HSBC has announced an end date to its unique 5.29% Premier mortgage offer.
Their offer is for this same rate for all terms from 1 year to 5 years.
They now say this offer will end on May 1, 2015 and all loans under the program need to be drawn down by May 15, 2015.
To give their offer a final kick along, they are adding a $2,000 cash incentive.
An individual can qualify to become an HSBC Premier customer either via a minimum combined home loan of $500,000 or $100,000 in savings and investments with HSBC.
The withdrawal of the 5.29% rate will remove the most competitive pricing in the current market for terms of 1, 3 and 4 years fixed.
When the current offer ends it will be replaced by a 5.65% rate for all fixed terms from 6 months to 5 years, without a cash incentive.
HSBC claim that the program has been a success.
“We are delighted with the level of interest we have received to this highly-competitive offer, made possible by the current interest rate environment,” said Glen Tonks, Head of Retail Banking and Wealth Management at HSBC New Zealand.
HSBC launched their 5.29% rate on February 13, 2015. At that time the two year swap rate was 3.60%. Today it is 3.48%. Average swap rates on February 13 were 3.63%; today they are 3.50%.
See all banks' carded, or advertised, home loan rates here.
The current non-rate incentive offers are here.
This is how mortgage rates from the banks compare at 9am Wednesday, April 15, 2015:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
 |
5.49% | 6.09% | 5.39% | 5.79% | 6.49% | 5.89% |
 |
5.59% | 5.70% | 5.39% | 5.45% | 5.99% | 5.65% |
 |
5.49% | 5.15% | 5.55% | 5.65% | 5.75% | |
 |
5.69% | 5.39% | 5.55% | 5.99% | 5.79% | |
 |
5.99% | 6.09% | 5.39% | 5.59% | 6.49% | 5.75% |
 |
5.59% | 5.49% | 5.39% | 5.59% | 5.75% | 5.79% |
 |
5.29% | 5.29% | 5.29% | 5.29% | 5.29% | |
| SBS Bank | 5.59% | 5.74% | 5.19% | 5.49% | 4.99%* | |
 |
5.70% | 5.80% | 5.35% | 5.60% | 6.40% | 5.85% |
* Members only, otherwise 5.79%
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