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 | % | % | % | % | % | % | % |
| ANZ | 3.65 | 2.99 | 3.20 | 3.25 | 3.99 | 4.75 | 4.85 |
 |
3.89 | 3.05 | 3.25 | 2.99 | 3.69 | 3.79 | 3.89 |
 |
4.79 | 3.09 | 3.05 | 3.35 | 3.69 | 3.79 | 3.89 |
 |
4.29 | 2.99 | 3.39 | 3.65 | 3.99 | 4.09 | |
 |
4.79 | 3.05 | 4.25 | 2.99 | 3.39 | 3.49 | 3.59 |
| 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 | |
| Co-operative Bank | 3.09 | 3.09 | 3.35 | 3.35 | 3.69 | 3.79 | 3.89 |
| Heartland Bank | 2.89 | 2.97 | 3.39 | ||||
| HSBC | 3.49
|
2.80
|
2.85
|
2.89
|
3.50 | 3.60 | 3.70 |
| ICBC | 4.29 | 3.18 | 3.18 | 3.18 | 3.20 | 3.99 | 3.99 |
 |
3.89 | 3.09 | 3.39 | 3.39 | 3.69 | 3.79 | 3.89 |
 |
3.89 | 2.89 | 3.35 | 3.35 | 3.69 | 3.79 | 3.89 |
In addition to the above table, BNZ has a unique fixed seven year rate of 5.20%.
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