24 March 2020

Support for customers impacted by COVID-19

HSBC Australia has outlined new measures to help customers who are experiencing disruption to their financial affairs as a result of COVID-19.

These new measures include:

  • A 0.50% reduction in one, two and three-year Premier fixed rate home loans for owner occupiers paying principal and interest. The new fixed rates of 2.25% p.a. for each of these periods will be available from Monday 30 March. Our standard fees will be waived for existing home loan customers who wish to switch from a standard variable rate to a fixed rate product. Excludes LVR above 80%.
  • Standard variable rates across our home loan products will be maintained at existing levels. HSBC’s headline Home Value home loan is among the lowest in the market at 2.65% p.a.
  • A new 12-month personal AUD term deposit rate of 1.70% p.a. will be available to both new and existing eligible customers from 30 March.
  • The potential to defer home loan, personal loan and credit card repayments by up to six months.
  • Personal banking customers may apply for a temporary credit limit increase on their HSBC credit cards if needed.
  • The standard interest rate reduction and $30 administration fee will be waived if retail customers negatively affected by current circumstances need to access a term deposit prior to maturity.

Kaber McLean, Chief Executive Officer for HSBC Australia said: “At a time when many Australians are worried about the health and financial impacts of the outbreak, we have a responsibility to support our customers, our people and the local economy.

“These new steps are in addition to the individual support we’ve offered wholesale customers and are designed to bring relief to those under stress from the economic fallout of COVID-19.

“I would encourage any personal banking or wholesale customers who are experiencing hardship to contact us so that our team can discuss the most appropriate solutions for their circumstances.”

HSBC Australia’s branches and support services are operating with additional measures to protect the health and wellbeing of colleagues and customers.

Customers can access banking services in-branch, through our website and via our mobile app. They can also contact their relationship managers or our contact centre.

Media enquiries:

Ashleigh Baines
T: +61 2 9255 2385
M: +61 466 939 408
Email: ashleigh.baines@hsbc.com.au