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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.

Check eligibility in order to apply for floating rate home loan

Apply now for HSBC floating rate home loan This link will open in a new window

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	4.49%

Interest rate for floating rate home loan
Home Loan Product	Floating rate
Interest Rate (p.a)	4.49%

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.

There are several ways you can contact us and/or for a home loan. Choose the one that suits you:

HSBC will only provide home loans to new customers if they meet the HSBC Premier qualifying criteria.

As an existing HSBC Premier customer, call your relationship manager
Call us at 0800 80 23 80 or +64 9 918 8350 (from overseas) 24 hours a day, 7 days a week.
Visit us at Level 7, HSBC House, One Queen Street, Auckland 1010.

Submit your application at a branch or to one of our dedicated relationship manager (depending on what you choose).

To commence with your application you will need the following items as a minimum:

Please note that you will also need to provide acceptable forms of personal identification as per our application form. Find out what the acceptable forms of identification are.

Your bank statements from the last three months (from your main transaction account)
Proof of income
Sales and purchase agreement (if applicable)

Your application will be assessed and, if successful, we will aim to contact your with confirmation within two working days. We may need some additional information at this point.
Your documentation will then be forwarded to your solicitor.
The documentation is then signed by you and your solicitor and returned to us.
The settlement can then occur.

Apply for Floating Rate Home Loan

New to HSBC?

Apply now for a floating rate home loan This link will open in a new window

Contact us

It’s quick and easy to apply. Call us on 0800 028 088 to get started.

Request a call back find out more about contact us This link will open in a new window

Visit an HSBC branch to enquire about floating rate home loan

Already an HSBC customer?

Call your Relationship Manager or speak to one of our Premier Consultants at 0800 028 088

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.

You may be on top of everything; however, here is a quick list of tips to bear in mind when buying your home:

Get a valuation if you are concerned about the value of a property you are interested in
Get a builder's report if you have queries about the structure of the property
Ask a friend with more experience in property buying if you've seen a property that you absolutely love but something is niggling away at you
Use logic and find a consistent way to compare the features of the properties you've visited in your search, eg, location, light, heating, quality of bathroom and kitchen fittings, even your 'gut feeling' as you first walk into the property
Take your time though you may feel under pressure to put in an offer, perhaps because an agent has mentioned there are other interested parties. Remember that it is a large, legally binding commitment and that you need to feel confident. Do things in your own time, and if you have doubts, don't ignore them

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your home loan.

Here are some useful consumer websites you might find helpful to refer to:

You might be interested in

Fixed Rate Home Loan

Home Loan Calculators

Home Equity Loan

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.

Floating Rate Home Loan