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.

Benefits

  • Competitive variable interest rate
  • Flexibility to make additional repayments without penalty to save on interest
  • Control to redraw any additional prepayments
    Minimum redraw of NZD2,000 and fee applies
  • Value with no account maintenance fees

Interest rate

Interest rate for floating rate home loan
Home Loan Product Interest Rate (p.a)
Floating rate  5.24%
Interest rate for floating rate home loan
Home Loan Product Floating rate 
Interest Rate (p.a) 5.24%

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.

Eligibility

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.

Apply for Floating Rate Home Loan

Things you should know

This section provides you with useful information related to making a house purchase. 

Summary of the approximate costs to making a house purchase.
Costs
Description
Valuation fee
Where a registered valuation is required, the valuation fee starts from NZD5502
Legal fees
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.
Builder's report
Your solicitor may advise you to get a builder's report. This can cost from NZD5002.
Removal fees
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.
Summary of the approximate costs to making a house purchase.
Costs
Valuation fee
Description Where a registered valuation is required, the valuation fee starts from NZD5502
Costs
Legal fees
Description 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.
Costs
Land Information Memorandum (LIM) report
Description It may be advisable for you to get an LIM report, and this can cost from NZD3502.
Costs
Builder's report
Description Your solicitor may advise you to get a builder's report. This can cost from NZD5002.
Costs
Removal fees
Description 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.

Terms and conditions apply.

1Calls may be monitored and/or recorded. 

2Please note that the costs indicated are approximate only. They should only be used as a rough guide and are subject to change – every case will be different.

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.