Established in 1865, HSBC Group hopes to bring people, ideas, and capital together to help create a better world for its customers, employees, investors, communities, and “the planet we all share”.
HSBC set up shop in Australia in 1965, developing its products locally to suit Australian consumers. Being one of the world’s largest banking and financial services organisations, HSBC also spans across the world over 64 countries and territories.
“Today, (HSBC) provides market leading fixed rate and variable rate home loans across 38 branches and broker partners,” a HSBC spokesperson told Savings.com.au.
HSBC home loan products
HSBC offers “the full suite of home loans”, with “market leading and competitive” variable rate home loans, packages with 100% offset accounts, free redraw facilities, and more notable features.
For instance, its ‘Home Value’ variable rate home loan has a low variable rate of 1.97% p.a. (1.98% comparison rate), with free extra repayments and no ongoing monthly service fee.
The bank also offers home loans with the ability to use the equity in your home; fixed rates that you can lock in for up to five years; and an interest-only line of credit home loan with no fixed term.
Here’s a snapshot of HSBC’s home loans for owner occupiers and investors:
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.74% p.a. | 6.46% p.a. | $2,915 | Principal & Interest | Fixed | $390 | $0 | 80% | |||||||||||||
5.74% p.a. | 6.51% p.a. | $2,915 | Principal & Interest | Fixed | $390 | $0 | 80% | |||||||||||||
5.74% p.a. | 6.42% p.a. | $2,915 | Principal & Interest | Fixed | $390 | $0 | 80% | |||||||||||||
5.74% p.a. | 6.39% p.a. | $2,915 | Principal & Interest | Fixed | $390 | $0 | 80% | |||||||||||||
5.94% p.a. | 6.62% p.a. | $2,978 | Principal & Interest | Fixed | $390 | $0 | 80% | |||||||||||||
5.94% p.a. | 6.57% p.a. | $2,978 | Principal & Interest | Fixed | $390 | $0 | 80% | |||||||||||||
5.94% p.a. | 6.58% p.a. | $2,978 | Principal & Interest | Fixed | $390 | $0 | 80% | |||||||||||||
5.94% p.a. | 6.66% p.a. | $2,978 | Principal & Interest | Fixed | $390 | $0 | 80% | |||||||||||||
5.94% p.a. | 6.70% p.a. | $2,978 | Principal & Interest | Fixed | $390 | $0 | 80% | |||||||||||||
5.99% p.a. | 5.99% p.a. | $2,995 | Principal & Interest | Variable | $null | $null | 60% |
HSBC home loan features: Flexible mortgages with benefits
HSBC offers a number of key features with its mortgage products.
It’s currently running a $3,288 cashback for external refinances until the end of 2021 (eligible for applications between 15 February and 31 December 2021 and settled by 28 February 2022, conditions apply).
The bank also offers unlimited additional repayments on certain home loans, unlimited redraws, and no ongoing monthly fees on its Home Value home loan.
Flexibility is key as you can schedule your repayments to the timing of your income; whether that be weekly, fortnightly, or monthly. Standard variable rate loans come with an 100% offset account.
From additional repayments to its offset accounts, there are a number of ways for HSBC customers to save on interest charges and pay off your loan faster.
Some HSBC loans let you split between a fixed and variable interest rate, “giving you the best of both worlds”.
Additionally, HSBC’s Home Loan Package offers discounted rates and waived fees - this is only available for certain products.
“Customers who qualify for Premier can access a dedicated Relationship Manager as well as wider worldwide Premier benefits,” a HSBC spokesperson said.
‘Market leading, award-winning bank’
When asked why someone should choose HSBC over another bank, HSBC cited its market leading products and international expertise.
The bank’s award-winning Everyday Global transaction account, credit cards, deposits, and personal loans are among its market leading products on offer; not to mention its low-rate mortgages.
Additionally, since HSBC has a global presence, it says it uses its ‘unique’ expertise, capabilities, breadth, and perspectives to “open up a world of opportunity for its customers”.
How to apply for an HSBC home loan
You must meet the lending requirements before applying for a mortgage with HSBC. Generally, you need to be:
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At least 18 years old;
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An Australian citizen or permanent resident
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Employed or earning a steady income
Depending on the loan, you might also need a clean credit history.
You can apply for a mortgage on the HSBC website. You can also speak with a mortgage expert on 1300 694 722 or visit a branch.
Documents needed
You will generally need to supply the following documents:
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Personal ID such as your driver’s license, passport, or Medicare card
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Payslips and proof of other sources of income
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Asset and liability documents
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Proof of savings, term deposits, managed funds etc.
Image by Jose G Ortega Castro on Unsplash
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