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HSBC cuts interest rates for new customers
HSBC – one of Australia’s biggest lenders – has bucked the big bank trend by reducing variable and fixed interest rates for new customers.
Customers who lodge applications before 31 December 2018 will benefit from a reduced rate of 3.59 per cent on HSBC’s owner-occupier Home Value Loan paying principal and interest (P&I). Investors paying P&I can also enjoy a decrease of 15 basis points to 3.95 per cent.
Those looking for fixed loans will find HSBC’s Premier home loan has been reduced by 26 basis points to 3.99 per cent for investors, and 10 basis points to 3.85 per cent for owner-occupiers.
This home loan rate cut now makes HSBC one of the most competitive loan options from the more popular Australian banks.
This announcement also comes hot on the heels of rate hikes made by many leading Aussie home loan lenders, such as Bankwest and ING.
HSBC home loan rate cuts
VARIABLE INTEREST RATES | |||||||
HSBC Home Value Loan | Rate (P&I) | Comparison Rate | Change | Rate (IO) | Comparison Rate | Change | |
Owner Occupied | 3.59% | 3.61% | -0.05% | 3.90% | 3.92% | -0.05% | |
Investment | 3.95% | 3.97% | -0.15% | 4.25% | 4.27% | -0.15% | |
FIXED INTEREST RATES | |||||||
3 Year Fixed (Premier) | Rate (P&I) | Comparison Rate | Change | Rate (IO) | Comparison Rate | Change | |
Owner Occupied | 3.85% | 4.83% | -0.10% | 4.25% | 4.92% | -0.10% | |
Investment | 3.99% | 5.31% | -0.26% | 4.19% | 5.37% | -0.66% | |
Source: Statement from HSBC: changes to home loan interest rates
Disclaimer
This article is over two years old, last updated on October 22, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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