The latest hearing was his third appearance before the board.
The board said Edwards' victims did not believe he was ready for release or had properly addressed his offending.
"Based on his earlier violent propensity, they thought that there could have been more victims. They do not think he has properly acknowledged what he has done or that he has expressed genuine remorse for his offending and the consequences of it."
But the victims told the board if Edwards was released, he should be stopped from going to Tauranga or Southland, and should be subject to GPS monitoring.
The board said Edwards acknowledged his life at the time of the offending was out of control.
"He could not deal with his emotions and used cannabis and alcohol as a coping strategy, and aggression and violence to give him a sense of control," the board said. "He acknowledged that his offending was motivated by a need for vengeance."
Edwards said his value system was different now and he deplored conflict and violence.
He said he was ashamed and remorseful for his crimes.
The board heard Edwards had tried to better himself in jail, studying Te Reo Maori and philosophy, and could now help teach and support other offenders.
The board said Edwards had caused no problems in custody and had been classified as a minimum-security inmate since February 2011.
Edwards also received an offer of permanent employment and had "an impressive release proposal", the board added.
"Although he has plans for further academic study, he will put them on hold for a year or so. Nor will he hurry into employment. His immediate focus, post release, will be on engaging with his Probation Officer and completing any programmes he is directed to attend."
The board said the proposal was realistic and thorough, and Edwards was committed to avoiding alcohol, drugs and violence.
"Given the steps which he has taken to address the causes of his offending and the strength of his release plan, we are satisfied that Mr Edwards' moderate/low risk of violent reoffending can be managed in the community if he is released now, subject to appropriate conditions."
Edwards would be banned from entering Invercargill, where the offending took place, and Tauranga, where Mr Snowden was buried.
A monitoring hearing scheduled for next March would review Edwards' progress.
Edwards will be released on parole on September 30.
He was ordered to take part in alcohol and other drug assessment, and any appropriate counselling.
Edwards would also have to take part in a psychological assessment.
The board said until November 29, he may not stay away overnight from his parole residence without prior written approval of a Probation Officer.
He has been banned from having any contact with his victims without his probation officer's permission.
An earlier online petition on the activism.com website opposed Edwards' release.
"He committed these heinous crimes while on bail for a previous violent crime, that of grievous bodily harm ... of which he was also found guilty."
