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HSBC Home Value Loan - 1.97% Variable Rate (1.98% Comparison Rate, Excludes LVR above 70%) + $3288 Cashback for Refinancing

  • Unlimited free extra repayments
  • Flexibility to redraw additional payments for free
  • No ongoing monthly service fee

Receive $3,288 cashback - Available on refinance applications (minimum $250,000) submitted to HSBC from 15 February 2021 to 31 December 2021 and settle by 28 February 2022.

$600 Establishment Fee ($0 with promotional offer)
$150 Settlement Fee ($0 with promotional offer)
Valuation Fee quoted on application
$300 variation fee for changes to your loan

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  • +7

    Time to talk to my bank again.

    • +6

      I’m with UBank and they won’t budge, insisting that 2.19% is the lowest rate they can offer for both new and existing customers

      • "Rate applies for new customers only." (ubank)

        • +3

          Yes but you could negotiate and ask them to match the rate (2.19%)

          • @makeorbreak: Same with NAB. On variable and rate reduced from 2.69 to 2.29 but they will only let me go down to 2.44.

          • +2

            @makeorbreak: thanks didnt think that would work as it specified new only… might have to shoot them a message.

            • @wisc: Provided you have good repayment history pretty sure they’re more than happy to lower your rate to 2.19% 😄

        • +3

          I am with Athena… they offer 1.99% with 40% deposit… but this cashback is really good…
          again after seen what most of the banks do after introduce rate, I still feel to stay with Athena… because they always match new rate to existing customers.

          • @Kas: Shame Athena don't have fixed rates. That will definitely come in handy sooner rather than later.

            • @cute as ducks: Why not, they have…
              but their fixed rates are ridicules, better they would rather not have it.

            • @cute as ducks: Athena has fixed rates now, they introduced them just recently. They will continue to build on more features as they go.

              Athena are the way to go in my opinion. Get yourself off the mortgage merry-go-round and stick with the lender that just gives you their best rate all the time.

              • @RogerWilco4: Does Athena include a government-guaranteed 100% offset account with their loans? And I mean offset as in a legally separate deposit account, not a sub-account or craftily-named 'offset facility' that they can suck dry if they choose to. I only ask because I can't find this info elsewhere and many non-bank lenders seem to be selling what is effectively redraw, but calling it 'offset'. Any guidance appreciated!

                • @eggboi: For sooooooo long Athena has been saying 'offset is coming'
                  Not sure it will ever happen

                • @eggboi: They have just announced offset is coming soon - no details at this stage

          • +2

            @Kas: If you do some calculations, you could switch, claim the rewards and still be on top. I sacrificed a lower rate for a $4000 Cashback and if I switch before 4 years, I'm still ahead.

            • @crackman: Yes, I agree with you…. thanks… need to do some calculations.

      • +1

        Hey mate, I am with Ubank and recently (within the last month) called them and quoted Athena's 1.99% variable and questioned whether they would match it and they did.

        • +2

          Hmmm so they lied to me then. Thanks for letting me know, I’ll try my luck tomorrow

        • I can confirm this as well. They would match 1.99% but I could not get them to do any lower.

      • I’m moving to Bank Australia. 2.05% locked for 3 years.

    • +5

      I just spoke to my bank (ING) this morning. My current variable rate was 2.83% I said I'd spoken to my broker and was leaving for a better rate elsewhere. (I hadn't spoken to anyone but had Macquarie in mind who was offering 2.14%) Without me even asking, ING offered me a rate of 2.14% Good rate cut for a 15 minute call. Currently 12 years through my 30 year loan.

      • -3

        If you are 12 years means, I am pretty sure, you already paid above 40%, so why don't you think about Athena.. they offer 1.99% with 60% LVR. If you are interested let me know…

      • +2

        ING's current promotional variable rate is 2.04%
        They're for new customers only, but I'd try push them further with that one.

        • +2

          In my experience, ING never match the new rate for existing customers.
          And usually need to talk to mortgage retention team to actually get any reduction.

      • +3

        Thankyou! I just got off the phone with ING and after sending me the discharge forms they put me through to the retentions team and they offered 2.04% P&I + 100% Offset which I believe a previous poster mentioned is equal to their new loans promotional rate.

