3 October 2019

HSBC Australia announces changes to home loan interest rates

Following the Reserve Bank of Australia’s (RBA) decision to reduce the official cash rate, HSBC has confirmed that it will decrease variable home loan interest rates by between 0.15% p.a. and 0.20% p.a.

This rate change will see HSBC’s popular Home Value owner occupied paying principal and interest decrease to 3.02% p.a.* (comparison rate 3.04% p.a.), making it one of the most competitive rates available in the market.

New standard variable rates (SVR)

  • Owner Occupied Principal and Interest SVR home loans reduced by 0.15% p.a. to 4.76% p.a.
  • Owner Occupied Interest Only SVR home loan reduced by 0.15% p.a. to 4.76% p.a.
  • Investor Principal and Interest SVR home loan reduced by 0.15% p.a. to 5.38% p.a.
  • Investor Interest Only SVR home loan reduced by 0.20% p.a. to 5.63% p.a.

All variable rate reductions are for new and existing loans, and are effective from Monday 21 October 2019.

Head of Retail Banking and Wealth Management for HSBC Australia, Jessica Power said:

“In making this decision, we carefully considered the needs of both our home loans and savings customers.

“Our current home loan rate at HSBC is already one of the lowest rates available in the market. By decreasing it even further, we’re continuing our focus on offering homebuyers great value and exceptional service.

“Customers looking to buy, renovate or refinance should speak to our team in branch, over the phone or online and see how they can take advantage of these historic low rates,” Ms Power said.

For more information, contact HSBC’s local mortgage experts who specialise in owner-occupied and investment loans, and who can also help with your broader financial needs. Customers can enquire in-branch, over the phone or via one of our broker partners.

* New borrowings from $50,000 when applying by 30 November 2019, Terms and Conditions and lending criteria apply.

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