out over time.
· The maximum contribution Kāinga Ora will make towards a home purchase is 25 percent or $200,000 – whichever is lower.
· Once applicants are confirmed by Kāinga Ora as being eligible for First Home Partner, they can apply to a participating lender – SBS, Westpac or BNZ – for a home loan. Homes purchased through the First Home Partner scheme also need to be newly built or purchased off the plan.
· First Home Partner is one of many home ownership products and initiatives that Kāinga Ora administers on behalf of the Government. During the 2020/21 financial year more than 10,000 homes were purchased by New Zealanders with one or more of our home ownership products.
· First Home Partner is offered directly to households as part of the Government’s $400 million Progressive Home Ownership (PHO) Fund. You can find further information about the different pathways on the Ministry of Housing and Urban Development website - Progressive Home Ownership | Te Tūāpapa Kura Kāinga - Ministry of Housing and Urban Development (
· Visit First Home Partner :: Kāinga Ora – Homes and Communities ( for further information.About SBS Bank
Established in 1869, SBS Bank is a building society that has achieved bank registration while retaining its mutual structure. Mutual ownership means SBS Bank is 100% owned by its Members (customers) and is uniquely positioned to provide benefits to its Members. SBS Bank has 14 branches across the North and South Islands and a full online banking service. Total assets of the SBS Group are $5.2 billion.

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