I just bought a house and am going through the different loans in the market. I spoke to HSBC and was told about this offer. Apparently it is a new offer that will replace their current one which is expiring soon (https://www.ozbargain.com.au/node/206623).
The rate itself is pretty good for an offering from a full service bank. When I was at the branch, they also told me that they can also waive some fees (e.g. application fees).
I know some people has complained that HSBC's internet banking is pretty bad, but I have managed to do most of my banking online with them and is reasonably happy.
I would probably take up the offer as other alternatives didn't seem to be that good, i.e.:
- ING is 3.99% (either through a broker or direct) - probably my second option, but I do quite a bit of International Banking with HSBC so the 0.06% difference may not matter so much.
- ANZ is 4.33%
- Ubank is 3.99% - no offset, only redraw facilities