HSBC announced on Monday that it is keeping its six month home loan rate at 4.99% and dropping its four-year fixed interest rate to 7.30% which sees the bank offering the lowest home loan rates in the market for six months, one and three years.
The four-year fixed rate has been reduced by 15 basis points from 7.45% to 7.30%, with the one-year fixed increasing 25 basis points to 5.99%, but remaining the lowest one-year fixed home loan in the market. The floating home loan rate has increased from 6.30% to 6.49%.
To be eligible to take up the HSBC home loan offer, customers need to qualify for HSBC Premier, with minimum combined home loans of $500,000 or $100,000 in savings and investments.
HSBC head of financial personal services John Barclay says the bank wants to give customers the ability to lock in highly competitive rates for the next six months to three-years, providing certainty around their mortgage payments in what remains a very volatile market.
Yesterday saw BNZ cut a further 15 basis points off its two-year fixed rate and 5 points off its three-year rate from the cuts it made a week ago. SBS Bank reduced its two-year rate 10 points yesterday also.
Heretaunga Building Society has increased its one-year fixed rate today 10 bps from 6.35% to 6.45%.
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