home loans

a place to call home

We have a home loan to help make your dream a reality, whether you’re putting down roots for the first time, upsizing to suit a growing family, planning your dream home or looking to grow your wealth.

residential & residential investing term loan rates:

Rates valid from 2 October 2017

TermStandard Rates P.A.*Special Rates P.A**Low Equity Rates P.A***
Floating+5.89% 5.89%
6 months5.25%4.99%5.75%
12 months4.99%4.59%5.49%
18 months5.15%4.85%5.65%
24 months5.19%4.69%5.69%
36 months5.59%5.09%6.09%
48 months5.89%5.49%6.39%
60 months6.09%5.85%6.59%
Default interest Rate****
(Charged above the loan repayment account interest rate)
8.00%8.00%8.00%
 

 

types of home loans


term loans

There are two types of Term Loans. Principal & Interest or Interest Only. Principal & Interest provides you peace of mind by helping you pay off your home faster with repayments of both principal and interest. Interest Only allows you to defer your loan principal repayments by only paying interest for up to a maximum of five years, before reverting to a Principal & Interest Term Loan.

 

flexible loans

A home loan that provides you with the control and flexibility to manage your own lifestyle. It allows you to increase the amount borrowed (within your loan limit).

» Choose a fixed limit or a reducing limit

TermRate P.A.
Residential Floating Rate5.89%
Residential Investing Floating Rate6.39%
Default Interest Rate****
(Charged above the then current
interest rate)
8.00%

 

A few key facts

maximum term

30 years.

maximum loan amount

Subject to SBS Bank lending criteria and it will also depend on the property’s location and type.

repayments

Monthly, fortnightly or weekly.

fees

An Application Fee may apply.

If your deposit is lower than 20%, low equity rates or the HNZC Premium fee applies.

A Fixed Booked Rate fee will apply if you would like us to hold an agreed rate after loan approval until your draw down. This fee is repayable if your draw down is on the agreed terms.

home loan rate types

The way you structure your loan will affect the repayments you will make, how often you can make changes and what interest rate you will pay. We can help you figure what’s best for you while we set up your loan.

 

fixed interest rate

Lock in an interest rate for a set term from six months up to five years. This provides certainty around your repayments and protects you from any increases in market interest rates over this fixed term.

Increase your repayments by up to 10% without a penalty.

 

floating interest rate

A floating interest rate will change with the market. This gives you the most flexibility – useful if you are considering moving house in the next few years, or want the freedom to make additional principal payments without a penalty.

 

fixed and floating combo

Put some on a fixed rate for budgeting, and keep part on a floating rate so that you can pay lump sums off the loan without a penalty.


different fixed terms

You could also consider more than one fixed term so that not all the loan comes off the fixed rate at the same time. This can smooth the effects of any interest rate changes.


refinancing

Whether it’s our member based banking philosophy or the competitive interest rates that attract you, switching your home loan to SBS Bank is simple and hassle-free. One of our banking consultants or mobile mortgage managers will help you make the switch. We can make sure that your home loan meets your needs and provides you with flexibility for the future.

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important information

The information on this page does not take into account your individual circumstances and is not personalized financial advice. You should seek financial advice before you make any decision to open an account. Rates, fees and charges are subject to change without notice, specific credit and eligibility criteria apply and Standard Contract Terms for residential Loans. Credit Fees and Charges may apply.SBS Bank may apply an additional margin to advertised interest rates (which would increase the applicable interest rate) for specific borrowers or a specific class of borrowers. Any additional margin is determined by SBS Bank and is based on various risk factors, including the borrower type and risk profile, the loan type, the term of the loan, the value and nature of the security, the loan-to-value ratio, debt serviceability and various other risk related criteria.The prevailing lending rate on the day of settlement will apply. These Fixed lending rates can be booked, ask for more details. If the fixed rate for that term is not available, the current floating rate will apply.

Rates, fees and charges are subject to change. Lending Eligibility Criteria and special conditions may apply.

The prevailing lending rate on the day of settlement will apply. These Fixed lending rates can be booked, ask for more details. If the fixed rate for that term is not available, the current floating rate will apply.

+ Residential Investing floating rate is 0.50% above the standard rate.

* These rates are only available for Residential and Residential Investing lending with either a minimum of 20% equity, Welcome Home Loans, or lending where QBE lenders mortgage insurance applies.

** Rates are subject to change without notice. These rates can be booked with a $250 Booked Fixed Rate fee, terms and conditions may apply. These rates are only available for Residential and Residential Investing lending with a minimum of 20% equity (or greater when Residential Investing lending restrictions apply), Welcome Home Loan, or lending where QBE lenders mortgage insurance applies. Available to members with any level of existing lending with SBS Bank or requires new lending of at least $100,000. Not available with commercial or rural loans, or SBS Advance (Reverse Equity Mortgage) loans. Requires primary source of income paid into a SBS Bank transactional account. Welcome Home Loans are supported by Housing New Zealand, are for owner occupied homes only and owners must not own any other property. Specific lending and eligibility credit criteria and Standard Contract Terms for term Welcome Home Loans, Residential and Residential Investing Loans apply. 1% HNZC premium applies. Additional Credit Fees and Charges may also apply. Copies of our Standard Contract Terms for term Welcome Home Loans, Residential and Residential Investing Loans and Credit Fees and Charges are available on request and free of change from any branch of SBS Bank or at sbsbank.co.nz.

*** These rates are available for new Residential and Residential Investing Lending with equity less than 20% or 40% for Residential Investing.

**** In the event of a default in payment on your loan and while the default continues you must pay interest at the Default Interest Rate on the overdue amount.

SBS Bank may apply an additional margin to advertised interest rates (which would increase the applicable interest rate) for specific borrowers or a specific class of borrowers. Any additional margin is determined by SBS Bank and is based on various risk factors, including the borrower type and risk profile, the loan type, the term of the loan, the value and nature of the security, the loan-to-value ratio, debt serviceability and various other risk related criteria.


 
A copy of the current Southland Building Society (SBS Bank) Disclosure Statement along with our Term Investment Terms & Conditions and QFE Adviser Disclosure Statement are available on request and free of charge from any branch or agency of SBS Bank or on this website
© Southland Building Society, 2016