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Mortgages

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SBS one-year rate down to near market lows

Downward pressure continues in the mortgage market – SBS Bank has slashed its one-year fixed home loan to 2.19%, the third lowest rate in New Zealand.

Monday, May 10th 2021, 8:22AM

The bank launched a sharpened rate lineup over the weekend, with its one year special at 2.19%, one year first home loan offer at 2.44%, and a standard rate at 2.69%.

The 2.19% rate is for owner-occupiers with a deposit of 20% or more, and for investors with a 40% deposit. The bank will also offer the low rate to first home buyers with a 10% deposit. 

The first year home loan rate at 2.44% is available to borrowers with equity less than 10%, and is supported by Kāinga Ora. 

SBS's standard rate, at 2.69%, is for investors with less than a 40% deposit, and movers with less than 20%.

The low rates continue a trend of bifurcation in the home loan market, with longer-term rates rising and shorter-term loans falling.

Shorter-term loans are more influenced by government bond yields, while longer-term rates are more influenced by wholesale markets.

SBS's 2.19% mortgage is the third cheapest in the market, behind Heartland's 1.99% mortgage, and The Co-operative Bank's first home buyer special at 2.09%. 

Take a look at the latest rates here.

Tags: Lending Mortgage Rates SBS

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.19 2.59 2.99
ANZ 4.44 2.79 3.19 3.59
ANZ Special - 2.19 2.59 2.99
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.19 2.59 2.99
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▼2.19 2.55 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼2.79 3.15 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 3.80 3.90 -
HSBC Premier 4.49 2.19 2.45 2.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.04 3.40 3.84
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.19 2.55 2.99
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.69 2.99 3.29
SBS Bank Special - 2.19 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▼1.99 - -
The Co-operative Bank - Owner Occ 4.40 ▼2.19 2.59 ▲2.99
The Co-operative Bank - Standard 4.40 ▼2.69 3.09 ▲3.49
TSB Bank 5.34 2.99 3.35 3.79
TSB Special 4.54 2.19 2.55 2.99
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼2.79 3.19 3.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.19 2.59 2.99
Median 4.55 2.68 2.99 2.99

Last updated: 21 June 2021 8:52am

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