How an HSBC Premier Floating Rate Home Loan works
If the interest rate varies on an HSBC Premier Floating Rate Home Loan, it is usually in line with changes in the Reserve Bank's official cash rate. As a result, both the interest rate applied to your loan and the amount you are required to pay on a monthly or fortnightly basis may also rise or fall.
If interest rates fall, you get a useful choice:
- To reduce the amount of your repayments
Or
- To continue making repayments at the higher level, helping you pay off your loan faster
Additional repayments to shorten the loan
- Make extra payments increasing your monthly repayments above the minimum
- 'Lump sum' repayments also make a substantial difference over the life of your loan
Split your loan for extra security
By 'splitting' part of your loan into a fixed interest rate component, you can protect yourself against rising interest rates.
Before you apply, it's a good idea to make sure you are prepared.
Answering your questions
We are happy to help you with any questions you may have. Alternatively, you may also want to refer to some of the frequently asked questions that our customers ask us about buying a home and our loan rates.
A helpful checklist
We've created a how to apply checklist that covers helpful information such as:
- What HSBC needs to know – a comprehensive list of information you may need when you apply
- What you need to do – to help you understand the steps involved in buying your home
- What costs are involved – to help you budget
- How long things might take – to help you plan ahead
Other useful information
Please also refer to the useful information section, which includes:
- Important considerations associated with having an HSBC home loan so there are no surprises
- Home buying glossary – we aim to keep things simple, but here is a glossary of unfamiliar terms
- A list of useful websites you might need as part of the home-buying process
- Buying tips in case it's your first home purchase