First Home Buyer – Award
Auckland continues to be front-page news with its real estate values skyrocketing beyond the reach of many buying their own home for the very first time. No doubt the determined are constantly seeking a solution to the unaffordability issue. It is more likely to be an alternative location rather than asking for a salary to be doubled.
Buying a first home is a big step psychologically and financially. This market segment, from the bank’s point of view, is the customer base of the future. It is also very specialised and needs education, guidance and, of course, sharp loans and associated banking products.
Every year we research what’s on offer to first home buyers from New Zealand’s banks so we can determine who offers outstanding value in this market segment. To do this we look at the financial institution’s fixed rate and floating home loans. We also take into account the availability of face-to-face staff, whether in branches or working as mobile lenders within each island.
Lastly, we take into account the access each bank offers to vital educational material so necessary for a first home buyer – from calculators that work out how to save for a deposit through to the whole box and dice involved with buying a property.
Nine banks were included in our research this year. We hope you find our results helpful.