HSBC Australia has signed a distribution agreement with online home loan platform Lendi and launched a new rate of 3.17% p.a. as it seeks to continue growing its share of the Australian mortgage market.
From today, customers will be able to access HSBC’s comprehensive range of basic and fully featured home loans through Lendi’s online platform.
Alice Del Vecchio, Head of Distribution for Retail Banking and Wealth Management at HSBC Australia said, “Mortgage brokers have generated a significant proportion of new home loans since 2017, when we signed our first broker partnership. Our competitive interest rates and ability to deal with complex client scenarios have been two of the factors underpinning the success we’ve had with brokers and customers alike.”
“We’ve become a significant lender for each of our broker partners, and we have the same expectation for our new partnership with Lendi,” Ms Del Vecchio said.
HSBC’s domestic mortgage book grew 35% in the year to 31 July 2019*. The addition of Lendi will extend HSBC’s reach further, building on its three existing mortgage broker partnerships and its national network of 40 branches.
“We work with thousands of borrowers every week to make sure they have access to the best home loan products available to suit their needs and we’re thrilled to have HSBC join our panel of more than 37 lenders,” said David Hyman, Co-founder and Managing Director at Lendi.
“We’re confident customers using Lendi’s online platform – whether they’re looking to get on the property ladder, considering an investment property or refinancing to help pay for renovations – will benefit from now having access to our range of home loans,” Ms Del Vecchio said.
TERMS AND CONDITIONS
1 The comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
2 Excludes LVR above 80%. Variable interest rate is current as at 19 August 2019 and is subject to change. Maximum loan amount is $7,500,000. Terms, conditions, and HSBC lending criteria applies. Credit provided by HSBC Bank Australia Limited ABN 48 006 434 162. Australian Credit Licence/AFSL 232595.
* The Australian Prudential Regulation Authority (APRA), Monthly Authorised Deposit-taking Insitution Statistics, July 2019.