Changes to Electronic Banking Terms and Conditions – 28 November 2024
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We are making changes to our Electronic Banking Terms and Conditions (dated 22 April 2024). These changes will come into effect from 28 November 2024. The changes are as follows:
- A new section 4 has been inserted to detail the Confirmation of Payee service, and what that will mean when you make a payment.
Further information around Confirmation of Payee can be found at sbsbank.co.nz/confirmation-of-payee
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A copy of our Terms and Conditions can be obtained on our website here by clicking here ot talk to one of our friendly team members in branch.
Changes to Interest Rates – 19 October 2024
Effective from 19 October 2024.
| Rate |
Old Rate |
New Rate |
| i-Save |
1.60% |
1.10% |
| Incentive Saver - Bonus Rate |
2.55% |
2.30% |
| Call Accounts (Share/Deposit) |
1.65% |
1.05% |
The following interest rates are effective from:
- 19 November 2024 for existing home loans (entered prior to 19 October 2024).
- 19 October 2024 for new home loans.
Residential Lending
| Floating Rate |
Old Rate |
New Rate |
| Residential Term Loans |
8.49% |
7.99% |
| Residential Investing Term Loans |
8.99% |
8.49% |
| Residential Flexi Loans |
8.49% |
7.99% |
| Residential Investing Flexi Loans |
8.99% |
8.49% |
Agribusiness and Commerial
| Floating Rate |
Old Rate |
New Rate |
| Agribusiness Floating Loans |
9.89% |
9.64% |
| Commercial Floating Loans |
11.04% |
10.79% |
| Commercial Flexi Loans |
11.44% |
11.19% |
Reverse Equity Mortgage
| Floating Rate |
Old Rate |
New Rate |
| Advance Loans |
9.85% |
9.75% |
| SBS Unwind Loans |
9.85% |
9.75% |
Interest rates are subject to change.
Changes to Fees and Charges – 10 October 2024
Effective from 10 October 2024.
| Account Charges |
| Removal of $20 Dishonour Fee |
| Removal of $15 Stop Payment Fee |
| Removal of $10 Transaction Traces and Voucher Search Fee |
| Increased Duplicate and Paper Statement Fee to $2.50 |
| Credit Fees and Charges Scheduled and Reverse Equity Mortgage Fees and Charges |
| Removal of the $65 Consent Fee |
Fee information on fees and charges can be obtained at sbsbank.co.nz/fees, by contacting us on 0800 727 2265 or by visiting one of our branches.
Changes to Interest Rates – 22 August 2024
Effective from 22 August 2024.
| Rate |
Old Rate |
New Rate |
| i-Save |
1.85% |
1.60% |
| Incentive Saver - Bonus Rate |
2.80% |
2.55% |
| Call Accounts (Share/Deposit) |
1.90% |
1.65% |
The following interest rates are effective from:
- 22 September 2024 for existing home loans (entered into prior to 22 August 2024).
- 22 August 2024 for new home loans.
Residential Lending
| Floating Rate |
Old Rate |
New Rate |
| Residential Term Loans |
8.74% |
8.49% |
| Residential Investing Term Loans |
9.24% |
8.99% |
| Residential Flexi Loans |
8.74% |
8.49% |
| Residential Investing Flexi Loans |
9.24% |
8.99% |
Agribusiness and Commerial
| Floating Rate |
Old Rate |
New Rate |
| Agribusiness Floating Loans |
9.99% |
9.89% |
| Commercial Floating Loans |
11.14% |
11.04% |
| Commercial Flexi Loans |
11.54% |
11.44% |
Reverse Equity Mortgage
| Floating Rate |
Old Rate |
New Rate |
| Advance Loans |
9.95% |
9.85% |
| SBS Unwind Loans |
9.95% |
9.85% |
Interest rates are subject to change.
Changes to Interest Rates – 24 October 2023
Effective from 24 October 2023.
The following interest rates are effective from:
- 24 November 2023 for existing home loans (entered into prior to 24 October 2023).
- 24 October 2023 for new home loans.
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Floating Rate
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Old Rate
|
New Rate |
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Advance Loans
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9.75%
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9.95% |
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SBS Unwind Loans
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9.75%
|
9.95% |
Interest rates are subject to change.
Changes to our Credit Fees and Charges – 1 October 2023
Effective from 1 October 2023.
We are making changes to our fees and charges for SBS Bank Residential Lending (including First Home Loans, Advance and Unwind Reverse Equity Mortgages), Residential Investing Lending, and Rural and Commercial Loans.
