HSBC offers lowest ever home loan rate

HSBC has come out with what it bills as the "lowest ever" home loan rate, but it's not available to everyone.

Wednesday, August 17th 2016, 10:08AM

It is offering a two-year fixed rate of 3.79% but is only available for owner occupiers and people who fit its "Premier" requirements.

This 3.79% ‘special’ interest rate for two-year-fixed tenor is its lowest-ever residential mortgage rate in the New Zealand market, trumping the 3.95% p.a. for the 18-month-fixed tenor the Bank launched on 17 February 2016, which at the time was the lowest residential mortgage rate in the New Zealand market for over 50 years.

This special home loan rate is being offered to new HSBC Premier customers, and existing HSBC Premier customers who borrow at least an additional NZD100,000. To qualify, these customers must provide an owner occupied property as all or part of the security. Minimum deposit and equity criteria also apply.

“This market-leading 3.79%. Two-year-fixed home loan rate provides owner occupiers with a great opportunity to refinance their mortgage with HSBC. Our consistent track record of offering attractive home loan rates in New Zealand should also reassure them about refinancing with us,” said Glen Tonks, Head of Retail Banking and Wealth Management at HSBC in New Zealand.

HSBC has today also reduced its Premier floating home loan rate by 16 bps to a new rate of 5.59% p.a., and its Premier revolving credit home loan rate by 10 bps to a new rate of 5.79%.

HSBC Premier is HSBC’s global personal banking proposition operating in more than 30 countries. In New Zealand, every HSBC Premier customer has a dedicated local relationship manager. Additional benefits include no fees at ATMs of any bank in New Zealand, commission-free foreign currency exchange at any HSBC branch worldwide, and the ability to transfer money internationally between your own HSBC accounts free of charge in as little as 30 seconds.

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.

Tags: HSBC