Your selected home loans
HSBC offers a range of home loans in Australia, starting with the Home Value Loan (Variable) for those looking for a simple option with a compelling interest rate. There’s also the Standard Variable Rate Home Loan which adds an offset account, and the Fixed Rate Home Loan if you want to limit your vulnerability to potential rate rises.
Mozo Experts Choice 2024 award winner
Competitive interest rates across the board
Unlimited free extra repayments
Free redraws
No offset account
$300 variation fee
$300 discharge fee
HSBC’s Home Value Loan walked away with a Mozo Experts Choice Award for Low Cost Home Loan in 2024, and that’s all thanks to its highly competitive interest rates across the board.
Those with a deposit of at least 20% – which gives you a loan-to-value ratio (LVR) of 80% – can access a variable rate of 6.09% p.a. That’s substantially lower than the current average variable rate of 6.75% p.a. (as at 15 October, 2024).
HSBC is even more compelling for those with a deposit of 40% or more, as an LVR of 60% or less will get you down to a variable rate of 5.99% p.a. – that could make it a good option for those looking to refinance.
The drawbacks are that there’s no offset account attached to this loan, and there are fees you should be aware of before applying. For instance, you’ll need to pay a $300 variation fee anytime you make changes to your loan, and HSBC will pass on the cost of your property valuation to you.
While it doesn’t come with an offset account, borrowers can benefit by making extra repayments at no cost, with the ability to redraw those additional payments anytime without penalty.
Get repayment certainty with HSBC’s low 2 Year Fixed Rate Home Loan. Make up to $10,000 of extra repayments a year. The option to split your home loan between fixed and variable. Plus, score $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 28 February 2023 and settle by 30 April 2023.
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Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan. Minimum loan amount of $250,000, settle within 120 days from applying.
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Your selected home loans
Please check statements very carefully. An error occurred with my homeloan ( wrong MMR applied and then another spontaneous error while they were looking into initial errors) End result was they raised rather than lowered my credit limit (ie added to my loan) on several occasions. I detected errors. Their system did not which is hard to believe. Due to the deplorable customer service (no call backs, waiting on line for 1 to 2hrs with no pick up, no reply to email, wrong advice given on online chat function, delays on their end once official complaint made) its now many months later and despite acknowledging errors occurred my account was still not corrected. I have refinanced away from them. If you have a home loan with them please check statements very carefully and have a low threshold for escalating concerns as their homeloans lack checks and balances to detect quite major errors.
HSBC offered me a really good rate for my home loan as well as a sign up bonus, they have been really good so far although the quality of their website and app really needs to be improved.
Internet banking OK. App is good. As soon as you have to speak to someone, it is horrible.
HSBC have been easy to deal with and helpful in every way possible. Their customer service is friendly and professional. Their products are flexible and they are always interested in how to improve their service. They outrate all the other banks we have ever been with by a country mile!
Refinanced with HSBC with a refinance offer. Was generally an ok refinance process with a few issues along the way but nothing major. The website itself and app are horrendous. Much worse than other banks I've used and no support for basic things like PayID. Customer Service has also been fairly hit and miss. Lots of promises and talk of doing things for me but have to constantly chase them up or just have issues unresolved. Not very happy with them.
Hey there, fellow banking enthusiasts! Let's dive into my HSBC Bank review, sharing why you might like or dislike this financial titan. Here are the pros and cons you should know: Pros: 1. **Jet-Setter's Paradise:** If you're a globetrotter or dream of international ventures, HSBC's global presence ensures you'll never feel stranded far from home. 2. **Product Wonderland:** HSBC's got you covered with a wide range of financial goodies – from snazzy savings accounts to investment options that'll make your wallet dance. 3. **Tech Savvy at Your Fingertips:** Say goodbye to queue nightmares! HSBC's online and mobile banking platforms make handling finances a cakewalk. 4. **VIP Treatment:** Bigwig clients, take note! HSBC's wealth management services cater to your swanky financial demands. Cons: 1. **Branch Locator Quest:** If you crave face-to-face interactions, HSBC's physical branches might not be as numerous as your neighborhood bank's. 2. **Hit-or-Miss Service:** While many folks enjoy seamless service, a few grumble about customer service hiccups now and then. 3. **Fee Frenzy Alert:** Keep your magnifying glass handy! Some services come with higher fees, so peek into the fine print to dodge those pesky surprises. 4. **Budget-Conscious Blues:** Pinching pennies? HSBC's products might demand a tad higher minimum balance than your frugal heart desires. In a nutshell, HSBC's global appeal and product variety make it an attractive choice, but the limited branches and customer service quirks might sway your opinion. Take a moment to mull over your specific needs and match them with this review to find your perfect banking match. Happy banking, folks! May your financial journey be one for the books!
Extended on our current home loan. Was the most frustrating time consuming process
I like this bank but the processing times are huge... refinanced my homeloans to geta better rate but the time all the paperwork was done the rate was the same as what ended up with.
The worst loan approval process ever experienced. I am a HSBC customer with an existing home loan and the interest only period was about to expire so I went through the application process for a new loan. That was six months ago and my loan still hasn’t been approved. Each month is a new request for more information, more forms and more support documentation. It’s just ridiculous and no end in sight.
HSBC Australia is a subsidiary of international bank HSBC. It began operating in Australia in 1965, and was awarded a commercial licence in 1986. HSBC now has a small number of branches and offices in Sydney, Melbourne, Brisbane and Perth.
HSBC’s home loans allow you to borrow anywhere from $50,000 up to $15 million, subject to approval.
If you’re looking for a HSBC home loan with an offset account, it’s available with the bank’s Standard Variable Rate Home Loan.
If you’re experiencing financial hardship, HSBC can work with you to offer some relief. One option available to you is a home loan repayment holiday, which is when your lender temporarily pauses payments on your mortgage.
A split home loan is when your loan is separated into two portions – one with a fixed interest rate and the other with a variable interest rate.
HSBC does offer split home loans, so speak to your home loan representative if it’s something you’re interested in.
* 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.
^See information about the Mozo Experts Choice Home Loan Awards
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