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4.59% (5.19% Comparison Rate) p.a. Home Loan Fixed for 2 Years from HSBC No Monthly/Package Fees

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4.59% (5.19% Comparison Rate) p.a. Home Loan Fixed for 2 Years from HSBC No Monthly/Package Fees
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xtremelywild on 17/06/2014 - 08:06 hsbc.com.au (145 clicks)

HSBC is now offering the Fixed rate for 2 years and than an on-going 0.70% p.a. off our Standard Variable Rate. The comparison rate of 5.19%p.a isn't bad either. And no package fees or ongoing fees.

Stuff from the website:-

HSBC Fixed Rate Home Loan

-No monthly fees
-Enjoy an ongoing 0.70% p.a. off our Standard Variable Rate2 after the fixed term
-Annual Interest only in advance is available for investment property loans
-You can pay Interest Only or Principle and Interest
-Borrow from $50,000 and up to $7,500,000
-Schedule your repayments to match the timing of your income. Choose Monthly, Weekly or Fortnightly payments
-Flexibility to make additional repayments up to $10,000 per year without any early repayment fees
-Combine your fixed rate with one of our other competitive home loan product options
-Peace of mind with a portable home loan, you could save time and money by moving your home loan with you when you move properties
-Easy refinance with a dedicated relationship manager that will help you do the work. From application right through to settlement
-Flexibility with up to 30 year loan terms
-Available on new HSBC borrowings of $50,000 or more if you apply by 18 July 2014 and settle by 19 September 2014. Other fees and charges apply.

Financial Home Loan

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closed Comments

  • congo on 17/06/2014 - 08:33

    Does the package includes an offset account?

  • ChickenTalon on 17/06/2014 - 08:40

    I know they don't have a 2yr rate, but this looks sheit in comparison to uBank.

    Institution 1yr C. 1yr 3yr C. 3yr 5yr C. 5yr Est. Costs Max. LVR
    UBank 4.38% 4.85% 4.72% 4.78% 5.43% 5.08% $395.00 80.00%

    what am i missing?

    edit: apologies for the formatting, hard to read but it's avail here: https://www.ubank.com.au/home-loans

    • ChickenTalon on 17/06/2014 - 08:58

      ok, looks like the LVR might be a slight difference, 80% max with uBank.

      ING has it cheaper with up to 95% LVR
      1yr 4.69% - Comparison 5.17%
      2yr 4.74% - comparison 5.13%

      no fees mentioned, can't work out why the HSBC comparison rate is so much higher.

    • ChickenTalon on 17/06/2014 - 09:01

      found it! plenty of establishment fees from what i can see. a few pages into this document

      http://www.hsbc.com.au/1/PA_ES_Content_Mgmt/content/australi…

      gees they hid those!

    • ChickenTalon on 17/06/2014 - 09:05

      Ok, reading on. Looks like there are defferred establishment fees, so after the 2 year rate you could be stuck on the variable rate for 3 years!?!? or can you move out after the fixed term? I cbf finding out anymore so complicated.

  • xtremelywild on 17/06/2014 - 09:12

    @ChikenTalon Would have thought that any establishment fees should reflect in the comparision rate. But best to confrim with HSBC.

    I agree UBank has better rates but LVR is an issue. They ask for LMI for appartments over 70% borrowing and the whole process is so painful. I would rather go with other lenders like BankMecu than UBank.

    http://www.bankmecu.com.au/borrowing/home-loans/basic-home-l…

    No point having the best rate if you struggle to settle/refinance due to troublesome process.

    • kati on 17/06/2014 - 09:23

      I calculate the comparison rates at the bank where I work and can confirm that the establishment fees should reflect in the comparison rate. BUT notice the comparison rate says "over the term of 25 years". In the case of the 2 year fixed rate, when calculating the comp rate, the assumption is that the loan moves to a 23 year variable loan which may have a different set of fees associated with it. So the comparison rate is not really a true indicator of the true cost of the 2 year fixed rate loan since it's heavily weighted towards the rate and fees of the 23 year variable loan.

  • kati on 17/06/2014 - 09:29

    Also I'd be checking to see whether they have free rate lock available (with some you have to pay 0.25% or a flat fee). eg. ME bank has free rate lock I think. (I don't work there but I have been looking into refinancing lately so this was my observation)

  • xtremelywild on 17/06/2014 - 09:31

    @kati what is rate lock? How does it benefit us? What are the rates with ME?

  • melvinling on 17/06/2014 - 20:12

    Hi Ozbargainer, I'm happy to answer your enquiries or any questions that you have with this promotion, feel free to send me private message

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