A new current low two year mortgage rate hits the market at 5.49% to start November from a bank that already has the lowest five year rate

SBS Bank has dropped its two year fixed rate with a 'special' at 5.49%.

This is the now the lowest 2 year fixed rate in the market by a New Zealand bank

In fact, it is almost as low as the 5.39% HSBC one year rate.

In addition, SBS Bank has kept its 3 year 'special' at 5.89% which is almost as low as the BNZ fixed rate for that term of 5.85%.

And their 6.49% five year fixed rate 'special' also sill applies which is also market-leading.

These 'special' rates come with conditions, the main aspects of which are that a minimum equity of 20% applies.

There are no application fees at SBS Bank.

SBS Bank also offers up to a $3,000 cash bonus for loans of $250,000 or more, but this offer does not apply to 'special' rates. It's an either-or situation with SBS. However, you can select a combination.

SBS Bank rates are also applicable in branches branded HBS Bank which are mainly located in the Hawkes Bay.

These changes are effective on Monday, November 3, 2014.

See all banks' carded, or advertised, home loan rates here.

The current non-rate incentive offers are here.

This is how the updated mortgage rates will compare as at 8:00 am Monday, November 3, 2014:

below 80% LVR	1 yr	18 mths	2 yrs	3 yrs	5 yrs
	5.69%	6.25%	5.75%	6.09%	6.99%
	5.70%	6.30%	5.75%	6.19%	6.99%
	5.89%	6.25%	5.75%	5.85%	6.99%
	5.69%		5.75%	6.19%	6.79%
	6.09%	6.30%	5.75%	6.19%	6.49%
Co-op Bank	5.70%	5.89%	5.89%	6.19%	6.75%
	5.39%		5.75%	5.99%	6.99%
SBS Bank	5.75%	5.99%	5.49%	5.89%	6.49%
	5.95%	6.05%	5.79%	6.30%	7.00%

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