SBS Bank partners with Kāinga Ora to help first home buyers
27 July 2022
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 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.
Page updated: 27 July 2022