MEMBER NOTICES: ONGOING SCAMS – We are aware of a number of sophisticated fake websites and individuals claiming to be/represent SBS Bank. Never disclose any personal information to individuals claiming to be/represent SBS Bank, if you are unsure please call us directly on 0800 727 2265 and speak with a member of our team. Additionally, we remind Members to ensure they confirm payee account numbers are legitimate before submitting payments via internet or mobile banking. We process payments based on the information you have provided.

 

For more information on any of these notices please phone our helpful Contact Centre team on 0800 727 2265 or email info@sbsbank.co.nz.

 

Changes to Electronic Banking Terms and Conditions – 28 November 2024

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

 

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.

Floating Rate                                             

Old Rate

 New Rate

Advance Loans

9.75%

 9.95%                                     

SBS Unwind Loans

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:

Administration Fee                                               

Removed (previously $40.00)                                     

Loan Restructure Fee

Removed (previously $95.00)

Request Disclosure

Removed (previously $40.00)

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

Rate

Tier

Old Rate

 New Rate

Share/Deposit                                                  

$1-$49,999                                    

1.55%                                        

 N/A                                             

Share/Deposit

$50,000-$99,999

1.55%

 N/A

Share/Deposit

$100,000+

1.90%

 N/A

Share/Deposit

N/A

N/A

 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.

PRODUCT

CURRENT FLOATING INTEREST RATE P.A

NEW FLOATING INTEREST RATE P.A

Residential Term Loans

8.49%

8.74%

Residential Investing Term Loans

8.99%

9.24%

Residential Flexi Loans

8.49%

8.74%

Residential Investing Flexi Loans

8.99%

9.24%

Advance (Reverse Equity Mortgage) Loans

9.00%

9.50%

SBS Unwind (Reverse Equity Mortgage) Loans

9.00%

9.50%

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%

Agribusiness Flexi Loans

10.10%

10.35%

Commercial Loans

10.89%

11.14%

Commercial Flexi Loans

11.29%

11.54%

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%

Residential Investing Term Loans

 8.49% 8.99%

Residential Flexi Loans

 7.99% 8.49%

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%

Commercial Loans

 10.39% 10.89%

Commercial Flexi Loans

 10.79% 11.29%

 

Changes to Call and Savings Interest Rates

The following Savings interest rates are changing as below.

PRODUCT

CURRENT BONUS RATE P.A

NEW BONUS RATE P.A

i-save

 1.65% 1.85%
Incentive Saver 2.60%

2.80%

The Treasury Call (Share), Treasury Call (Deposit) and Prospector Call accounts' floating rates are changing as below:

Tier

CURRENT FLOATING RATE P.A

NEW FLOATING RATE P.A

$1 - $49,999

 1.35% 1.55%

$50,000 - $99,999

 1.55% 1.75%

$100,000+

 1.70% 1.90%

Interest rates are subject to change.

 

 

Changes to Credit Fees and Charges - 12 December 2022

Effective from 9 December 2022

The following fees and charges will be reduced as below.

Category

CURRENT FEE

   NEW FEE   

Administration Fee

 $45.00 $40.00

Early Repayment Administration Fee

 $45.00 $40.00
Loan Restructure Fee

$100

 $95
Loan Application Fee for Residential Lending

$250.00

 NIL

A copy of the new Credit Fees and Charges is available here.

 

 

Changes to Interest Rates - 12 December 2022

Effective from 7 January 2023 for existing, 7 December 2022 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

 7.29% 7.99%

Residential Investing Term Loans

 7.79% 8.49%

Residential Flexi Loans

 7.29% 7.99%

Residential Investing Flexi Loans

 7.79% 8.49%
Advance (Reverse Equity Mortgage) Loans

7.75%

 8.50%
SBS Unwind (Reverse Equity Mortgage) Loans

7.75%

 8.50%

 

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

 8.49% 9.24%

Agribusiness Flexi Loans

 8.85% 9.60%

Commercial Loans

 9.64% 10.39%

Commercial Flexi Loans

 10.04% 10.79%

 

Changes to Call and Savings Interest Rates

The following Savings interest rates are changing as below.

