HSBC Home Equity Loan (Premier)

3.93% p.a.

n/a

$35.00 monthly

HSBC Home Equity Loan (Premier) Review

Review published: 1 June 2017

What's hot:

  • 3.93% low variable rate

  • No application fee

  • Available to borrowers looking for a line of credit with 20% equity

  • 2017 Mozo Experts Choice Awards winner - Best Home Loan Package

What's not:

  • $35 monthly service fee

  • $300 discharge fee

Mozo snapshot:

The Home Equity loan (Premier) from HSBC has a low rate of 3.93% with no application or upfront fees and unlimited free monthly withdrawals from their line of credit facility. This loan could be your match if you’re an owner occupier looking to unlock the equity in your home and borrow a large amount of money with flexible repayment options.

Key features:

With the HSBC Home Equity Loan, borrowers can set up a line of credit facility starting from just $50k, however it is only available if you’re an owner occupier with an LVR up to 80% (or at least 20% equity in your home). When it comes to fees all you’ll pay is the $150 settlement fee upfront, but there is a monthly service fee of $35, as well as a $300 discharge fee. 

You can borrow up to $1,000,000 and there are no set repayments which gives you the flexibility to make loan repayments at any time. The HSBC Home Equity Loan (Premier) also comes with unlimited free monthly withdrawals, which may be made via a range of options including ATM, EFTPOS, BPAY, phone/internet banking and Bank@Post. You’ll also have the option to split your loan between variable and fixed.

Who it's good for:

This loan is good for owner occupiers looking to access the equity that they’ve built up in their home and with the flexibility of no set terms to repay their mortgage.

 

Any catches?

With no set repayment requirements, you could end up paying a hefty amount of interest down the track, so it’s important to eventually pay back your debt by setting up a direct debit to coincide with payday. 

The Mozo community has not yet rated HSBC for this home loan.

Rates

  • 3.93% p.a.

  • n/a

  • 0 Months

  • none

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • none

  • none

  • $35.00 monthly

  • $300.00

Other financial bits

  • $50,000

  • $1,000,000

  • none

  • 80.00%

Features

  • Owner Occupier

  • No set repayments

  • No set repayments

  • n/a

  • no

  • n/a

  • none

  • yes

  • no

  • none

  • Unlimited free withdrawals per month. Transact on the loan via ATM, EFTPOS, BPAY, phone / internet banking and Bank@Post.

About HSBC

HSBC in Australia is part of the HSBC Group, one of the world's largest banking and financial services organisations. HSBC has products for every money need you can think of, including savings accounts and term deposits for your day-to-day money management, a suite of home loans to finance your dream home, plus credit card and personal loan options. With branches all over the world, HSBC is the world's local bank!

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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