First Home Buyer Awards

Australia’s largest comparison site, Canstar, releases its
2023 First Home Buyer Awards.

Released: 20 July, 2023

About this year’s awards

With the RBA cash rate rises since 2022, Australia has faced an extremely volatile time for home loan interest rates. Whether to hold off on rate hikes, or offer special rates for certain LVR lendings, some providers looked for ways to continue to provide outstanding value to first home buyers in Australia. 

Following Canstar’s unique and sophisticated methodology, the First Home Buyer Awards recognise excellent achievements on two levels, national and state. The Bank of the Year Awards are given to the bank that came out on top nationally, as well as the customer-owned institutions in various states and territories. The Customer Owned Bank of the Year Awards consider mutual banks, credit unions and building societies.

Congratulations to the winners

HSBC

First Home Buyers – Bank of the Year

HSBC’s performance in the Bank of the Year – First Home Buyers assessment was outstanding, with some of the cheapest loans observed over the historical observation period for both 80 and 90 LVR applicants. On top of their profile-leading price performance, Canstar’s Researchers also noted the accessibility of HSBC’s home loan products, along with its abundance of first home buyer support through FAQs and information pages, customer service availability, and the wide range of guarantee options that they provide.
HSBC is a banking and financial services organisation, operating in 63 countries and territories across the world. Founded in 1865 in Hong Kong and Shanghai, HSBC first started operations in Australia in 1965.

Beyond Bank

Customer Owned Bank of the Year – WA

Formed more than 60 years ago, Beyond Bank claims to be one of the largest customer owned banks in Australia, with branches in WA, ACT, NSW, SA, and Victoria. Including home loans, Beyond Bank also provides personal loans, transaction accounts, credit cards and insurance products.

Bank of us

Customer Owned Bank of the Year – Tas

Bank of us claims to be the only Tasmanian customer owned bank in Australia. Having begun in 1870, Bank of us provides a variety of financial products, including home loans, personal loans, transaction accounts and credit cards.

Credit Union SA

Customer Owned Bank of the Year – SA

Founded more than 60 years ago in South Australia, Credit Union SA claims to be the third largest credit union in Australia. Including home loans, Credit Union SA also provides personal loans, transaction accounts, credit cards, as well as insurance products.

G&C Mutual Bank

Customer Owned Bank of the Year – NSW
Customer Owned Bank of the Year – VIC

G&C Mutual Bank was established in 1959 as the Public Works department Staff Cooperative. As a customer owned bank, G&C Mutual Bank provides a variety of financial products, including home loans, personal loans, transaction accounts, credit cards, as well as insurance products.

People’s Choice

Customer Owned Bank of the Year – NT

Established in 1949, People’s Choice is a credit union that has branches in NT, SA, and Victoria. Including home loans, People’s Choice also provides financial products such as personal loans, transaction accounts, credit cards, and various general insurance products.

Queensland Country Bank

Customer Owned Bank of the Year – QLD

Queensland Country Bank was originally formed as the Isa Mine Employees’ Credit Union Limited in 1971.It says it now provides financial services to members across Queensland and beyond. Queensland Country Bank provides home loans, personal loans, transaction accounts, credit cards, and various insurance products.

(Winners are listed alphabetically)

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About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.

About: Josh Sale, Ratings Manager

Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)

Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.

As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.

Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.

Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.

You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.