HSBC is offering a 3.99% per annum "special" interest rate on 18-month home loans.
The only residential mortgage rate currently under 4% from a New Zealand bank, is available from today (Friday). It's on offer to new HSBC "premier" customers and existing HSBC premier customers who borrow at least an additional $100,000.
To qualify for the offer, borrowers must provide an owner-occupied property as part of the security. The bank's minimum equity and deposit criteria apply.
An HSBC premier customer must have either a minimum combined home loan of $500,000 or $100,000 in savings and investments with HSBC.
"With market uncertainty having increased in recent times, we are pleased to be able to provide our owner-occupier customers with certainty over the short-to-medium term with this 3.99% p.a. 18 month-fixed mortgage offer," Glen Tonks, HSBC's head of retail banking and wealth management, said.
The 18-month special is available for a limited time, HSBC says.
A snapshot from the key retail banks is:
|below 80% LVR||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
In addition to the above table, BNZ has a fixed seven year rate which is 6.15%.
TSB Bank has a ten year fixed rate of 5.75%.