The HSBC Premier Variable Home Loan is all about flexibility. With this loan, you’ll have a 3.69% variable rate and 3.70% comparison rate, plus the option to split your loan between fixed and variable rates if you ever want to lock in your rate.
Your can also pay your loan off on a schedule that suits you best - either weekly, fortnightly or monthly, while saving on interest with the free extra repayments feature and 100% offset account. And if you’re ever hit with an unexpected bill, you’ll be able to redraw any of these extra repayments for free.
You’ll need to factor the $300 application fee into your budget along with the $35 monthly service fee and while you are able to borrow with as little as a 10% deposit, remember that if you do you’ll have to pay Lenders Mortgage Insurance (LMI), as with any home loan.
Who it's good for:
The HSBC Variable Home Loan is a good choice for borrowers who are looking for a low rate loan of up to $7.5 million and want the flexibility and value of a few extra features, like the 100% offset account.
Even though this loan does have a maximum LVR of 90%, you will have to pay LMI if you apply with a deposit smaller than 20%. You will also need to consider whether the loan’s flexible features outweigh the $300 application fee and $35 monthly service fee.