New Zealand's newest bank, SBS Bank, raised most of its fixed residential mortgage rates on Thursday morning by either 5 or 10 basis points (bps). The former building society left its two year mortgage rate on hold and, despite the 50 bps cut in the Official Cash Rate on April 30, has not shifted its variable mortgage rate since then. SBS's six-month mortgage rate was put up by 5 bps to 5.55%; its one-year rate by 10 bps to 5.60%; its three-year rate by 10 bps to 6.85%; and its five-year rate by 10 bps to 7.60%. See all the latest rates on our mortgage rates page. SBS also raised its three to six-month special term deposit rates by 35 bps to 4.60%, with interest paid quarterly at maturity. See the latest term deposit rates for terms less than one year here, and for terms one year and over here.
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