SBS goes under 5% across the board
Another of the smaller banks. SBS, has taken its short term home loan rates below the 5% mark.
Wednesday, April 24th 2013, 8:32AM
SBS, and its subsidiary HBS, have reduced the interest rates for all their fixed rate home loans from from 6 months fixed to two years and they have also introduced an18 month rate.
The six-month rate drops 11 basis points from 5.10% to 4.99%, while the one-year rate is cut 26 points to 4.99%.
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%.
The new 18 month rate and the new two-year rate are also priced at 4.99% - this is a 31 point cut to the two-year rate.
The longer-dated rates for three and five year terms remain unchanged at 5.65% and 5.99% respectively.
Other lenders to cut rates in the past week are ASB, Sovereign, The Co-operative Bank and NZ Home Loans.
SBS is matching The Co-operative Bank in the one-year space while ASB is sitting at 5.19%.
See how the new rates stack up against other lenders here
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