Hey guys,
Looking at refinancing my Home loans (OO and Investment) and it seems like HSBC has the best fixed rates currently with a decent variable offset combination. For what I am after. I also have access to their corporate partner specials (which brings down all the management fees down to 0!)
https://www.hsbc.com.au/home-loans/products/premier-variable…
Has anyone had any home loans with them before? Good? Bad?
Thanks!
I find using a broker to be fairly average.
I haven't found one to have given me a deal that is competitive to what I am after. it seems to align more towards their gains rather then mine.
Hey, I've been with them for a year and a half via corporate program. My current rate is 2.78% variable with offset.
Their online banking sucks, but other than that it's been good.
the current variable offset for OO is 2.64% for corporate
2.09% fixed OO 2-3 years
2.39% fixed Investment 2-3 years
I think its best rates in the market right now.
My experience is exactly the same except being a customer of 3 years.
Recently found out that a mate also with HSBC was getting 2.70, so I called them and while they didn't do it no questions asked, it didn't take a lot of convincing to get them to match it (so jaybot maybe give them a call lol)
Haha, yeah I have been meaning to do it, this sounds promising
What do you mean by "Corporate Program"?
Is it like if you work in a specified place/industry you have access to this?
yes, i work for a company that has some special deal with HSBC.
To be clear the corporate benefit is -0.05% off variable OO rate
and no account fees, refinancing fees.
the rates listed above is available to public
We initially had our mortgage with HSBC but have transferred it to Bank Australia. HSBC's rates were not competitive and declined to match Bank Australia's offer that included an offset account.
I HATED their online banking as well as their app. They dont have PayID but do have Google Pay.
Overall we are glad to be rid of them.
I left them recently after 6 years. We had access to the corporate rates as well through our employer.
If you borrow more than $500k you get a dedicated relationship manager which is handy as you never have to deal with a call centre. The RM generally managed to knock a bit off our rates every year, and if you have complex lending needs they are great. I got rates about 0.5% better than anything in the market for a construction loan, and was able to pay off principal while doing so, which no one else offered.
If your lending needs are simple then it wasn't necessary though. I moved everything to TicToc recently as HSBC wouldn't match them. 2.39% variable OO with a $10 p/m offset and our investment loan is 2.52% fixed for 2 years (could do better than this now), but I don't care so much about our investment loan as it's pretty small and tax deductible. The OO rate is much better than HSBC's corporate rate and we have over $1m, so it saves a lot of cash every year.
HSBCs internet banking and mobile ap is pretty garbage. TicTocs (Adelaide Bank in the back end) looks old school, but in reality is very simple and intuitive, and I prefer it to any other bank's I have had (CBA/ANZ/HSBC/Citibank).
Hey teknikal,
Broker here, there's lenders I work with offering 2.19% with 100% offset.
Thanks, Aidan.
Every bank/consumer org will have good or bad reviews…
As long as they are an approved lender - you need the rest to be done yourselves. Fees, rates, charges, accessibility, repayment including paying back extra , customer service etc. You can try their call centre to see how long they take to answer these days to get an idea of customer service..
I prefer using a broker for all these reasons…but my friend has his home loan with HSBC and he is happy with them