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2017 First Home Buyers Award Winners

ANZ is the winner of Canstar’s 2017 Bank of the Year Award for First Home Buyers. Let’s take a look at why ANZ won. 

First Home Buyer Home Loans Award

Canstar has researched and rated 1250 different home loan products from 79 lenders to determine which financial institutions offer the strongest combination of products and services for first home buyers looking to enter the property market.

There are two separate categories for the First Home Buyer Award: Bank of the Year and Customer-Owned Institution of the Year.

The Bank of the Year Award for First Home Buyers is awarded to the institution that performs best across all states and territories. The Customer-Owned Institution of the Year Award, on the other hand, is awarded to different institutions that offer financial services in each state or territory.

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What First Home Buyers Need To Know In 2017

ANZ: Bank of the Year – First Home Buyers, 2017

First Home Buyers Bank of the year Winner

After a comprehensive analysis of these products, we are pleased to announce that ANZ is the winner of Canstar’s 2017 Bank of the Year Award for First Home Buyers. Congratulations, ANZ!

Below is a table showing some of the ANZ home loans on Canstar’s database available for first home buyers who need a loan for $600,000.  Please note that this table is sorted by our star rating (Highest – Lowest),for products taken out in NSW, repaying both principal and interest.

Why ANZ won

Offering a superb level of excellence and flexibility, ANZ has again won the Bank of the Year Award for First Home Buyers this year, after previously winning in 2015. Some areas where ANZ excels in this year’s award are:

  1. As one of Australia’s largest financial institutions, ANZ has a large network of branches and mobile lenders, providing support to customers across the country and giving first home buyers access to specialists when required.
  2. ANZ’s Breakfree Package loan gives First Home Buyers the ability to bundle their ANZ home loan with an ANZ transaction account and ANZ credit cards for one annual fee of $395/year. The interest rate discount provided by packaging your banking can be particularly useful for those with larger loans. ANZ’s Breakfree Package provided customers with a lower variable interest rate than comparable packages from other major banks in the 6 months prior to Canstar’s 2017 First Home Buyers Award. In addition to providing a discounted interest rate on the loan itself, the Breakfree Package waives several fees, including:
  • Monthly account service fee for ANZ’s One offset account
  • Annual fee for eligible ANZ credit cards
  • Home loan approval fee
  • Monthly loan administration charge
  1. ANZ offers favourable deposit requirements for first home buyers, which could make it easier for first home buyers to enter the market. ANZ allows the following to be put towards the deposit:
  1. ANZ’s Buy Ready website offers a broad range of educational materials and tools to assist people in buying their first home. Buy Ready gives potential home buyers access to the following from their phone or desktop:
  • ANZ Property Profile Reports, with information on estimated price ranges, recent sales history of a property, suburb insights, trends, and more
  • Home loan calculators to help you work out how much you can borrow and what your repayments could be
  • Extra information on the area, like school fees and catchment areas
  • Tips on buying and selling
  • Tips to get approval in principle (home loan pre-approval)

Source: ANZ Australia

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About ANZ

ANZ has a long history, founded in 1835 in London and Sydney as the Bank of Australasia and moving into Melbourne in 1838. As one of the Big 4 Banks in Australia, ANZ is the largest banking group in the Pacific and New Zealand region and is ranked among the top 50 banks in the world.

ANZ offers a massive suite of financial products in addition to first home buyer loans; it also provides other home loans, credit cards, superannuation, home & contents insurance, and more.

Source: ANZ

ANZ supports the Australian community through initiatives such as the GIVE program, which stands for ANZ’s activities in Giving, Investing, Volunteering, and Emergency Relief, and funding worthy causes through three types of community grants. ANZ also supports the environment; in 2016, it achieved the following sustainability milestones, according to the ANZ sustainability review, 2016:

  • A 17% year-on-year reduction in greenhouse gas emissions
  • $2.5 billion funded and facilitated in low carbon and sustainable solutions
  • A new waste management system has been introduced, reducing paper consumption by 22%

ANZ’s employees gave 113,071 hours of their time to volunteer work in 2016, and 41.5% of those in management positions are women.

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Customer-Owned Institution of the Year – State Award Winners, 2017

 

First home buyer award winners

This year there are 5 separate Award Winners for Customer-Owned Institution of the Year for First Home Buyers. A customer-owned institution such as mutual banks, credit unions, and building societies, are different to retail banks because customer-owned institutions are owned by their members. Customer-owned institutions represent a valid option for people who are looking for alternatives to the big banks.

Bank or mutual bank: What’s the difference?

