HSBC Standard Variable Loan


The Standard Variable Home Loan from HSBC allows you to make unlimited additional repayments.

Unlimited redraw is also available and if you redraw via online banking you can avoid paying any extra fees to access your redraw funds.

You can also take advantage of the 100 per cent offset to save on interest and elect to pay interest-only for a period.

While you can make your repayments weekly, monthly or fortnightly, you should be aware that the interest-only version of this loan only accepts monthly repayments.

Other features that make the HSBC Standard Variable Loan attractive include portability, which means you can change the property you have borrowed against without having to reapply for a new loan again (although there are conditions attached to this such as ensuring your new property is worth a similar amount to your old one).

The HSBC Standard Variable Loan can be used as a construction or bridging loan, and you can combine it with other HSBC loan products. The loan is offered to both investors and owner-occupiers, although investors will pay more in interest.

Who is the HSBC Standard Variable Loan good for?

HSBC’s Standard Variable Loan is good if you have a 10 per cent deposit or more and would like the opportunity to pay your loan down faster without penalty.

Review - What RateCity says

The HSBC Standard Variable Loan is a simple product offering a reasonable interest rate to owner-occupiers. While it is not the cheapest interest rate offer on the market, the low ongoing fees may compensate for that.

HSBC makes it easier to pay your loan down faster by avoiding monthly fees and allowing extra repayments without penalty. Having no breakout costs is also a big plus. If you’re an investor however, the marked up interest rate may impact your decision.

As always, do your sums carefully and consider your financial goals when choosing your loan.

HSBC Standard Variable Loan Options

The HSBC Standard Variable Loan is a standalone home loan offering flexibility around early repayment. 

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  • Unlimited additional repayments.
  • Unlimited redraw of additional funds.
  • No ongoing monthly fees.
  • High upfront costs.
  • Higher interest rate for investors.
  • Discharge fee.

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $750.00
  • Discharge fees: $300
  • Ongoing fees: $0

There are a lot of fees attached to this loan. There is a high loan establishment fee, as well as a valuation fee. You are also required to pay a fee upon settlement of the loan contract.

If you choose to make early prepayments there is a fee attached to this as well. While loan portability is a feature of this product, you do have to pay a fee in order to access it.

Likewise, if you combine this loan with other loan products and choose to split your loan, there is a splitting fee. Variation fees also apply should you wish to make any adjustments to your loan, however there are no switching fees with this loan.

HSBC’s Standard Variable Loan does not charge any monthly fees, nor will you be hit with any breakout costs should you pay your loan out early. Be aware however, that while there are no monthly fees on your loan account, the linked account from which you make your repayments may charge ongoing fees. 

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About HSBC
While HSBC is a global banking institution, its physical presence in Australia is relatively small compared to the big banks. With just a few dozen branches across the country, its face-to-face network is not large. However, its online services are available 24/7 and it does have a call centre for your convenience. It also allows its customers to access money without paying fees at thousands of ATMs without paying fees.
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