From 1 October 2023, the following fees and charges will be removed:
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Administration Fee
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Removed (previously $40.00)
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Loan Restructure Fee
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Removed (previously $95.00)
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Request Disclosure
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Removed (previously $40.00)
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A full list of our updated Credit Fees and Charges which apply from 1 October 2023 are available on request and free of charge from any of our branches or by clicking here.
Changes to Call Accounts – 14 September 2023
Effective from 14 September 2023.
We're no longer offering tiered rates on our call accounts and the same interest rate will be available regardless of the balance on the account.
Call Accounts
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Rate
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Tier
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Old Rate
|
New Rate |
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Share/Deposit
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$1-$49,999
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1.55%
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N/A |
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Share/Deposit
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$50,000-$99,999
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1.55%
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N/A |
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Share/Deposit
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$100,000+
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1.90%
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N/A |
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Share/Deposit
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N/A
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N/A
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1.90% |
Interest rates are subject to change.
Changes to Interest Rates – 27 May 2023
Effective from 27 June 2023 for existing, 27 May 2023 for new.
Changes to Floating Home Loan Rates
Our floating home loan interest rates are increasing below.
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PRODUCT
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CURRENT FLOATING INTEREST RATE P.A
|
NEW FLOATING INTEREST RATE P.A
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Residential Term Loans
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8.49%
|
8.74%
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Residential Investing Term Loans
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8.99%
|
9.24%
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Residential Flexi Loans
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8.49%
|
8.74%
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Residential Investing Flexi Loans
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8.99%
|
9.24%
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Advance (Reverse Equity Mortgage) Loans
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9.00%
|
9.50%
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SBS Unwind (Reverse Equity Mortgage) Loans
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9.00%
|
9.50%
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Changes to Floating Agribusiness and Commercial Loan Rates
Our floating Agribusiness and Commercial interest rates are increasing as below.
|
PRODUCT
|
CURRENT FLOATING INTEREST RATE P.A
|
NEW FLOATING INTEREST RATE P.A
|
|
Agribusiness Loans
|
9.74%
|
9.99%
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Agribusiness Flexi Loans
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10.10%
|
10.35%
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Commercial Loans
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10.89%
|
11.14%
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Commercial Flexi Loans
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11.29%
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11.54%
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Interest rates are subject to change.
Changes to Interest Rates - 18 April 2023
Effective from 20 May 2023 for existing, 20 April 2023 for new.
Changes to Floating Home Loan Rates
Our floating home loan interest rates are increasing as below.
|
PRODUCT
|
CURRENT FLOATING INTEREST RATE P.A
|
NEW FLOATING INTEREST RATE P.A
|
|
Residential Term Loans
|
7.99% |
8.49% |
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Residential Investing Term Loans
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8.49% |
8.99% |
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Residential Flexi Loans
|
7.99% |
8.49% |
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Residential Investing Flexi Loans
|
8.49% |
8.99% |
| Advance (Reverse Equity Mortgage) Loans |
8.50%
|
9.00% |
| SBS Unwind (Reverse Equity Mortgage) Loans |
8.50%
|
9.00% |
Changes to Floating Agribusiness and Commercial Loan Rates
Our floating Agribusiness and Commercial interest rates are increasing as below.
|
PRODUCT
|
CURRENT FLOATING INTEREST RATE P.A
|
NEW FLOATING INTEREST RATE P.A
|
|
Agribusiness Loans
|
9.24% |
9.74% |
|
Agribusiness Flexi Loans
|
9.60% |
10.10% |
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Commercial Loans
|
10.39% |
10.89% |
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Commercial Flexi Loans
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10.79% |
11.29% |
Changes to Call and Savings Interest Rates
The following Savings interest rates are changing as below.
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PRODUCT
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CURRENT BONUS RATE P.A
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NEW BONUS RATE P.A
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i-save
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1.65% |
1.85% |
| Incentive Saver |
2.60% |
2.80%
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The Treasury Call (Share), Treasury Call (Deposit) and Prospector Call accounts' floating rates are changing as below:
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Tier
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CURRENT FLOATING RATE P.A
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NEW FLOATING RATE P.A
|
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$1 - $49,999
|
1.35% |
1.55% |
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$50,000 - $99,999
|
1.55% |
1.75% |
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$100,000+
|
1.70% |
1.90% |
Interest rates are subject to change.