(Updated to reflect that the SBS Bank 3 year 'special' is still available.)
SBS Bank today raised some short term fixed home loan rates, and its floating rates, and canceled a 'special' offer.
These increases follow the changes by ASB announced on Friday evening, and reflect rising short term wholesale costs.
In an emailed advice, SBS Bank said it has raised its floating rates to 6.30%.
Interestingly, that is a rise of just +15 bps, rather than the full 25 bps announced by almost all other institutions.
And it positions SBS Bank as much as 20 bps below most of the other main bank's variable mortgage rates - but still 6 bps higher than the new Westpac floating rate.
SBS Bank also raised the rate on its equity release loan to 7.50%, also up just +15 bps.
And they raised three fixed rates at the same time.
Their six month rate has been increased to 5.70%, a rise of +15 bps.
Their one year fixed rate is now 5.85%, also a rise of +15 bps from 5.70%.
And their 18 month has been raised to 5.99%, a +14 bps increase from 5.85%.
At the same time, it appears they have removed their 3 year 'special' deal. Their email advice and website no longer mention it. For three years, their standard 6.25% applies which is an effective rise of +30 bps from the old 'special' rate of 5.95%. They are now matching the rate of a range of other banks for this term.
Despite not changing it, SBS still offers the lowest 5 year fixed rate of any bank in New Zealand.
These changes are all effective today.
They also apply to HBS Bank, a brand they use in the Hawkes Bay.
See all banks' carded, or advertised, home loan rates here.
This is how the new SBS mortgage rates compare:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.95% | 6.19% | 5.85% | 6.55% | 7.40% |
 |
6.09% | 6.30% | 5.85% | 6.65% | 6.99% |
 |
5.85% | 5.99% | 5.89% | 6.25% | 6.99% |
| Kiwibank | 5.85% | 5.85% | 6.29% | 7.20% | |
 |
5.95% | 6.14% | 5.85% | 6.25% | 6.89% |
| Co-op Bank | 6.00% | 6.00% | 6.00% | 6.25% | 6.89% |
 |
5.85% | 5.99% | 6.25% | 6.99% | |
 |
5.85% | 5.99% | 5.99% | 5.95% | 6.79% |
| TSB | 5.70% | 5.85% | 5.80% | 6.50% | 7.20% |
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