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HSBC's 5.29% Premier rate to end on May 1 and bank adds a $2,000 cash incentive to try and finish with a flourish

HSBC's 5.29% Premier rate to end on May 1 and bank adds a $2,000 cash incentive to try and finish with a flourish

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%
ASB 5.59% 5.70% 5.39% 5.45% 5.99% 5.65%
5.49%   5.15% 5.55% 5.65% 5.75%
Kiwibank 5.69%   5.39% 5.55% 5.99% 5.79%
Westpac 5.99% 6.09% 5.39% 5.59% 6.49% 5.75%
             
5.59% 5.49% 5.39% 5.59% 5.75% 5.79%
HSBC 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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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. An AMP360 mortgage broker can be contacted by following this link »
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Fixed mortgage rates

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