SBS Bank Reverse Mortgage
Learn about the SBS Bank reverse mortgage in NZ. Features, rates, eligibility, pros and cons, and how to apply.
Disclaimer: This is general information only and does not constitute financial advice. Terms, rates, and eligibility criteria are subject to change. Always confirm current details directly with SBS Bank. We may receive referral fees from providers featured on this site.
Overview
SBS Bank's reverse mortgage, officially called the SBS Unwind Reverse Equity Mortgage, is designed for homeowners aged 60+ who want to access the value of their property without selling or making regular repayments.
FSP Registration: SBS Bank is a registered Financial Service Provider. Always verify current FSP registration on the FMA register before proceeding.
How the SBS Reverse Mortgage Works
Borrow Against Equity
You borrow against the equity in your home
No Monthly Repayments
Interest is added to the loan balance over time
Retain Full Ownership
You retain full ownership of your home
Repayment on Sale
Loan is repaid when you sell, move into care, or pass away
Key Features
No Negative Equity Guarantee
You'll never owe more than your home's value
Lifetime Occupancy Guarantee
Stay in your home as long as you want
Flexible Drawdown Options
Take a lump sum or receive regular instalments
Age-Friendly Lending
Designed for NZ homeowners aged 60+
Rates and Lending Details
Interest Rates
Loan to Value Ratios
Eligibility Criteria
Pros
Cons
What Makes SBS Different
Community Focus
As a mutual bank owned by customers, SBS has a community-first approach to lending and customer service.
- • Member-owned mutual bank
- • Local New Zealand focus
- • Personal relationship banking
Flexible Approach
SBS takes a flexible approach to applications, considering individual circumstances rather than just tick-box criteria.
- • Individual assessment approach
- • Flexible payment options
- • Personal service model
Application Process & Timeline
Initial Enquiry
Contact SBS directly or through a broker
Timeline: Same day
Application & Valuation
Submit application and arrange property valuation
Timeline: 1-2 weeks
Formal Offer
Receive conditional approval and loan terms
Timeline: 1-2 weeks
Legal Process
Independent legal advice and document signing
Timeline: 3-4 weeks
Settlement
Loan settlement and funds release
Timeline: Settlement day
Frequently Asked Questions
What are SBS Bank's current reverse mortgage interest rates?
SBS Bank's reverse mortgage rates are variable and change with market conditions. As of 2026, rates are typically in an indicative 6-8% range. Contact SBS directly for current rates as they're not publicly disclosed on their website, or see the Heartland vs SBS comparison for exact current figures.
How much can I borrow with SBS Bank?
The amount depends on your age and property value. Generally: 20% of home value at age 60-64, 30% at age 65-69, and up to 40% at age 70+. For example, on an indicative $800,000 home at age 70, you could potentially access around $320,000. These figures are illustrative only.
Can I make repayments to reduce the loan balance?
Yes, SBS allows voluntary repayments at any time without penalty. You can make interest-only payments to prevent the balance growing, or larger payments to reduce the principal.
What happens if I want to sell and move?
You can sell your home at any time. The reverse mortgage is repaid from the sale proceeds, and any remaining equity goes to you. If you're downsizing, you may be able to transfer the loan to a new property if it meets SBS criteria.
Compare Your Options
SBS is one of two main reverse mortgage providers in New Zealand. Consider comparing with other options to find the well-suited fit for your situation.
Ready to Explore SBS Bank's Reverse Mortgage?
Contact SBS Bank directly to discuss your situation and get a personalized quote. Remember to get independent financial and legal advice before proceeding.