HSBC announces market leading longer home loan fixed term

PRESS RELEASE

Friday 31 May 2013

HSBC announces market leading longer home loan fixed term rates reflecting changing customer trends

HSBC has welcomed a large number of new customers over the last three months, the result of its very successful home loan campaign* and has noted that both existing and new customers are leaning towards two and three year fixed term home loans. Over the last six months HSBC’s two and three year mortgage balances have increased by over 20%.

“We are seeing a gradual switch from Floating to Fixed rates,” says John Barclay, Head of Retail Banking and Wealth Management. “This is not a case of all customers switching their loans in a mad rush, but rather them making strategic changes to the mix of their home loan structures.

“The recent growth in home lending customers has been extremely pleasing. In New Zealand, HSBC is often thought of as a corporate bank, however our very competitive home loan campaign highlighted we are also strongly focused on personal banking through our Premier proposition. In response to customer preferences we are continuing to ensure our longer term home loan rates remain competitive”, Mr Barclay added.

“Our customers are using this opportunity to work with their experienced Relationship Manager to create unique home loan structures, giving them more flexibility and the ability to tailor their repayment strategy to their home loans,” says Mr Barclay.

HSBC Premier is continuing to offer a market leading three year fixed home loan interest rate of 5.45% per annum, the lowest rate currently available in the New Zealand home loan market**

HSBC Premier is a global proposition with truly international benefits including no ATM fees anywhere in New Zealand and at HSBC ATMs throughout the world, multi-currency savings options, commission free foreign currency exchange through all HSBC branches worldwide, access to instant emergency cash advances of USD2,000 and the ability to transfer money internationally between HSBC accounts in what can be as little as 30 seconds, with no fees.

Every HSBC Premier customer has a dedicated Relationship Manager all of whom are knowledgeable and highly experienced within the New Zealand housing market. The dedicated Relationship Manager, together with our online banking means HSBC can service customers throughout New Zealand.

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

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