Lowest home loan rate in a decade: HSBC

Tuesday, September 10th 2013, 2:51PM

Glen Tonks, HSBC’s new Head of Retail Banking and Wealth Management in New Zealand, has announced that the bank has reduced its HSBC Premier one-year fixed home loan rate by 24 basis points to 4.75% per annum.

This is the best one-year residential mortgage rate currently on the market - the median rate is 5.40% per annum* - and the lowest offered by a New Zealand bank in more than a decade.*

This special home loan rate is being offered for a strictly limited time to new HSBC Premier customers and existing HSBC Premier customers who borrow an additional NZD100,000 or more. To qualify for this offer customers must have at least 20% deposit or equity.

“With most market commentators expecting the RBNZ to raise the Official Cash Rate in Q1 next year, if you’re looking to purchase a new home or wishing to re-finance an existing loan, this could be the ideal time to take advantage of this market-leading rate with HSBC Premier,” said Glen Tonks.

“By doing so, you would also benefit from a range of HSBC Premier customer privileges, including having a knowledgeable and highly-experienced dedicated local relationship manager and a home loan solution suited to your circumstances,” he added.

Glen Tonks, previously National Manager Premier Wealth at HSBC New Zealand, was promoted to his current role on 1 September 2013, replacing John Barclay who has taken up the newly-created role of Head of Corporate & Institutional Sales for HSBC New Zealand’s Corporate Banking Division.

HSBC Premier is the bank’s flagship global personal banking proposition. In New Zealand, every HSBC Premier customer has a dedicated local relationship manager, all of whom are very experienced and have in-depth knowledge of the New Zealand housing market. Additional benefits include no fees at ATMs of any bank in New Zealand, commission-free foreign currency exchange at any HSBC branch worldwide, the ability to transfer money internationally between your own HSBC accounts free of charge in as little as 30 seconds, as well as access to instant emergency cash advances of USD2,000.

An individual can qualify to become an HSBC Premier customer either via a minimum combined home loan of $500,000 or $100,000 in savings and investments with HSBC.

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