HSBC cuts interest rates for new customers



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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

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