HSBC offers lowest one year rate in a decade
HSBC Premier has announced it is dropping its one year fixed interest rate by 36 basis points to 5.29%, the lowest rate offered by a New Zealand bank in at least a decade.
Sunday, March 11th 2012, 2:47PM
It is not only the one year rate which is market leading, the new two and three year rates are the lowest of the major banks at 5.77% fixed for two years, a reduction of 10 basis points and 6.07% fixed for three years, a reduction of 33 basis points.
The four-year rate has dropped by 30 basis points to 6.50% and the five year rate dropped by 30 basis points to 6.90%.
See how HSBC's new rates stack up here
HSBC head of retail banking and wealth management, John Barclay the housing market is on a markedly positive trend and “we want to ensure HSBC Premier is front of mind for the new owners of those homes.”
He says HSBC is offering these rates after the Reserve Bank kept the OCR on hold last week, but he warns “rates at these levels may not be as viable in the future.”
“It is up to current or new home owners to take advantage of these rates and the certainty that comes with fixing your home loan.”
The rates are for HSBC Premier customers. To qualify a customer needs to have either a minimum combined home loan of $500,000 or $100,000 in savings and investments.
Graph HSBC's rates against all other lenders here
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