PRODUCT

CURRENT BONUS RATE P.A

NEW BONUS RATE P.A

i-save

 1.15% 1.65%
Kiwidream Saver 1.15%

1.65%

The Treasury Call (Share), Treasury Call (Deposit) and Prospector Call accounts' floating rates are changing as below:

Tier

CURRENT FLOATING RATE P.A

NEW FLOATING RATE P.A

$1 - $49,999

 0.85% 1.35%

$50,000 - $99,999

 1.05% 1.55%

$100,000+

 1.20% 1.70%

Interest rates are subject to change.

 

 

Changes to Interest Rates - 20 October 2022

Effective from 20 November 2022 for existing, 20 October 2022 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

 6.79% 7.29%

Residential Investing Term Loans

 7.29% 7.79%

Residential Flexi Loans

 6.79% 7.29%

Residential Investing Flexi Loans

 7.29% 7.79%
Advance (Reverse Equity Mortgage) Loans

7.35%

 7.75%
SBS Unwind (Reverse Equity Mortgage) Loans

7.35%

 7.75%

 

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

 7.99% 8.49%

Agribusiness Flexi Loans

 8.35% 8.85%

Commercial Loans

 9.14% 9.64%

Commercial Flexi Loans

 9.54% 10.04%

 

Changes to Call and Savings Interest Rates

The following Savings interest rates are changing as below.

PRODUCT

CURRENT BONUS RATE P.A

NEW BONUS RATE P.A

i-save

 0.75% 1.15%
Incentive Saver 1.45%

1.85%
Kiwidream Saver 0.75%

1.15%

The Treasury Call (Share), Treasury Call (Deposit) and Prospector Call accounts' floating rates are changing as below:

Tier

CURRENT FLOATING RATE P.A

NEW FLOATING RATE P.A

$1 - $49,999

 0.45% 0.85%

$50,000 - $99,999

 0.65% 1.05%

$100,000+

 0.80% 1.20%

Interest rates are subject to change.

 

 

Changes to Interest Rates - 2 June 2022

Effective from 3 July 2022 for existing, 3 June 2022 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

 5.29% 5.79%

Residential Investing Term Loans

 5.79% 6.29%

Residential Flexi Loans

 5.29% 5.79%

Residential Investing Flexi Loans

 5.79% 6.29%
Advance (Reverse Equity Mortgage) Loans

6.35%

 6.85%
SBS Unwind (Reverse Equity Mortgage) Loans

6.35%

 6.85%

 

Changes to Call and Savings Interest Rates

The following Savings interest rates are changing as below.

PRODUCT

CURRENT BONUS RATE P.A

NEW BONUS RATE P.A

i-bank / Financial Advice Managed Account

 0.30% 0.45%

i-save

 0.20% 0.40%
Incentive Saver - Base Rate 0.05%

0.35%
Incentive Saver - Bonus Rate 0.70%

0.90%

The Treasury Call (Share), Treasury Call (Deposit) and Prospector Call accounts' floating rates are changing as below:

Tier

CURRENT FLOATING RATE P.A

NEW FLOATING RATE P.A

$1 - $49,999

 0.30% 0.45%

$50,000 - $99,999

 0.30% 0.65%

$100,000+

 0.65% 0.80%

Interest rates are subject to change.

 

 

Changes to Floating Home Loan Rates - 20 April 2022

Effective from 21 May 2022 for existing, 21 April 2022 for new.


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

 4.79% 5.29%
First Home Loan Term Loans

4.79%

 5.29%

Residential Investing Term Loans

 5.29% 5.79%

Residential Flexi Loans

 4.79% 5.29%

Residential Investing Flexi Loans

 5.29% 5.79%
Advance (Reverse Equity Mortgage) Loans

5.85%

 6.35%
SBS Unwind (Reverse Equity Mortgage) Loans

5.85%

 6.35%

Interest rates are subject to change.

 

 

Kiwidream Account Changes - 23 February 2022


Changes to Kiwidream Quarterly Prize Draw

From 1 July 2022, SBS Bank will no longer offer the Kiwidream Saver quarterly prize draw. Any outstanding vouchers that have not expired can be redeemed upon drawdown of your first home loan with SBS Bank. We’ve updated our Kiwidream Terms and Conditions to reflect this change. Our updated terms and conditions are available in any SBS Bank Branch or on our website here.
 

