SBS Bank has cut its first-home buyer special rate by -30 bps to 3.99%.
Their FirstHome Combo locks in this discounted rate for 12 months.
It also comes with a $2,000 cash back. Plus it discounts a home insurance policy with SBS Insurance by $1000. And they add $1000 top-up to a SBS Wealth KiwiSaver plan.
The clawback period for the cash contribution is 3 years.
SBS Bank says they 'supported' 1,479 first home buyers into their homes last year. They claim their low rate offer program saves borrowers more than $4000 compared to main bank offers ($156/fortnight).
Like most banks, SBS Bank runs the Kāinga Ora first home deposit scheme, lowering the deposit to 5%. (From July, the fees for this program rose to 1.2% of the loan value.) SBS Bank has no application fees.
Rival Co-operative Bank is the only other bank to offer a FHB 'special' and their rate was reduced this week to 4.69%.
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