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.
Fees:
$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
Does anyone know what HSBC's DTI ratio is ?
I ported out of HSBC 6 mths ago. Can I port back in on the deal
HSBC is the worst bank I've ever had the displeasure of dealing with. Won't up or down vote this post because a deal is a deal but fair warning to only refinance with them if you have plenty of time on your hands. They make your life extremely difficult when you try to refinance away from them - their settlement team took over 2 months to provide discharge authority, and then won't provide payout figures until the day of settlement. Ended up delaying our settlement by 3 weeks because they kept coming up with more admin requirements. Most stressful experience of my life.
Same experience here, please AVOID HSBC at all cost, AVOID the heartache.
Is this a honeymoon rate? Then reverts to the outrageous one in the table?
People, be careful what you're getting into, HSBC has one of the worse customer services to date and they're dodgy as *****, their verification process is ridiculous, BE WARNED!!!!!!!!!.
HSBC to pay $1.9 billion U.S. fine in money-laundering case
https://www.reuters.com/article/us-hsbc-probe-idUSBRE8BA05M2…
HSBC exits loss-making U.S. retail banking as part of Asia pivot
https://www.reuters.com/business/finance/hsbc-says-exit-us-r…
https://www.abc.net.au/news/2020-04-08/banking-giant-hsbc-fl….
Does anyone know what below fees would be?
When I applied, they did what they called a 'desktop valuation' which was free.
It depends how close to your borrowing limit they are if they will require a full valuation
My experience with hsbc has been excellent! 5 months ago refinanced with them. Split my loan 50/50. Fixed rate at 1.78% for 2 years. Variable at 2.45%. Since refinancing 5 months ago they have reduced my rate to their latest promo rate. First reduction to 2.19% and yesterday reduced to 1.97% variable just by me emailing my relationship manager. App took a bit of getting use to but it’s fine now. Customer service has been really good. Cannot fault! Happy customer!
Forgot to mention also got $3288 cashback within 60 days
How do you get a good relationship manager? Would you be so kind to recommend one? I've called twice requesting a call back and never received a call…
Is this for principal and interest loan?
I am interested in getting interest only loan.
I was on 2.44% with HSBC, enquired about this offer, was advised that this offer is for new customers only, but was given the 1.97% interest rate without the Cashback. I do feel bit shortchanged though.
You feel entitled to receive large random sums of money from a bank just for holding a loan with them?
Lol downvote away you vultures.
I do understand the negative votes, I only got a part of the advertised deal and I stated so, someone assumes I feels entitled to get free money, the "Free Money" is a part of the advertised deal, as an existing customer I did not get it at first which I understand, I did get reduced interest rate which was great but even better was getting a call today apologising for the miscommunication by an agent and was advised that I will be given the cashback, so an pleasant unexpected surprise from the initial communication with HSBC !
What is the best investment rate?
HSBC investment rate for us is 2.27%
I'm with loans.com .au and I have been really slack in managing my interest rates for over a year.
I called them today and they reduced my variable rate from 2.87% (I know, I know, I'm an idiot!) to 2.1%. My home loan account comes with offset account and no ongoing fees. Customer service has been pretty good the rare few times I've called. Their online replies are pretty prompt.
Any ozbargain opinion on whether 2.1% variable rate is good enough, or should I jump ship to HSBC to get that tempting Cashback offer? I don't really notice a difference with having an offset account vs a redraw account. Apart from having to wait an extra day or two to get the funds out, which hasn't really been a problem for me so far.
Edit: If I switched to HSBC, after all the discharge fees, valuation, est legal, land transfer fees, I would have about $1000 left.
That seems like a lot of fees, HSBC would only charge you $300 or so, is your other bank charging you $1,900 to exit?
I recently refinanced an investment loan under a family trust to HSBC and the fees totalled $964 for company processing fee, guarantor fee, trust structure fee, PPSR fee, search fee, mortgage registration fee and mortgage discharge fee. If the loan was under my name I estimate the fees would be around $500-600. Valuation and establishment fees were free of charge. Legal fees is up to the individual whether they want a solicitor to go through the loan docs.
Doh, my bad. I thought I had to include Land Transfer Fee which was $2200.
