HSBCs Fixed Rate Loan is available for purchases from $50,000 upwards (it does tap out at $7,500,000 if you’re adventurous).
As per the usual fixed rate scenario, the loan can be taken out over a period of up to five years and can be split with a variable portion. This is beneficial if you’re looking to lock in a competitive rate while still being able to make additional payments.
However, if you want to stick with a simple straight-up fixed loan, the Fixed Rate Loan allows you to make additional payments of up to $10,000 a year without incurring any charges.
Nowadays, it’s hard to find a mortgage that allows you to borrow more than 90 per cent of the property value. HSBC Fixed Rate Home Loan answers the brief by requiring only a 10 per cent deposit which would benefit first home buyers and investors alike.
While the HSBC Fixed Rate Loan is a stand-alone product, it can be packaged up with other HSBC products on offer. This gives you the opportunity to create your own banking experience depending on your financial needs.
Set and forget with direct credit scheduled repayments based on a weekly, fortnightly or monthly frequency. Repayments can be made from a bank account of your choice (it doesn’t have to be a HSBC account) and it’s your call if you want to pay the principle and/or interest for the duration of your fixed rate loan. Although if you take the interest only option, you can only make monthly repayments.
Who is the HSBC Fixed Rate Loan good for?
Borrowers who want flexibility in whether they pay off their loan fortnightly or monthly, to fit their pay cycle, will find this loan addresses that need. The direct debit function from internal or external accounts will assist borrowers who want the security of knowing their repayment is always made on time.
Review - What RateCity says
HSBCs Fixed Rate Loan is a straightforward solution if you want a fixed rate loan with flexible repayment options. What makes this fixed rate loan appealing is that you only need a 10 per cent deposit if you don’t have a large amount saved. Borrowers should note, however, that having a 10 per cent deposit will mean having to pay lender’s mortgage insurance.
This product does lack a redraw facility and an offset account, which both offer the promise of savings. It is also worth noting that extra repayments can only be made up to $10,000 without incurring a charge. This loan is therefore most likely to suit a borrower on a tight budget who wants to pay the set repayment amount on a regular basis for the fixed term.
HSBC Fixed Rate Loan Options
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Advertised rate4.35%Fixed - 5 years
Advertised rate4.25%Fixed - 4 years
Advertised rate4.05%Fixed - 3 years
Advertised rate3.85%Fixed - 2 years
Advertised rate4.45%Fixed - 3 years
Advertised rate4.65%Fixed - 4 years
Advertised rate4.75%Fixed - 5 years
Advertised rate4.25%Fixed - 2 years
Advertised rate3.80%Fixed - 1 year
Advertised rate4.20%Fixed - 1 year
Advertised rate4.69%Fixed - 5 years
Advertised rate4.59%Fixed - 4 years
Advertised rate4.35%Fixed - 3 years
Advertised rate4.15%Fixed - 2 years
Advertised rate4.10%Fixed - 1 year
Advertised rate5.29%Fixed - 5 years
Advertised rate5.19%Fixed - 4 years
Advertised rate4.95%Fixed - 3 years
Advertised rate4.75%Fixed - 2 years
Advertised rate4.70%Fixed - 1 year