HSBC has unveiled a 3.85% p.a. 18-month fixed home loan rate for owner-occupiers and investors, the only mortgage rate below 4% p.a. currently being offered in New Zealand.
The ‘special’ home loan rate is being offered for a limited time to new HSBC Premier customers, along with existing HSBC Premier customers who borrow a minimum additional $100,000. The standard usual rate for the same term is 4.19% p.a.
HSBC had previously launched its 3.95% p.a. rate in February 2016, which at the time was the lowest residential mortgage rate in the New Zealand market for over 50 years.
“Why wait for the spring mortgage campaigns if you’re wanting to buy a residential property, move house or refinance an existing mortgage?” says HSBC head of retail banking and wealth management Glen Tonks. “Why not take advantage of our latest unrivalled 18-month-fixed home loan rate of 3.85% p.a. during winter while there’s generally less competition in the housing market?”
HSBC Premier is the bank’s global personal banking proposition operating in more than 30 countries. Benefits of the scheme in New Zealand include a personal local relationship manager, no fees at ATMs of any bank in New Zealand, commission-free foreign currency exchange and the ability to transfer money internationally between HSBC accounts free of charge.
Qualifying to become a HSBC Premier customer involves taking out a minimum combined home loan of $500,000, or $100,000 in savings and investments with HSBC.
The new offer is available to HCBS Premier customers from 6 June 2018.
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