SBS Bank Home Loans

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


SBS started out as a building society back in 1869 to support the building of homes and land ownership in New Zealand. 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 who only have a small deposit and may sit outside normal lending criteria to get into the property market.

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

Home loans offered by SBS

  • 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. Low equity interest rates start from 5.29% p.a. and a 1% HNZC premium fee applies, but SBS will waive your application fee.
  • Residential Home Loan. SBS provides fixed rate and floating interest rate loans with a maximum term of 30 years. Standard interest rates start at 5.29% for floating, and range between 4.85% and 6.09% for fixed depending on the term you decide on between 6 and 60 months. Special interest rates apply if you meet the criteria which can be as low as 3.39%.
  • Residential Investing. SBS provides competitive home loan interest rates if you want to invest in rental properties. You can have up to 5 investment properties at a time with a floating rate of 5.79%.
  • 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 that is valued at a minimum of $350,000.
  • 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 of between 3.39% and 4.49% for a fixed 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.

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 will ask you for information about your income and the property you want to buy.

Once you have submitted this form, a home loan specialist will contact you on the next business day to discuss and advise on the next steps.


To be eligible for an SBS home loan, you will need to be at least 18 years of age, a 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 these.

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.

Read more on this topic

  • ANZ Home Loans Find out how you can get special interest rates for your ANZ home loan when you have a 20% deposit and your salary credited to your transactional account.
  • ASB Home Loans With a lending support team available seven days a week and different repayment options, an ASB home loan is worth considering for your property purchase.
  • Westpac Home Loans With First Home Loan and Family Springboard options, Westpac has some helpful options for first time home buyers to consider.
  • Co-operative Bank Home Loans Co-operative Bank home loans cater for all kinds of circumstances. First home buyers can apply with only a 10% deposit.
  • TSB Home Loans If you have a minimum of 20% deposit, you’ll be rewarded with a special interest rate when you take out a TSB home loan.
  • HSBC Home Loans With floating, fixed, construction and home equity options, HSBC home loans are worth considering if you meet the eligibility criteria.
  • Resimac Home Loans Discover about non-bank home loan lender Resimac and its products.
  • How to use KiwiSaver to buy a home Your KiwiSaver funds are not just for retirement. Find out how you can use the KiwiSaver First-home Withdrawal to help purchase your first home.
  • Online home loans and lenders Ignoring the online home loan market can see you miss out on a range of competitive deals. Find out more about online lenders.
  • Reverse Mortgages Find out how reverse mortgages can allow you to access the equity in your home to pay for retirement costs.
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