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HSBC sets a new low home loan rate

HSBC has rolled out a new two-year fixed rate that is the lowest ever offered in New Zealand.

Tuesday, March 5th 2019, 8:45AM

Chris Russell

HSBC New Zealand has launched a refreshed summer mortgage campaign offering a market-leading ‘special’ rate of 3.69% for a two-year fixed home loan, which is 50 bps lower than the best rate offered by a competitor for that term.

This is also the lowest rate that HSBC has ever offered in the New Zealand market, trumping its previous lowest rate of 3.79%  for a 2-year term in August 2016, which at the time was the lowest fixed home loan rate offered in the New Zealand market for over 50 years.

“While we’ve received strong interest in our earlier market-leading summer campaign offer of 3.95% across one, two and three-year terms, feedback from our customers clearly demonstrates that a sharper two-year term would be even more attractive,” HSBC New Zealand chief executive Chris Russell said. “We are pleased to respond by offering our customers our lowest-ever home loan rate of 3.69% p.a. for a 2-year fixed home loan, half a per cent below the market.”

After three weeks in the market, HSBC’s earlier summer mortgage campaign offer of 3.95% for one, two and three-year fixed terms has been superseded by this offer. In addition, the bank has reduced its two, three, four and five-year fixed-term home loans to 3.99%, 4.39%, 4.89%. and 4.95% p.a., respectively, so that all of its carded rates are now sub-5%.

This special home loan rate is being offered for a limited time to new HSBC Premier customers, and existing HSBC Premier customers who borrow an additional $100,000 or more. Minimum deposit and equity criteria also apply.

Tags: HSBC

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 4.45 ▼4.49 4.89
ASB Bank Special - 4.05 ▼3.99 4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.05 4.29 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 3.99 4.39
HSBC Premier LVR > 80% - - - -
HSBC Special - 3.69 3.95 3.95
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.80 4.94 5.24
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 ▼3.99 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.05 4.29 4.49
Sovereign 5.90 4.45 ▼4.49 4.89
Sovereign Special - 4.05 ▼3.99 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.29 4.49
The Co-operative Bank - Standard 5.75 4.00 4.79 4.99
TSB Bank 5.80 4.55 4.69 4.99
TSB Special - 4.05 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.05 ▼3.99 4.59
Median 5.89 4.50 4.69 4.84

Last updated: 22 March 2019 10:22am

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