SBS Bank has reduced the interest rates for all its fixed rate offers from 6 months fixed to 2 years fixed, and added a new offer at 18 months.
These same rates apply for its sister brand HBS Bank.
Effective Wednesday, April 24 it is reducing its six month rate to 4.99%, down 11 bps from 5.10%.
Its one year fixed rate is reduced 26 bps to 4.99% as well, down from 5.25%.
Their new 18 month fixed rate will also be priced at 4.99%, as will its two year fixed rate, which is reduced 31 bps from 5.30%.
Their three and five year fixed rates remain unchanged at 5.65% and 5.99% respectively.
No special conditions have been advised for any of their new mortgage rate offers.
These latest reductions follow changes made earlier in the week by ASB, Sovereign, NZ Home Loans, and the Co-operative Bank.
The sub 5% rates have so far only been adopted by the second tier banks, with none of the big four yet joining in.
See all banks' advertised home loan rates here.
This positions the SBS/HBS rates among the New Zealand banks as follows:
| 1 yr | 2 yrs | 3 yrs | 4 yrs | 5 yrs | |
 |
5.19% | 5.45% | 5.80% | 6.10% | 6.30% |
 |
5.19% | 5.45% | 5.75% | 5.95% | 6.25% |
| BNZ | 5.25% | 5.40% | 5.80% | 6.10% | 6.30% |
| Kiwibank | 4.99% | 5.25% | 5.65% | 5.99% | 5.99% |
 |
5.19% | 5.40% | 5.90% | 6.15% | 6.25% |
| Co-op Bank | 4.99% | 5.35% | 5.75% | 5.99% | |
| HSBC Premier | 4.99% | 4.99% | 4.99% | 5.50% | 5.75% |
| SBS / HBS | 4.99% | 4.99% | 5.65% | 5.99% | |
 |
5.25% | 5.30% | 5.75% | 6.10% | 6.30% |
TSB Bank has a lower rate Special 15 month offer of 4.95%.
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