HSBC has launched a three year fixed home loan rate at 4.99%.
This is a reduction of 75 basis points from their previous rate of 5.74%.
They claim this is the lowest three year rate offered by any bank in a decade.
In addition they have cut their one and two year fixed home loan rates, also to 4.99%.
And reductions in their 4 and 5 year rates have been announced at the same time, to 5.50% and 5.75% respectively.
These rates are for their HSBC Premier mortgage product, and comes with the Premier conditions.
They advise this offer is open for a strictly limited time to new HSBC Premier customers and existing Premier customers who borrow an additional $100,000.
They Standard Premier home loan rates have also been reduced to as low as 5.05%. See our tables for details.
The criteria to qualify becoming an HSBC Premier customer, individuals need either a minimum combined home loan of NZ$500,000 or NZ$100,000 in savings and investments.
HSBC says every Premier customer also has a dedicated Relationship Manager all of whom are knowledgeable and highly experienced within the New Zealand housing market.
They also remind clients that an early repayment fee will apply, a condition that applies to fixed rate offers from any bank.
The new HSBC rates are:
| Fixed term | New rate % p.a. | Prior rate % p.a. |
| 1 year | 4.99% | 5.25% |
| 2 years | 4.99% | 5.39% |
| 3 years | 4.99% | 5.74% |
| 4 years | 5.50% | 6.20% |
| 5 years | 5.75% | 6.65% |
This positions the HSBC rates among the New Zealand banks as follows:
| 1 yr | 2 yrs | 3 yrs | 4 yrs | 5 yrs | |
| ANZ | 5.25% | 5.39% | 5.90% | 6.20% | 6.60% |
| ASB | 5.45% | 5.45% | 5.75% | 5.95% | 6.25% |
| BNZ | 5.25% | 5.40% | 5.90% | 6.20% | 6.50% |
| Kiwibank | 5.25% | 5.25% | 5.65% | 5.99% | 5.99% |
| Westpac | 5.25% | 5.40% | 5.90% | 5.99% | 5.99% |
| Co-op Bank | 5.25% | 5.35% | 5.75% | 5.99% | |
| HSBC Premier | 4.99% | 4.99% | 4.99% | 5.50% | 5.75% |
| SBS / HBS | 5.25% | 5.30% | 5.65% | 5.99% | |
| TSB Bank | 5.25% | 5.30% | 5.90% | 6.10% | 6.50% |
Kiwibank has one lower rate; it has a six month fixed rate of 4.79%.
TSB Bank also has a lower rate; it has a Special 15 month offer of 4.95%.
All the latest mortgage rate offers for all institutions are here »
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