First-home buyer deal boosts SBS Bank's home loans

CFO Tim Loan said his bank wanted "to give back" its fatter margins. (Image: SBS)

Wed, 01 Jun 2022

SBS Bank's mortgage lending more than doubled in the second half of its financial year ended March as a result of its “first home combo” promotion, which was funded by the Reserve Bank of New Zealand’s funding-for-lending programme (FLP).The Invercargill-based bank, which also owns Finance Now, FANZ and Southsure, loaned $236.4 million in the six months ended March, up from $113m in the first half of the financial year.Chief financial officer Tim Loan said because his bank is a mutual society, and therefore doesn’t p...

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