In the wake of recent fixed-term home loan interest rate cuts by all its major rivals, HSBC is cutting its two, three, four and five year home loan rates for its targeted wealthy customers.
Effective today, HSBC has cut its two-year rate by 23 basis points to 5.87%, its three-year rate by 10 basis points to 6.40%, its four-year rate by 25 basis points to 6.80%, and five-year rate by 15 basis points to 7.20%.
These rates are, however, only available to HSBC's so-called "premier" customers who, to qualify, need a minimum combined home loan of NZ$500,000 or NZ$100,000 in savings and investments.
The bank continues to offer such customers the option of slicing up to 1% of its advertised fixed-term rates if they take up certain HSBC insurance products.
HSBC has left its floating, or variable, home loan rate unchanged at 5.99%, six-month fixed term rate at 5.49%, and one-year rate at 5.65%.