Changes to Kiwidream Monthly Flat Fee

From 1 March 2022 we’ll no longer charge the monthly flat fee of $5.00 on the Kiwidream everyday account. We have updated our Account Charges to reflect this change. These are available in any SBS Bank branch and on our website here.

 

 

Changes to Call and Savings Interest Rates - 23 December 2021

Effective from 22 December 2021


The i-bank Call bonus interest rate is changing as below.

PRODUCT

CURRENT BONUS RATE P.A

NEW BONUS RATE P.A

i-bank Call

 0.05% 0.20%

The Treasury Call (Share), Treasury Call (Deposit) and Prospector Call accounts' floating rates are changing as below:

Tier

CURRENT FLOATING RATE P.A

NEW FLOATING RATE P.A

$1 - $49,999

 0.10% 0.20%

$50,000 - $99,999

 0.10% 0.20%

$100,000+

 0.20% 0.30%

Interest rates are subject to change.

 

 

Changes to Credit Fees and Charges - 18 November 2021

Effective from 1 December 2021


The following fees and charges will no longer apply:

  • Booked Fixed Rate Fee
  • Debt Management Fee
  • Default Fee
  • Urgent Discharge Fee
  • Interest Rate Fix Fee
  • LMI Premium
  • Low Equity Premium


The following fees and charges will be reduced as below.

Category

CURRENT FEE

   NEW FEE   

Administration Fee

 $50.00 $45.00

Consent Fee

 $100.00 $65.00
Discharge Fee

$100.00

 $40.00
Request Disclosure Fee

$40.00/hour

 $40.00
Early Repayment Administration Fee

$100.00

 $45.00
Loan Restructure Fee

$200.00

 $100.00

A copy of the new Credit Fees and Charges is available here.

 

 

Changes to Call and Savings Interest Rates - 5 November 2021

Effective from 6 November 2021


The following Call interest rates are changing as below.

PRODUCT

CURRENT RATE P.A

   NEW RATE P.A   

i-bank Call Deposit Investment

 0.00% 0.05%

Trustees Deposits

 0.00% 0.05%
Kiwidream Saver Flat Rate

0.00%

 0.05%

Interest rates are subject to change.

 

 

Changes to Call and Savings Interest Rates - 1 November 2021

Effective from 23 October 2021


The following Call and Savings interest rates are changing as below.

PRODUCT

CURRENT RATE P.A

NEW RATE P.A

i-save

 0.05% 0.10%

The following rates apply to the Prospector Call and Treasury Call accounts.

TIER

CURRENT VARIABLE INTEREST RATE P.A

NEW VARIABLE INTEREST RATE P.A

$0 - $99,999

 0.05% 0.10%

$100,000+

 0.15% 0.20%

Interest rates are subject to change.

 

 

Changes to Floating Home Loan Rates - 15 October 2021

Effective from 16 November 2021 for existing, 16 October 2021 for new.


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

 4.54% 4.79%

Residential Investing Term Loans

 5.04% 5.29%

Residential Flexi Loans

 4.54% 4.79%

Residential Investing Flexi Loans

 5.04% 5.29%

Interest rates are subject to change.

 

 

Changes to Call and Savings Interest Rates

Effective from 31 August 2020


The following Call and Savings interest rates are changing as below.

PRODUCT

CURRENT BONUS RATE P.A 

NEW BONUS RATE P.A

Incentive Saver

 0.60% 0.45%

The following rates apply to the Prospector Call, Treasury Call (Share) and Star Call accounts.

Tier

CURRENT VARIABLE INTEREST RATE P.A

NEW VARIABLE INTEREST RATE P.A

$1 - $49,999

 0.05% 0.05%

$50,000 - $99,999

 0.05% 0.05%

$100,000+

 0.25% 0.15%

Interest rates are subject to change.

 

 

Loan Terms and Conditions Changes - Welcome Home Loan

Effective from 15 September 2020


We are making changes to our Loan Terms and Conditions (dated 27 January 2016) as follows:
 

  • ‘Welcome Home Loan’ has been replaced with ‘First Home Loan’ to reflect the name change of the product by Kāinga Ora.
  • All Welcome Home Loans will be referred to as First Home Loans from 15 September 2020.


Interest rates are subject to change.