HSBC cuts fixed mortgage rates by as much as 56 bps to market lows; 6 mths at 4.99%

HSBC has cut its fixed mortgage rates by as much as 56 basis points to be the lowest in the market, including offering a 6 month fixed mortgage for 4.99%. However, the offer is only available to HSBC Premier customers, who are categorised as high net worth customers with combined home loans of at least NZ$500,000. HSBC cut its 6 month mortgage rate by 50 basis points to 4.99%, which is lower BNZ's Total Money mortgage on 5.59% and rates of 5.65% from Kiwibank and Westpac. HSBC cut its 1 year rate by 50 basis points to 5.49%, which is below Kiwibank, National and Westpac on 6.15%. HSBC also cut its 2 year rate by 50 basis points to 6.49%, which is below Kiwibank, Westpac and ASB on 7.1%. HSBC cut its 3 year rate by 40 basis points to 7.29% and cut its 4 year rate by 56 basis points to 7.69%. It left its 5 year rate unchanged at 7.99%, which is below the other major banks on 8.5%. "Our new home loan rates reinforce that we’re serious about providing our customers with the best offer in the market,” said John Barclay, HSBC Head of Personal Financial Services. However, HSBC's standard variable rate sits at 6.3%, which is above Kiwibank and Westpac on 5.65%, ANZ and National on 5.69%, and ASB on 5.75%. See all bank mortgage rates here on our comparison table.