More than 4 million Australians utilise the mutual banking sector, so the following institutions are definitely worth taking a look at if you live in these respective states.

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New South Wales – Newcastle Permanent

Newcastle Permanent have retained their top spot in New South Wales this year, taking out the Customer-Owned Institution of the Year – First Home Buyers Award by offering a competitive and accessible range of products.

From humble beginnings over 100 years ago, Newcastle Permanent is now one of the largest building societies in Australia. It offers competitive fees and rates to 320,000 loyal customers and manages nearly $10 billion in assets as of 2016.

Below is a table showing some of the Newcastle Permanent home loans on Canstar’s database available for first home buyers who need a loan for $550,000.  Please note that this table is sorted by our star rating (Highest – Lowest),for products taken out in NSW, repaying both principal and interest.Compare Newcastle Permanent home loans here.

Customer-owned banking trends in 2017

Victoria, South Australia, and Northern Territory – People’s Choice Credit Union

People’s Choice Credit Union is a winner of the Customer-Owned Institution of the Year – First Home Buyers Award in 3 regions this year. One of the key benefits of taking out a home loan with People’s Choice is their home loan packages, which bundle your home loan and bank account into one big package that gives discounts on rates and fees.

People’s Choice Credit Union dates all the way back to 1949, and now has $9.6 billion in funds under its management. With almost 350,000 members and 43 branches across 5 states and territories at the time of writing, People’s Choice Credit Union is one of Australia’s largest credit unions.

Below is a table showing some of the People’s Choice Credit Union home loans on Canstar’s database available for first home buyers who need a loan for $550,000.  Please note that this table is sorted by our star rating (Highest – Lowest),for products taken out in NSW, repaying both principal and interest.

Queensland – Heritage Bank

Heritage Bank has also retained the top spot in Queensland in 2017, making this the second year in a row it has won the Customer-Owned Institution of the Year Award – First Home Buyers Award in the sunshine state.

Heritage Bank was formed in 1981 when Toowoomba Permanent Building Society and the Darling Downs Building Society merged to become Heritage Building Society. Based in Toowoomba, Queensland, the organisation renamed as Heritage Bank in late 2011 and is the largest customer-owned bank in Australia at the time of writing.

Below is a table showing some of the Heritage Bank home loans on Canstar’s database available for first home buyers who need a loan for $550,000.  Please note that this table is sorted by our star rating (Highest – Lowest),for products taken out in NSW, repaying both principal and interest.Compare Heritage Bank Home Loans here.

Western Australia – UniBank and Teachers Mutual Bank

UniBank and Teachers Mutual Bank – which merged together in 2015 – have tied to win the Customer-Owned Institution of the Year – First Home Buyers Award in Western Australia this year. This was primarily due to their lower rates and flexible deposit requirements for first home buyers, helping first home buyers break into the property market sooner.

Teachers Mutual Bank was founded in 1966 with the goal of providing financial services to educators and their families. Now, Teachers Mutual Bank is comprised of three brands – the original Teachers Mutual Bank, UniBank, and Firefighters Mutual bank – making it one of the largest mutual banks in Australia. It now has nearly 175,000 members and $5.3 billion in assets under management.

Below is a table showing some of the UniBank and Teachers Mutual Bank home loans on Canstar’s database available for first home buyers who need a loan for $550,000.  Please note that this table is sorted by our star rating (Highest – Lowest),for products taken out in NSW, repaying both principal and interest.

Tasmania – Bank of Us

Bank of Us is a building society based in Tasmania. Their local focus was a major factor in their success this year, winning the 2017 Customer-Owned Institution of the Year – First Home Buyers Award for Tasmanian customers. Bank of Us has branch access located around the state and provides home loans with rates and product features that rival their larger bank competitors.

Bank of Us is Australia’s oldest building society, having been founded all the way back in 1870. This gives the company nearly 150 years’ worth of financial experience. In 2001, it changed its name from Bass & Equitable Building Society to Bank of Us.

Below is a table showing some of the Bank of Us home loans on Canstar’s database available for first home buyers who need a loan for $550,000.  Please note that this table is sorted by our star rating (Highest – Lowest),for products taken out in NSW, repaying both principal and interest.Compare Bank of Us home loans here.

If you’re considering a home loan – for your first home or otherwise – then have a look at what’s available by comparing home loans on the Canstar website:

Customer-Owned Institution of the Year – State Award Winners, 2017

Below’s comparrision table shows first buyer home loan products on Canstar’s database available from the customer-owned institution of the year- state award winners for a loan amount of $600,000.  Please note that this table is sorted by our star rating (Highest – Lowest),for products taken out in NSW, repaying both principal and interest.

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