HSBC cuts two-year fixed-rates to 4.59%
HSBC has cut its two-year fixed rates for new home loans to 4.59%.
This is the lowest fixed-rate offering in Australia, according to InfoChoice and Cannex.
To qualify, applications must be submit their applications by July 22.
HSBC has also cut its three and five-year fixed rates to 4.79% and 5.09% respectively for new and existing customers.
The rate cut comes as Mortgage Choice reported that nearly a third of mortgage approvals in May were for fixed-rate home loans.
“The easing in wholesale funding costs has also meant we can offer some of the lowest three and five year fixed-rates to our customers across the board,” says Alice Del Vecchio, head of mortgages for HSBC Australia.
HSBC also offers a 4.99% variable rate home loan.
“With fixed rates like these well below standard variable rates, now is a great time for borrowers to consider fixing or splitting their home loan between fixed and variable rates to get the best of both worlds. It’s a fantastic combination of certainty and value,” says Del Vecchio.HSBC’s fixed rates are as follows:
2-year fixed rate 4.59%
3-year fixed rate 4.79%
5-year fixed rate 5.09%