        I've been lazy with the mortgage the last few years so this brought the interest rate down from 3.14% to 2.04%. Very happy about that.

        • +1

          ING often just send you the discharge forms without lowering their rates for existing cusmtomers. The best one can get is usually current promotional rate+0.10%, without going through the retention team. And most of the times, you won't get the new customers' rate even with retention. Maybe this time, they're feeling guilty by charging you 0.5 to 1% more than their new customers' rates for the last few years.

      • +1

        Banks don’t need loyal customers. Refinance every two years or so to pocket the cashback. You can use a good broker to help with the paperwork.

      • +2

        my ING P&I loan with 100% offset account was at 2.64%. I phoned up and they have dropped it to 2.09% when asked for their best rate before I jump ship to HSBC.

        Took about 5 minutes once speaking to someone for it all to be done and dusted (but another 30 minutes on hold waiting to get to a real person).

      • +2

        If you're not refinancing every two years making the most of these cashbacks you're doing it all wrong. Don't trust ozbargain mortgage brokers lol …

  • how's HSBC servo?

    • +8


      • +2

        How fast is their redraw?

        • +9

          I just left them. Redraw in app is instant, but app is shit…

          • @vovikdrg: Was the “instant” redraw to an HSBC savings account, or another bank?

            • +2

              @makeorbreak: Redraw immediately to everyday global account which is usually setup alongside the mortgage account

            • +1

              @makeorbreak: To HSBC, to other bank it take at least 1 business day…

    • +4

      Really bad.

    • What's servo? Borrowing power?

      • customer service

  • +1

    These banks love giving away free money

    • +2

      Less than the commission for a broker to bring them a new customer. Going direct = commission to you instead.

      • Very true.

      • +3

        Not true. You get the cashback whether it's with a Broker or direct.

  • +11

    Look at the way fixed rates are going at 3-4 years. Banks know rates are going up and want you in for when it does

    • Well said

    • yes it's going up undeniably, the real question is when?

  • +10

    HSBC 2.07% variable with offset offer link here. $3288 cashback.

    • 2.52% CR

      Benefit from a discount on the standard variable rate with the HSBC Home Loan Package, and for one annual fee of $390 you also enjoy:
      $0 Establishment Fee
      $0 Valuation Fee
      $0 Settlement Fee

  • +1

    My current Investment loan with Macquarie is : $600k
    2yrs fixed P&I, 30 yrs term
    Just started 6 months before.

    Total fees for exit from Macquarie Bank is….

    Discharge Fees : $400 (fixed)
    Break Cost : $319.91 (which changes daily)
    == $719.91 (as of today)

    Looking to switch to another bank which is currently giving better rate and cashback. What are my options?

    • Investment loans are not getting much love. What LVR?

  • HSBC has spilt loan?

  • Minimum refinance of $250,000.

    • So what options exist for those of us who's mortgages are sub-250k? Every single refinancing deal I've seen is "minimum loan 250,000".

      • Increase your loan under the premise of a holiday/home renovations have a look online but you can give reasons like that and as long as you can service the loan banks normally are happy. Might need to have building plans if you mistakenly say extensive renovations and the bank gets scared you are going to devalue the house.

        Regardless, once you get the increased loan amount and withdraw it in cash, switch banks and just chuck the money straight back in (unless you want that holiday…).

        • I always refinance to 80% of current valuation; they pay out the old mortage and I have $x available for redraw just in case I ever need it.
          I've never been asked why I'm doing it.

  • Say I were looking to sell my place next year and my loans are currently fixed for many years. Would it be worthwhile swapping over to this, getting the cashback and then selling?

    • The fact that you're fixed now may make it very expensive now to either sell or refinance

    • You should check with your bank to estimate the break costs as it can be significant

      • +2

        I’ve been locked in at 1.99 for 4 years - surely I can be seen to be doing them a favour here? Thanks for the insight though

        • +1

          What favour?

          • +3

            @stockastics: With interest rates rising, they’d be able to get a better interest % from the amount they lent me?

