When you're a first home buyer a great deal from your bank can make all the difference. That's why we've put together a combo any first home buyer would love to snack on, available to first home buyers that purchase or build their home with SBS. Sink your teeth into a better interest rate, cash, and so much more. We're here to share the love.

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So, what's available under our FirstHome Combo?

 

A Better Interest Rate Guaranteed

Interest rates are already low, but they've just got even better with our extra sharp rate for first home buyers only at 1.99% p.a. fixed for one year and a highly competitive discounted floating rate which is currently discounted to 1.99% p.a. whilst building.

Some Cold Hard Cash

We'll give you $2,000 to help you cover costs connected to purchasing your first home, whether that’s to help pay your lawyer's fees, moving costs, much needed appliances, or something else. It just helps make moving in a little easier.

Home and Contents Insurance

To help you protect you from loss of your new home and your prized possessions we'll give you $1,000 to help cover your first year’s premiums on House & Contents Insurance policies with SBS Insurance. Even your wallet will be beaming.

You may also wish to consider our other fixed rate terms or a floating rate. To find out more about the other rates available check out our Residential Home Loan rates here.

By borrowing to buy your first home as part of the FirstHome Combo  you will automatically qualify for the $2,000 cash contribution which we will pay to you when you draw down your loan.

You will need to keep your lending with SBS Bank for at least three years. If you move your lending or repay it within 3 years, we may recover all of this payment.

To qualify for this offer you will need to take out House and Contents insurance policies with SBS Insurance, have them in place when you draw down your home loan and retain them for at least 12 months. If you cancel your policies within 12 months, we may recover all of this payment.

House and Contents insurance policies are arranged by SBS Insurance (a subsidiary of SBS Bank) and underwritten by a third-party provider. SBS Insurance’s standard eligibility and underwriting criteria along with standard policy terms and conditions apply. A copy of the relevant policy document can be requested from SBS Insurance by calling 0800 141 574.

 

Interest Free on Your Credit Card

The first year in your first home is full of unexpected expenses. Tackle them head on with your own SBS Visa Credit Card, which includes interest free for 24 months on a single transfer of up to $2,000.

A Top Up on Your KiwiSaver Balance

Get a leg up after paying your deposit - we'll contribute $1,000 for you to put back into your Lifestages KiwiSaver Scheme account(s) to help you save for another huge milestone....retirement!

A Bank That's on Your Team

As well as being proud Kiwis, we’re also very proud to be a mutual bank which means we’re owned by you - our customers, supporting first home buyers into their own homes. Join the New Zealand bank with a heart who'll be cheering you on from start to finish.

The 24 months interest free period is limited to an initial amount between $250 and $2,000 which is transferred to your SBS account from your card account when opened. It cannot be added to or redrawn during the 24-month period.

To qualify for this offer your new SBS Visa Credit Card requires a minimum credit limit of $5,000 and must be opened within 1 month of when you draw down your home loan.

The prevailing purchase interest rate (which can be found here) will apply to any outstanding balance on expiry of the 24 months interest free term. Minimum monthly repayments must be made during the 24 month interest free term.  

The SBS Visa Credit Card is issued by SBS Money Limited (a subsidiary of SBS Bank). Lending and eligibility criteria applies. SBS Visa Credit Card Conditions of Use and Fees and Charges apply, are subject to change and are available on request and free of charge from any branch of SBS Bank or viewed at sbsbank.co.nz/credit-card.

To qualify for this offer, you will need to ensure when you draw down your home loan you are either an existing member of, or have successfully applied for, the Lifestages KiwiSaver Scheme.

You will also need to ensure you hold your Lifestages KiwiSaver Scheme account for at least 12 months. If you transfer to another KiwiSaver scheme within 12 months, we may recover all of this payment.

Standard eligibility criteria and investment terms and conditions apply. The issuer of the Scheme is Funds Administration New Zealand Limited (a subsidiary of SBS Bank). The current Product Disclosure Statement for the Scheme is available on request and free of charge from any branch SBS Bank or at lifestages.co.nz.

 

How to Qualify

There are two ways in which you can borrow for your first home with SBS Bank; 

1) With a First Home Loan Supported by Kāinga Ora (please see below for their criteria)
2) If you don't qualify for a First Home Loan you can apply for a standard SBS Residential home loan (please see below for our criteria)


To access any of these benefits under the offer you:


- Need to be a first home buyer (or a person in the equivalent position of a first home buyer);
- Will need to be acquiring either an existing home, new build or undertaking construction;
- Will need to occupy the property you are purchasing;
- Will not be able to own any additional property;
- Will need to have a minimum of 5% equity in the property for First Home Loans or 20% equity for Residential Lending;
- qualify for a First Home Loan or Residential Lending with SBS Bank.
- Will need to have your loan application approved and have received a Letter of Offer
- Will need to have your loan drawn within 90 days of our approval of your loan application
 

If your lending meets the above qualification criteria, you just need to select the benefits you would like to take up and meet any applicable additional eligibility criteria that for those benefits.

The information on this page is a summary of the key terms of our FirstHome Combo. For our full FirstHome Combo Terms and Conditions please click here

 

First Home Loan facts

  • You can borrow up to 95% of property value – that means a deposit of only 5%
  • With SBS Bank the application fee is waived
  • To be eligible you must have an individual income of less than $95,000 or a combined income of less than $150,000
  • This type of loan is for owner-occupied homes only
  • You cannot own any other property
  • Term loan only: Principal + Interest – pay off part of the Principal and some interest with each payment 
  • Not available as a revolving credit facility, overdraft or interest only loan.
  • 1% Kāinga Ora (formerly HNZC) premium fee applies
More

 

For more information on our First Home Loans please click here.
To view our interest rates page for residential lending please click here.
Specific credit and eligibility criteria apply. Lending Standard Contract Terms and Credit Fees and Charges apply.

Because not everyone fits the First Home Loan mould, select Residential Home Loans are also eligible for the First Home Combo.

Home loan types

  • Term loan: Principal + Interest – pay off part of the Principal and some interest with each payment
  • Term loan: Interest Only is not available as part of the FirstHome Combo
  • Flexi Loan: Flexibility to Increase or Decrease the amount borrowed (within your loan limit) to manage your lifestyle
More

 

For more information on our Residential Home Loans please click here.
To view our interest rates page for residential lending please click here.
Specific credit and eligibility criteria apply. Lending Standard Contract Terms and Credit Fees and charges apply.