HSBC slashes five year rate

Wednesday, February 10th 2010, 5:22AM

HSBC has significantly dropped its five-year mortgage rate of 8.55% this morning by 56 basis points to 7.99% which is a lot lower than the median for minor bank lenders of 8.69%.

HSBC already had the lowest five-year rate at 8.55% before today's change and the lenders with the lowest five-year rates next to HSBC are the National Bank and Public Trust on 8.60% so it is rolling in the 7% range on its own.

Nelson Building Society has also made changes, increasing its one year fixed rate by 25 basis points to 6.55% and its two-year rate by 15 basis points to 7.55%.

Both of these rates are now 15 basis points higher than the respective medians for non-bank lenders.



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