HSBC joins the below 3% club on its fixed home loan rates
Forget fixed rate home loans with rates above 3%, the new competitive rate you should know about starts with the number 2.
Last week, HSBC announced that it’ll be cutting its 3-year fixed home loan to an impressive 2.75% (3.45% comparison rate*).
This hot offer is available on the HSBC Premier Fixed Rate Home Loan, for new customers looking to borrow above $50,000.
HSBC’s new and improved 3-year fixed interest rate is only available for owner-occupiers making principal and interest repayments, aligning it with the existing 1-year and 2-year fixed rates, which both sit at 2.75% as well.
“Locking in an interest rate can help first home buyers and existing borrowers stay on top of their finances, providing certainty over cashflow,” HSBC Australia’s Head of Retail Banking and Wealth Management, Jessica Power said.
Just remember, you can only seal the deal on this competitive rate if you apply before the end of the year - the 31st of December 2019 to be exact!
Where else can I find a fixed home loan rates under 3%?
It’s no secret that since the multiple RBA cuts this year lenders have been quick to make adjustments to many of their fixed rate home loans.
Among some of the lenders who are now sitting pretty under the 3% mark after making cuts this month are online lenders like Tic:toc with a 2.84% (2.92% comparison rate*) 3 year fixed rate, ME Bank with a 2.88% (3.96% comparison rate*) 2 year fixed rate and UBank with the lowest 3 year fixed rate in the Mozo database at 2.69% (3.19 comparison rate*).
With many Aussie lenders opting to dump the big four in search of a better home loan deal, it might be time you got picky about your rate.
RELATED ARTICLE: October RBA cut final straw for big four customers, finds latest Mozo research
So if you’re not ready to sign the dotted line just yet, shop around using our home loan comparison tool or check out other fixed rate home loans offering killer deals below.
Fixed home loan comparisons on Mozo
-
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.45% p.a.*)
2 years - 5.69% p.a. (6.34% p.a.*)
3 years - 5.69% p.a. (6.28% p.a.*)
4 years - 5.89% p.a. (6.30% p.a.*)
5 years - 5.89% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.34% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,899
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
5.74
%
p.a.
Fixed 3 years
- Comparison rate
-
6.81
%
p.a.
- Initial monthly repayment
-
$2,915
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- interest rate
-
1 year - 6.14% p.a. (7.13% p.a.*)
2 years - 5.74% p.a. (6.94% p.a.*)
3 years - 5.74% p.a. (6.81% p.a.*)
4 years - 5.89% p.a. (6.75% p.a.*)
5 years - 5.99% p.a. (6.69% p.a.*)
- Fixed loan revert rate
-
7.24% p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge Fee
-
$160.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,915
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
No monthly fee after end of fixed rate term. Lock your fixed rate for 90 days for a fee of $750 per $1m in lending (or part thereof).
- Special Offers
-
$3,000 cashback for eligible First Home Buyers borrowing $250k+, $2,000 cashback when you refinance loans of $250k+, <80% LVR, settle within 180 days for first home buyers, 120 days for refinances. Excludes refinances from ANZ, ANZ Plus and Suncorp.
Read reviews and learn more about ANZ home loans
Interested in an ANZ home loan? Lendi specialists can help you refinance your home loan.
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Your selected home loans
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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