HSBC cuts three home loan rate offers with some new 3.95% ‘specials’, restoring its market-leading positions after others had moved to challenge it

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HSBC has launched some “summer specials”, pricing them at 3.95%.

These apply to their one, two and three year fixed terms.

They represent a trim of -4 bps for one, -24 bps for two years, and a more substantial cut of -74 bps for three years.

HSBC Premier rates have been the market leader for low rates for a long time. But recently others including Kiwibank and Westpac have been offering sub-4% rates as well, matching their standard Premier rates at 3.99%.

Today’s move restores their market-leading position, and widens it.

This change is effective today (Friday) and are described by the banks as “being offered for a strictly limited time to new HSBC Premier customers, and existing HSBC Premier customers who borrow an additional $100,000 or more”.

HSBC however has not changed its 3.99% eighteen month offer.

An individual can qualify to become an HSBC Premier customer either via a minimum combined home loan of $500,000, or $100,000 in savings and investments with HSBC New Zealand.

Today’s change comes after the Co-operative Bank lower some rates yesterday too, also achieving market-leading positions for other terms.

Today’s change also comes as wholesale rates dipped significantly lower yesterday, reaching record all-time low levels for most durations less than ten years.

See all banks’ carded, or advertised, home loan interest rates here.

Here is the full snapshot of the advertised fixed-term rates on offer from the key retail banks.

below 80% LVR6 mths 1 yr 18 mth 2 yrs  3 yrs 4 yrs 5 yrs 
as at February 8, 2019%%%%%%%
        
ANZ4.994.054.194.294.495.555.69
ASB4.954.054.194.294.494.955.09
4.994.104.794.294.495.195.39
Kiwibank4.994.05 3.994.494.995.09
Westpac4.993.994.094.294.595.295.49
        
4.054.054.294.294.494.894.99
HSBC4.853.953.993.953.954.995.29
HSBC4.994.054.494.294.494.995.09
4.854.054.194.254.494.954.99

In addition to the above table, BNZ has a fixed seven year rate of 5.95%. TSB no longer has a 10 year offer.

Fixed mortgage rates

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