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Just when many thought sub 5% rates were disappearing, HSBC has launched three new fixed home loan specials at 4.99%

Just when many thought sub 5% rates were disappearing, HSBC has launched three new fixed home loan specials at 4.99%

HSBC has launched a three year fixed home loan rate at 4.99%.

This is a reduction of 75 basis points from their previous rate of 5.74%.

They claim this is the lowest three year rate offered by any bank in a decade.

In addition they have cut their one and two year fixed home loan rates, also to 4.99%.

And reductions in their 4 and 5 year rates have been announced at the same time, to 5.50% and 5.75% respectively.

These rates are for their HSBC Premier mortgage product, and comes with the Premier conditions.

They advise this offer is open for a strictly limited time to new HSBC Premier customers and existing Premier customers who borrow an additional $100,000. 

They Standard Premier home loan rates have also been reduced to as low as 5.05%. See our tables for details.

The criteria to qualify becoming an HSBC Premier customer, individuals need either a minimum combined home loan of NZ$500,000 or NZ$100,000 in savings and investments.

HSBC says every Premier customer also has a dedicated Relationship Manager all of whom are knowledgeable and highly experienced within the New Zealand housing market. 

They also remind clients that an early repayment fee will apply, a condition that applies to fixed rate offers from any bank.

The new HSBC rates are:

Fixed term New rate % p.a. Prior rate % p.a.
1 year 4.99% 5.25%
2 years 4.99% 5.39%
3 years 4.99% 5.74%
4 years 5.50% 6.20%
5 years 5.75% 6.65%

This positions the HSBC rates among the New Zealand banks as follows:

  1 yr 2 yrs 3 yrs 4 yrs 5 yrs
           
ANZ 5.25% 5.39% 5.90% 6.20% 6.60%
ASB 5.45% 5.45% 5.75% 5.95% 6.25%
BNZ 5.25% 5.40% 5.90% 6.20% 6.50%
Kiwibank 5.25% 5.25% 5.65% 5.99% 5.99%
Westpac 5.25% 5.40% 5.90% 5.99% 5.99%
           
Co-op Bank 5.25% 5.35% 5.75% 5.99%  
HSBC Premier 4.99% 4.99% 4.99% 5.50% 5.75%
SBS / HBS 5.25% 5.30% 5.65%   5.99%
TSB Bank 5.25% 5.30% 5.90% 6.10% 6.50%

Kiwibank has one lower rate; it has a six month fixed rate of 4.79%.

TSB Bank also has a lower rate; it has a Special 15 month offer of 4.95%.

All the latest mortgage rate offers for all institutions are here »

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Fixed mortgage rates

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3 Comments

So there we have it - all this BS last week about rates going up and HSBC stun the Aussie banks with a market leading 4.99% 3 year fixed rate!

Still too early to fix though as we might see a 3.99% rate within a few months. 

 

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Well said.  Does question the "intelligence" within the banks when the layman could foresee this happening!   

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Here come the new era of the 4's ....

the new normal = lower rates

money is cheap,  good assets are not.

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