HSBC Continues to Offer Lowest Fixed Mortgage Rate

16 August 2010

For Immediate Release

HSBC Continues to Offer Lowest Fixed Mortgage Rates in NZ

HSBC has today announced it is keeping its six month fixed home loan rate at 4.99% and dropping its four year fixed interest rate to 7.30% which sees the Bank offering the lowest home loan rates in the market for six months, one and three years*.

The four year fixed rate has been reduced by 15 basis points from 7.45% to 7.30%, with the one year fixed increasing 25 basis points to 5.99%, but remaining the lowest one year fixed home loan rate in the market. The floating home loan rate has increased from 6.30% to 6.49%.

John Barclay, Head of Personal Financial Services, at HSBC says: “We’re delighted to continue to give customers the ability to lock in market leading or highly competitive rates for the next six months to three years, providing certainty around their mortgage payments in what remains a very volatile market.”

To be eligible to take up the HSBC home loan offer, customers need to qualify for HSBC Premier, with minimum combined home loans of $500,000, or $100,000 in savings and investments.

Key benefits of HSBC Premier include a dedicated relationship manager to assist customers with their banking needs, 24/7 banking, access to 300 HSBC Premier Centres worldwide, no ATM fees anywhere in NZ or the world, uniformity of service internationally and privileges such as an additional flight luggage allowance[1].

From today, the current HSBC Premier fixed home loan interest rates will be:
/ previous rates / current rates
6 months / 4.99% / 4.99%
1 year / 5.74% / 5.99%
2 years / 6.74% / 6.74%
3 years / 7.09% / 7.09%
4 years / 7.45% / 7.30%
5 years / 7.65% / 7.65%
Floating / 6.30% / 6.49%

ENDS

Notes to Editors
* Published rates refers to home loan rates on www.goodreturns.co.nz as at 11am, 16 August 2010
1. Additional luggage allowance applies to Singapore Airlines destinations ex New Zealand. Terms & Conditions apply.
2. The HSBC Group in New Zealand
In New Zealand, HSBC offers an extensive range of financial services through a network of branches and offices. These services include personal and commercial financial services, trade finance, treasury and financial markets, corporate banking, investment advisory and securities custody. The principal HSBC Group member in New Zealand is The Hongkong and Shanghai Banking Corporation Limited, incorporated in Hong Kong SAR, acting through its New Zealand branch.
3. The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which, with some 8,000 offices in 87 countries and territories and assets of US$2,418 billion at 30 June 2010, is one of the world’s largest banking and financial services organisations.
4. Terms and Conditions
Eligibility criteria applies to HSBC Premier. HSBC normal lending criteria applies. Interest Rates quoted are subject to change without notice. Early repayment fees may apply to fixed rate loans. Premier Terms and Conditions, Personal Financial Services Terms and Conditions and Fees and Charges apply.

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