The bank launched a sharpened rate lineup over the weekend, with its one year special at 2.19%, one year first home loan offer at 2.44%, and a standard rate at 2.69%.
The 2.19% rate is for owner-occupiers with a deposit of 20% or more, and for investors with a 40% deposit. The bank will also offer the low rate to first home buyers with a 10% deposit.
The first year home loan rate at 2.44% is available to borrowers with equity less than 10%, and is supported by Kāinga Ora.
SBS's standard rate, at 2.69%, is for investors with less than a 40% deposit, and movers with less than 20%.
The low rates continue a trend of bifurcation in the home loan market, with longer-term rates rising and shorter-term loans falling.
Shorter-term loans are more influenced by government bond yields, while longer-term rates are more influenced by wholesale markets.
SBS's 2.19% mortgage is the third cheapest in the market, behind Heartland's 1.99% mortgage, and The Co-operative Bank's first home buyer special at 2.09%.
Take a look at the latest rates here.