Without that, from what I can tell, these are the fees to refinance:
Discharge Fee $300
Application Fee $0 (HSBC promo)
Valuation Fee $220 (not sure how much HSBC will charge but that's what I was charged when I first refinanced)
Documentation Fee $150
Legal Fee $150 (estimated based on previous refinance)
Settlement Fee $0 (HSBC promo)
Total Fees $820
Remaining cashback = $2,468
Geez, that's definitely a lot more tempting. Anyone have any input on whether an offset account is worth it? :)
You're going to have to do some math on the offset.
Basically, is the offset going to reduce your interest cost more than a 0.1% differential in interest rates?
No body knows the answer unless you want to give random internet strangers your bank balance and mortgage amount info!
Mate what did you say to convince them to offer 2.1%? I'm with them as well currently on 2.49%.
Sorry for slow reply.
I called and told them I saw on HSBC website that they have 1.97% and cashback that would cover all cost of discharge and I would still come out ahead. I also added that I've had good experiences with their customer service and it would be nice to remain with them.
They said my rate of 2.87% was way above market interest rates and they could reduce it to 2.3% and I said, I guess that cashback and interest rate from HSBC is going to entice me after all! Can we start the discharge paperwork? Then they asked me to hold so they could discuss with their manager and they came back with their final offer of 2.1%.
I was willing to move and they could tell I was serious.
Hope this helps you reduce your rate!
Cool thanks for that, might try some of your tactics about considering switch baiting them!
Could you please let me know if that 2.1% is for residential or investment loan? I am with Loans.com.au as well. Thanks
Beware HSBC. Worst bank I’ve ever dealt with.
Will you get the free establishment and settlement fees via broker?
Has anyone else who signed up get a message to do identity verification at hsbc.idkit.co link? Seems suspicious as idkit.co is a non-existent site
I did sign up and had to do the id verification through that link.
I am with HSBC my rate was 2.29 I signed up about a month ago. I contacted the call centre and my RM both of them refused to reduce the rate. Its seems like their only intention is for new customer only.
Vote with your feet. Heaps of banks offering cashbacks atm.
Applied on 17/11 and approved on 28/11.
Pretty smooth process.
Currently, I am with CBA with 3.05% variable. I contacted the bank the bank on rate change and what they are offering is 2.83% variable and the fixed options are no where close to what is currently there in the market.
I was checking on the online lenders and tic toc seems to have reasonably low interest rates. Has anyone applied and received approval from them and what is the general experience of its customers.
For PAYG employee, what documents are being asked by HSBC?
Still waiting for a reply from my application.
Today the loan was settled but the deduction from the previous account was about $1,700 (including the exit fees $350 from Suncorp).
Is this about right? I was expecting the total fees are like less than $1,000.
They take some extra to make sure the previous loan is paid out. It'll all be evened out in the end, they should send you a calculation.
Anyone having trouble getting in touch with a relationship manager? I submitted an enquiry a few weeks ago.
I just handed in my application for 1.97% variable. But I am thinking to split into 1.88% fixed 2 years and 2.07% variable with offset.
I read on Mozo which says it has a $35 monthly service fee for fixed rate. Is it true?
And do I need to pay 2x package fees for splitting the loan & 2x discharge fee if I want to refinance to other banks in the future?
Any advice would be appreciated!
Filled up an online form and got a call from the RM who mentioned that they cannot offer 1.89% for 2 years anymore.. and the website needs updating. They will do 2.x% fixed for 2 years.
Surprising !
Anyone else with the same experience?
What were you quoted for 2 years fixed ?
I got 1.89% a few days ago! Call them and ask for their supervisor.
I submitted my applications right before my RM went holiday on 16/12. He said their new rate is 2.07% fixed for 2 years and advertised 1.89% on website is no longer available because HSBC will increase home loan rates in late January.
So I decided to split my loan 50%/50% with 2.07% fixed for 2 years and 2.07% variable with offset. (since I have some savings in offset).
Hope it helps.
I am wondering whether your home loan application has been approved. I submitted my application on 15/12 but still haven't heard back from my RM. Thanks!
I haven't heard of anything yet. Will give my RM a call tomorrow to find out what stage it is at.
@hohoisme: Thanks for letting me know. Just got an update from my RM today. My home loan application is still waiting to be picked up by the credit team.
=== Update ===
Just signed our loan contract today and RM said settlement will most likely to happen within 1-2 weeks. Hopefully it will be a painless process!
Is this deal still on?
No.
Yes extended until 31 Mar 2022
Is this still on ? 1.88 for 2 years ? Who do I contact ?
How long does it normally take to apply and get the loan refinanced? Mainly how long do they normally take to contact you after you click the enquire now button to set up the refinance?