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Snow Star Credit Union ‘First Start SEA’ receives Canstar Innovation Excellence Award
Snow Star Credit Union is pleased to be recognised by Canstar with the 2019 Innovation Excellence Award for their First Start Shared Equity Agreement (SEA).
Canstar is Australia's biggest financial comparison site and an independent reviewer of financial products and services.
This recognition supports the customer first approach that drove First Start to market and Snow Star Credit Union’s commitment to providing tailored financial solutions for its customers.
Launched in November 2018, First Start was developed in response to customer feedback and an understanding that affordability is the number one concern for first home buyers in Australia.
Despite low interest rates, many young people are unable to save the 20% deposit required to avoid incurring Lenders Mortgage Insurance costs.
And while many parents are keen to help get their children into their own home there is a risk of legal disputes and family breakdowns when informal family loans and contributions go wrong. First Start provides parents and children with peace of mind and protection.
Snow Star Credit Union CEO, William Wolke, also attributes the recognition to the values displayed at Snow Star Credit Union and the customer centric focus of First Start, saying, “We strived to create a deposit assistance alternative that had the interests of both the home buyer and contributor in mind, ensuring First Start not only meets their needs but provides clarity and peace of mind.”
As a customer owned bank, Snow Star Credit Union exists to support the financial wellbeing of its customers – the people who build better communities. Founded by care and compassion, Snow Star Credit Union’s very first loan was to a single mother for a bond to acquire housing for herself and her two children.
Not swayed by the pressure of external shareholders, Snow Star Credit Union is focused on providing tailored financial solutions for its customers. The Shared Equity Agreement is just one of the initiatives the bank is proud to offer to support home buyers as they enter the property market.
Find out more about the First Start SEA.
