HSBC is the next to announce lower mortgage rates.
Their one year fixed becomes 2.80%, a fall of -15 bps, matching China Construction Bank and almost matching the market-leading 2.79% rate from the Bank of China.
Their new eighteen month rate becomes 2.85% which is a reduction of -10 bps and becomes the market-leading rate for this term.
And their new two year rate becomes 2.89%, a fall of -20 bps but not quite matching China Construction Bank's 2.85% rate for this term.
They also cut their six month fixed rate by -15 bps to 3.49%.
All these rates are for their Premier offer which comes with minimum conditions.
This is an early announcement; none of these rates will be available until Thursday, May 21. (Update: In an earlier version, our headline reported the wrong effective date.)
Here is the full snapshot of the advertised lowest fixed-term rates on offer from the key retail banks at this time.
|Fixed, below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
|as announced at May 14, 2020||%||%||%||%||%||%||%|
|Bank of China||3.89||2.79||2.89||2.89||3.19||3.79||3.89|
|China Construction Bank||4.70||2.80||2.85||3.19||3.30||3.45|
In addition to the above table, BNZ has a unique fixed seven year rate of 5.20%.