HSBC has raised most of its fixed mortgage rates.
It is moving its rates up, and some of these changes put HSBC pricing above offers from the main banks.
For one year, eighteen months and two years, the increase is +19 bps, taking their 3.35% rate for each of these terms to 3.54%.
For three years, the rise is +34 bps.
For four years, the rise is +44 bps.
And for five years, this latest rise by HSBC is +54 bps to 3.89%.
HSBC adopted its 3.35% rate for all terms on Monday, September 2, 2019. It has lasted 87 days.
Since then, wholesale swap rates have risen +16 bps for one year, +22 bps for two years, and about +25 bps for three, four and five years.
These latest HSBC rates are still lower than those that were in place before the 3.35% pricing point was adopted. The new rates are all -15 bps lower for fixed terms to three years and -40 bps lower than four and five year terms.
We have seen small rises from other banks for two year fixed offers, but no general rises like this one at any time in 2019.
It is the three other Chinese banks that remain with the lowest rate offers in this market.
Here is the full snapshot of the advertised fixed-term rates on offer from the key retail banks.
|Fixed, below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
|as at November 27, 2019||%||%||%||%||%||%||%|
|Bank of China||3.99||3.15||3.39||3.39||3.79||3.99||3.99|
|China Construction Bank||4.70||3.15||3.15||3.19||3.30||3.45|
|Price Match Promise||3.65||3.39||3.99||3.99|
In addition to the above table, BNZ has a unique fixed seven year rate of 5.70%.