HSBC Drops Fixed Home Loan Rates

9 November 2011

HSBC Drops Fixed Home Loan Rates

HSBC has today announced that it will be dropping its two, three, four and five year fixed home loan rates, with immediate effect.

The new two year rate is 5.87%p.a. - a reduction of 23 basis points and a market leading rate among major banks. The three year rate is 6.40%p.a. – a reduction of 10 basis points, the four year rate is 6.80%p.a. – a drop of 25 basis points and the new five year rate is 7.29%p.a. a reduction of 15 basis points.

In addition to dropping the fixed home loan rates today, HSBC is still offering customers the ability to further reduce any of their fixed home loan rates by up to 1%p.a. by taking out certain insurances with the bank.

John Barclay, Head of Retail Banking and Wealth Management, at HSBC says: “With the European debt crisis in full swing a number of investors are looking for financial certainty in areas they can control – such as with their home loan, which is why fixed rates can be so attractive to them at the moment.”

“Ahead of pending interest rate rises, we have also found that a number of HSBC Premier customers want to keep their options open so they are fixing a portion of their home loan and keeping a portion floating – just another reason why fixed home loan rates are currently so popular,” continues Barclay.

In order to become an HSBC Premier customer individuals need to qualify with either a minimum combined home loan of $500,000 or $100,000 in savings and investments.

In addition to competitive home loan rates, HSBC Premier customers receive an individual relationship manager service, access to ten different multi currency transaction accounts and also pay no ATM fees in New Zealand or at any HSBC ATM anywhere in the world. They have access to instant emergency cash advances of US$2,000 and the ability to transfer money internationally between their HSBC accounts within 30 seconds for no fees.

Various rewards are also made available through our Premier Rewards programme, such as additional luggage allowances when travelling abroad and exclusive use of business lounge facilities for customers.

Please see http://www.hsbc.co.nz/1/2/hsbcpremier/offers

HSBC in New Zealand

HSBC in New Zealand operates through a network of branches and offices, providing personal and commercial financial services, payment and cash management, trade finance, treasury and financial markets, corporate banking, investment advisory and securities custody services. 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.

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 serves customers worldwide from around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa. With assets of US$2,691 billion at 30 June 2011, HSBC is one of the world’s largest banking and financial services organisations.

ENDS

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