HSBC Drops Fixed Home Loan Rates, Lowest Fixed Rates In NZ

PRESS RELEASE

9 October 2011 For immediate release

HSBC Drops Fixed Home Loan Rates, Lowest Fixed Rates In NZ –

Customers can reduce fixed rates by up to 1%p.a. by taking out insurance policies -

HSBC has today announced that it will be dropping its one, two, three, four and five year fixed rates to again offer the lowest fixed home loan rates that are available in New Zealand*.

The new one year rate is 5.65%p.a. - a reduction of 14 basis points, the two year rate 6.10%p.a. - a reduction of 25 basis points, three year rate 6.50%p.a. – a reduction of 29 basis points, four year rate 7.05%p.a. – a drop of 25 basis points and the new five year rate is 7.35%p.a. a reduction of 24 basis points. All rates are effective immediately.

In addition to having the lowest fixed rates in the market, HSBC is also offering customers the ability to further reduce their one year or more home loan fixed rate by up to 1%p.a. by taking out certain insurances with the bank.

John Barclay, Head of Retail Banking and Wealth Management, at HSBC says: “We have been offering HSBC Premier customers some of the lowest fixed rates in the market since April 2010, and today’s announcement sees us continue this strategy.”

“Not only have we had some of the lowest fixed rates in the market for 18 months, but earlier this year customers were able to further reduce their fixed rates beyond the headline rate by taking out HSBC home insurance. The ‘tied offering’ has been extremely popular with our customers and the reception to these offers has been very positive,” continues Barclay.

In addition to being eligible for market leading home loan rates, HSBC Premier customers receive an individualised relationship managed service, access to various rewards through the Bank’s Premier Rewards programme, additional luggage allowances when travelling abroad, have exclusive use of business lounge facilities, pay no ATM fees at HSBC ATMs anywhere in the world, have access to instant emergency cash advances of US$2,000** and the ability to transfer money internationally between your HSBC accounts within 30 seconds for no fees***.

In order to become an HSBC Premier customer individuals need to qualify with either a minimum combined home loan of $500,000 or $100,000 in savings and investments.

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