SBS Bank challenges majors with 3.39% home loan rate

by Duffie Osental22 Oct 2019

A small Southland bank wants to “shake up” the lending industry by offering a two-year fixed mortgage rate that undercuts the Australian-owned majors.

SBS Bank, a member-owned bank based in Invercargill, has launched a 3.39% mortgage rate fixed for two years, along with a cash incentive – a deal that is significantly below the 3.45% offered by the ANZ, ASB, BNZ, and Westpac.

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Shaun Drylie, chief executive of SBS Bank, said that the move showed that the bank was serious in its aspirations.

“We think this rate is a great way to introduce SBS Bank to those around the country who might not know too much about us but are looking for a genuine bank that really cares about its customers,” he said. “We’re done being New Zealand’s best-kept banking secret – it’s time to let more people know about the great things we do for our members and the communities we operate in.”

The new rate was launched as part of the bank’s 150-year anniversary celebrations, which also saw the introduction of the bank’s new logo. 

“Now we’re a fully-fledged national bank with a full suite of banking services, and a branch network across the country,” said Drylie. “We’re genuine about wanting to put the heart back into banking in New Zealand.”

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