            • -2

              @mcbargainmeal: You are not doing them a favour. They are lending you the money, not the other way around.. rates are not going down, they are going up..

              • +5

                @stockastics: sorry a few amateur comments here.

                "Mcbargainmeal" comments are 100% valid as break costs may be zero on a 1.99% longer fixed term rate now. Your lender may give you a break fee figure now "mcbargainmeal" to test you however try again in a month or two, seen it with a friend who's first try was a fee about 6 weeks ago, however, just last week no break costs.

    • Interested to hear what your break fee was quoted at if you do enquire

  • +2

    Good rate. Not 100% sure if they use the same app for transaction/mortgage accounts as they do credit card, but I assume so. In which case it's shit :) Still might we worth the hassle for $3288 and a competitive rate.

    In the process right now of refinancing to HSBC. Split loan, 1.88 2y fixed and 2.29 var, no offset. Through a broker. AMA

    • Their featured rate was 2.07% for on the Standard Variable Rate Home Loan (which includes an offset). How did you go about it?

      • We opted not to have offset. Hsbc is weird, they have a premium package for the fixed rate and then another one for variable. The package on the fixed rate offers a discounted rate (1.88 for us), the variable one offers the offset. We didn't want to pay two package fees and don't require offset.

        In regards to the lower variable rate, we are settling the loan this week and our broker said we 'might' get 2.07, despite applying a week or so before that offer started

  • is it time to look at fixed rates?

    • 1.99 anz fixed 1yr with offset and BreakFree package ($395)

      No cashback though

  • I refinanced with them recently and got 2.19%. Will they reduce the rate for me? Anybody knows this?

    • No harm giving them a call tomorrow to see if they’re willing to match this offer

      • Will chat with my RM tomorrow. Haven’t even been charged with the first repayment yet. If they won’t do it, will take my business elsewhere.

        • I also refinanced with them recently (2 months ago max) and am on 2.19% variable. I will give them a call to try find out too. I'll update here if i find out anything.

          • +2

            @moomeow: I emailed my RM this morning and she spoke with rates team. They have reduced my rate to 1.97 but it will be effective from mid next month.

    • Usually they'd be willing to do a rate review every 6 months if you pester them or your broker

      • Not yet. I settled on 18th October and as per my settlement letter it should be before 18 December. So waiting.

    • Have you got your cash back yet? Its been a month still waiting for cashback.

      • Recently settled with HSBC, on the final documents it said cashback can take up to two months to be paid.

    • We refinanced recently as well. Emailed them as soon as we saw this OzB post. They were able to honour the 1.97% rate :-) We haven't received cashback yet.

  • Is anyone currently with CBA and has asked CBA to price match with HSBC ?

    • Yep, they didn’t, 2.55 is the lowest they went (inc employee discount)

      • On wealth package? Being sucked dry with 3.3% atm, 5.5 years in

        • +2

          CBA are SCAMMERS, I'm leaving them for good this time

      • Did u call them to price match ? I am with CBA for 2.5 years atm, variable wealth package.

      • I’m on 2.29% variable with CBA. Recently refinanced and $2k cashback.

      • Currently 2.78% on the Wealth Package and a separate construction loan at 1.94% for 2 years

      • Likewise, scumbags wouldn't move. Time to go elsewhere.

    • +1

      Just got off the phone with CBA. I'm on the Wealth Package and negotiated down from 3.05% to 2.70%. The big four will always be not as accommodating as other banks they've got too much market share.

      • I have been offered 2.65 from 3.05%.

        However, I have to go from 3.05 % Extra Home Loan to Standard variable 2.65% and $395/year wealth package fee, Which would end up having 2.75% roughly.

        I can have offset account too with standard variable. Just wondering, Do I have to separate pay any fee to keep offset account ? PS: I didn’t have any offset account before.

        TBH not sure what to do.
        Any suggestions!!

    • +10

      And you think Aussie banks don’t? All been recently fined

  • +1

    Recently locked in 3 years at 1.86%, happy with that.

    • +1

      which bank? through broker?

    • +1

      Which bank, I am interested too

    • +1

      Which bank is that. Do they provide construction loan?

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