Non-major bank announces its lowest-ever rate

by NZ Adviser17 Aug 2016
HSBC today announced a market-leading residential mortgage rate for owner occupiers.

Its 2-year-fixed ‘special’ interest rate of 3.79% p.a. is its lowest-ever residential mortgage rate in the New Zealand market, 16bps lower than its previous record low rate in 50 years of 3.95% p.a. for the 18-month-fixed rate in February this year.

The special rate is available 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.

HSBC New Zealand head of retail banking and wealth management Glen Tonks said, “This market-leading 3.79% p.a. 2-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."

The bank also dropped its Premier floating home loan rate by 16bps to a new rate of 5.59% p.a. and its Premier revolving credit home loan rate by 10bps to a new rate of 5.79% p.a.

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