SBS Bank has raised fixed mortgage interest rates for both the six month and one year terms.
For loans where there is an 80% LVR or less, it has raised its six month fixed rate to 5.20%, up 21 bps from 4.99%. For similar 80% or lower LVR loans of 1 year, the new rate is also 5.20%, up 25 bps from 4.95%.
This takes SBS Bank out of the declining group of banks still offering home loan rates below 5%.
That group now only includes ANZ (6 mths), HSBC (1 yr) and The Co-operative Bank (1 yr).
SBS also raised its rates for borrowers with greater than 80% LVRs.
This is the second successive week SBS Bank has raised such rates after introducing them on September 10, 2013.
The new 6 month >80% rate is now 5.70%, up 21 bps from 5.49, and up from their original 4.99%.
Their new 1 year >80% rates is also 5.70%, up 25 bps from 5.45%, which itself was an increase from 5.35%.
All these changes also apply to its HBS Bank brand that is used in the Hawkes Bay.
SBS Bank has the most competitive home loan rates for terms of two years and above.
See all carded, or advertised, bank home loan rates here.
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.19% | 5.59% | 5.95% | 6.50% | 7.10% |
 |
5.15% | 5.65% | 5.70% | 6.40% | 6.99% |
| BNZ | 5.39% | 5.39% | 5.95% | 6.29% | 7.10% |
| Kiwibank | 5.25% | 5.65% | 6.40% | 6.90% | |
 |
5.15% | 5.75% | 5.65% | 6.50% | 7.10% |
| Co-op Bank | 4.99% | 5.59% | 6.20% | ||
 |
4.75% | 5.65% | 6.35% | 6.99% | |
| SBS / HBS | 5.20% | 5.45% | 5.45% | 5.99% | 6.55% |
| TSB | 5.40% | 5.65% | 5.85% | 6.45% | 7.00% |
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