HSBC Announces Lowest One Year Fixed Home Loan Rate

PRESS RELEASE

HSBC Announces NZ's Lowest One Year Fixed Home Loan Rate in 10 Years
- HSBC Premier offers 5.29% p.a. fixed for one year -

HSBC Premier has announced it is dropping its one year fixed interest rate by 36 basis points to 5.29% per annum, the lowest rate offered by a New Zealand bank in at least a decade*.

It is not only the one year rate which is market leading, the new two and three year rates are the lowest of the major banks** at 5.77% p.a. fixed for two years, a reduction of 10 basis points and 6.07% p.a fixed for three years, a reduction of 33 basis points. The four year rate has dropped by 30 basis points to 6.50% p.a. and the five year rate dropped by 30 basis points to 6.90% p.a.

John Barclay, Head of Retail Banking and Wealth Management at HSBC says: “With national sales volumes up 25% in January 2012 compared with January 2011, the housing market is on a markedly positive trend and we want to ensure HSBC Premier is front of mind for the new owners of those homes.”***

“We have the opportunity to offer these rates while the Reserve Bank of New Zealand keeps the Official Cash Rate low, but rates at these levels may not be as viable in the future. It is up to current or new home owners to take advantage of these rates and the certainty that comes with fixing your home loan.”

“Since introducing HSBC Premier to New Zealand, our strategy has been to be a market leader when it comes to fixed home loan interest rates, and offering New Zealand’s lowest one year fixed rate in at least ten years demonstrates that.”

HSBC Premier customers pay no ATM fees at HSBC ATMs anywhere in the world, can exchange foreign currency through all HSBC branches worldwide commission free, have access to instant emergency cash advances of USD2,000 and have the ability to transfer money internationally between HSBC accounts in as little as 30 seconds with no fees.

There are qualifying criteria to becoming an HSBC Premier customer, individuals need to qualify with either a minimum combined home loan of NZD500,000 or NZD100,000 in savings and investments.

ends

© Scoop Media