SBS Bank has introduced a new "special rate" of 6.25% per annum for two-year fixed term home loans, giving it the lowest two-year rate advertised by a bank.
SBS said the special, compared with its standard 6.45% two-year rate, applies only to residential lending that is within a loan to value ratio (LVR) of 80, meaning the borrower must have at least a 20% deposit, and must be a member of SBS, which is a building society as well as a bank, or of its subsidiary HBS Bank , - the former Hastings Building Society.
The previous lowest two-year fixed home loan rate advertised by a bank was TSB Bank's 6.28%, closely followed by ASB's 6.30%.See all bank home loan rates here.
Floating, or variable, home loans have been more popular with borrowers over the past year or so. SBS currently offers a 5.65% floating rate.
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