HSBC Australia has signed a distribution agreement with home loan aggregator, Astute, and extended its two-year fixed rate home loan of 2.09% p.a2. for owner occupiers paying principal and interest due to a surge in customer demand for the product.
From today, customers will be able to access HSBC’s comprehensive range of basic and fully featured home loans through Astute’s network of financial professionals.
Alice Del Vecchio, Head of Distribution for Wealth and Personal Banking at HSBC Australia said: “Our domestic mortgage book has grown 14 per cent* over the past 12 months, and the addition of Astute will extend our reach even further by building on our existing broker partnerships and national network of 40 branches.
“While the softening property market and economic outlook are creating uncertainty for many Australians, demand for our home loans remains buoyant as more customers seek the repayment certainty that a fixed rate offers.
“In fact, over the past four months we’ve seen an almost 60 per cent increase in fixed rate home loans as borrowers readjusted their finances during the pandemic.”
HSBC has also launched a number of digital enhancements to simplify the broker experience over the past four months, introducing virtual interviews and facial recognition on identity verification to expedite the approval of home loans while maintaining social distancing.
“We’ve always used electronic ID verification on home loan applications. We’ve now introduced facial recognition software to allow customers to verify their ID with a quick selfie video and scan of their license or passport without having to visit their broker in person, go into the branch or a post office.
“We’re making further investments to strengthen the support and services we offer to brokers and our customers alike and hope to announce more innovations later this year,” said Ms Del Vecchio.
TERMS AND CONDITIONS
*The Australian Prudential Regulation Authority (APRA), Monthly Authorised Deposit-taking Insitution Statistics, June 2020.
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