Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

SBS Bank home loans

Even if you don’t have a 20% deposit, SBS can help you get into your first home.

SBS started as a building society back in 1869 to support the building of homes and land ownership in New Zealand and is proud that it retains this purpose. This member-owned bank sits in the heart of communities and proves its support of Kiwis in purchasing their first home by partnering with Kāinga Ora – Homes and Communities to offer the First Home Loan. This loan allows customers with a small deposit that may sit outside standard lending criteria to get into the property market.

SBS also provides residential, rural and investment home loans, so read on to find out more about what this bank has to offer.

Home loans offered by SBS

1 - 2 of 2
Name Product Standard Rates From (p.a.) Special Rates From (p.a) Loan Terms Available Application Fee
SBS Fixed Rate Home Loan
6 months to 5 years
SBS Floating Rate Home Loan

Compare up to 4 providers

  • First Home Loan. If you only have a deposit of 5% and meet the eligibility criteria, you can apply for a First Home Loan to get into the property market sooner. A 1% Kāinga Ora premium fee applies, but SBS waives your application fee. Other conditions apply, so make sure you check out the Kāinga Ora website for more information.
  • Residential Home Loan. SBS provides fixed-rate and floating interest rate loans with a maximum term of 30 years. Standard interest rates for fixed-term loans depend on the period you decide on, ranging between 6 and 60 months. Special interest rates apply if you meet the criteria.
  • Residential Investing. SBS provides competitive home loan interest rates if you want to invest in rental properties. You can have up to five investment properties at a time, and a floating rate applies.
  • Reverse Equity Mortgage. If you want to free up some money while continuing to live in your home, you can borrow up to the value of your home on a floating interest rate with a reverse equity mortgage. No regular repayments are needed, but you must be at least 60 years of age and have a home valued at a minimum of $250,000.
  • Rural Loan. Rural Loans are suitable for people wanting to buy rural property. Fixed and floating rates are available with repayment options of up to 30 years. If you choose a Flexi Loan, you have the flexibility to repay and redraw within your approved limit.

Features and benefits

  • Special interest rates. If you have a minimum of 20% equity and meet the eligibility requirements, you can enjoy a lower fixed interest rate for a set term.
  • Low equity loans. If you don’t have a 20% deposit, SBS may be able to help you purchase a home by offering a low equity interest rate.
  • Flexible payment schedule. Choose to make your repayments weekly, fortnightly or monthly according to when you receive your salary or wages.
  • Structure your loan to suit. With SBS Residential Loans, you can choose between fixed or floating or use a combination of both. With term loans, you have the option to pay off part of the principal and part of the interest with each payment, pay only the interest, or opt for a Flexi Loan that allows you to increase or decrease the amount borrowed to suit your needs.
  • Fix an interest rate. If you see an interest rate that you like, SBS can hold this for you until you draw down your loan.

SBS fees

SBS home loan products attract fees, but these can vary. Please check with SBS on 0800 727 2265 before you apply.

    Before you apply for an SBS mortgage

    Before you apply for an SBS mortgage, make sure you take a look at your finances, which includes:

    • Expenses. These costs can consist of living costs (utility payments, food), credit cards, student loans and entertainment
    • Total income. You need to take into account wages, rental income, shares etc
    • Deposit. If you have a more significant deposit, you can borrow less, which means repayments are lower and you are mortgage-free faster

    How do I apply?

    Before applying for an SBS home loan, make sure to check the rates against other mortgage lenders. You can then start your application by completing a form on the SBS website, which asks you for information about your income and the property you want to buy.

    Once you submit this form, a home loan specialist contacts you on the next business day to discuss and advise you on the next steps.


    To be eligible for an SBS home loan, you will need to be at least 18 years of age, an NZ citizen or permanent resident, and have a regular income. Other lending eligibility and criteria apply, so reach out to SBS for a chat to find out if your circumstances meet the requirements.

    Documents required

    While going through the application process, SBS will ask you to provide the following documentation:

    • Valid photo identification
    • Proof of address
    • Proof of income
    • Details of expenses and debts

    Your home loan specialist will advise you on exactly what you need to present, but it’s a good idea to get these documents in order before you start your application.

    More guides on Finder

    Go to site