HSBC Floating Rate Home Loan
A Floating Rate Home Loan is where the interest rate varies. 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.
In the case of falling interest rates you can elect to reduce your repayments, or you may prefer to continue making repayments at the higher level, which effectively helps you pay off your loan faster. See our Benefits From Early Repayments section. Also, by 'splitting' part of your loan into a fixed interest rate component you can have additional security against rising interest rates.
- Competitive variable interest rate
- Flexibility to make additional repayments without penalty to save on interest
- Control to redraw any additional prepaymentsMinimum redraw of NZD2,000 and fee applies
- Value with no account maintenance fees
|Home Loan Product||Interest Rate (p.a)|
|Home Loan Product||Floating rate|
|Interest Rate (p.a)||5.79%|
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
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.
To qualify for HSBC Premier, you need to meet the following qualifying criteria:
- A minimum value of NZD500,000 in home loans with HSBC in New Zealand (facility limit not outstanding balance); and/or
- A minimum value of NZD100,000 in savings and investments with HSBC in New Zealand; and/or
- If you are an overseas HSBC Premier customer you will automatically qualify for Premier customer status in New Zealand.
After qualifying as a HSBC Premier customer, minimum home loan values no longer apply, although other home lending criteria may still need to be met. Eligibility criteria applies to HSBC Premier and the eligibility criteria is set at our discretion.
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.
How to apply
This checklist aims to provide a handy guide for you when purchasing a residential property. What you need to do to apply for an HSBC home loan? The following is a guide to the steps involved in buying a home and is designed to help you save time. The whole residential house purchasing process, from the time you apply for your home loan until you move into your house, normally takes four to six weeks.
Contact us/Apply for a home loanCollapse Expand
Submit your applicationCollapse Expand
What happens after you submit your applicationCollapse Expand
Apply for Floating Rate Home Loan
Things you should know
This section provides you with useful information related to making a house purchase.
||Where a registered valuation is required, the valuation fee starts from NZD5502
||This covers the conveyancing of the loan. It can cost between NZD1,000 to NZD1,5002. There may be additional costs, eg, if you are setting up a trust.
|Land Information Memorandum (LIM) report
||It may be advisable for you to get an LIM report, and this can cost from NZD3502.
||Your solicitor may advise you to get a builder's report. This can cost from NZD5002.
||The cost of transporting your belongings. This obviously depends on where you are moving from and to, and the quantity of belongings you have. It can cost from NZD5002.
Where a registered valuation is required, the valuation fee starts from NZD5502
This covers the conveyancing of the loan. It can cost between NZD1,000 to NZD1,5002. There may be additional costs, eg, if you are setting up a trust.
Land Information Memorandum (LIM) report
It may be advisable for you to get an LIM report, and this can cost from NZD3502.
Your solicitor may advise you to get a builder's report. This can cost from NZD5002.
The cost of transporting your belongings. This obviously depends on where you are moving from and to, and the quantity of belongings you have. It can cost from NZD5002.
Buying tipsCollapse Expand
Useful website listCollapse Expand
Terms and conditions apply.
You may need to pay us a prepayment loss recovery if a loan is repaid (in full or in part) or switched to another loan during the fixed rate period. Full particulars of the prepayment loss recovery or break cost formula is contained in your loan agreement, which will be disclosed to you or your solicitor prior to signing or click here to find out more about early prepayment now. For HSBC Premier eligibility criteria, normal lending criteria apply. HSBC Retail Banking and Wealth Management Terms and Conditions (PDF, 639KB) and HSBC Retail Banking and Wealth Management fees and charges (PDF, 76.3KB) applies. Details are also available upon request from any HSBC branch.