Following the change, HSBC’s Home Value owner occupied principal and interest will be 3.27% p.a.* (comparison rate 3.28% p.a.), making it one of the most competitive rates available in the market.
All variable rate reductions are for new and existing loans, and are effective from Monday, 22 July 2019.
An HSBC Australia spokesperson said:
"In making this decision, we have carefully considered the needs of both our home loans and savings customers. With one of the lowest variable home loan rates available in the market, we are continuing to focus on offering home-buyers great value and exceptional service.
“With rates reaching historically low levels, we encourage new and prospective customers to speak with us in branch, on the phone or via one of our broker partners about their home buying or refinancing ambitions.”
* New borrowings from $50,000 when applying by 31 July 2019, Terms and Conditions and lending criteria apply.