HSBC Home Equity Loan
Features and benefits
- Pay off your loan fasterPut all your income and savings into your HSBC Premier Home Equity Home Loan account and leave it there for as long as possible. This effectively lowers your loan balance and reduces the amount of interest you have to pay.
- Build your assetsBecause the equity you have in your home is readily available via your line of credit, you can use it for any purpose, for eg mortgage another property or carry out renovations.
|Home Loan Product||Interest Rate (p.a)|
|Home Equity (Revolving)||5.44%|
|Home Loan Product||Home Equity (Revolving)|
|Interest Rate (p.a)||5.44%|
How an HSBC Home Equity Home Loan works
Provided that you own at least 20 per cent equity in your home, you can take advantage of our HSBC Premier Home Equity Home Loan. It differs from other loans because:
- It is a continuous line of credit that gives you access to the funds you need to forge ahead
- It operates just like an overdraft, but without the high interest rates
- It gives you the freedom to pay off your home faster and build your asset base
- It requires a disciplined approach and good money management
- You can access it via your HSBC EFTPOS (Electronic Funds Transfer at Point of Sale) Card, cheque book or internet banking
As you build your assets, you’ll find that the HSBC Premier Home Equity Home Loan offers many advantages, including:
- The opportunity to pay off your loan faster
- A smarter way to work with the money you have
- A competitive, variable interest rate
- Flexibility to repay the principal when you choose
Splitting your loan
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
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.
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 HSBC Home Equity Loan
Things you should know
This section provides you with useful information related to making a house purchase.
|Valuation fee||Where a registered valuation is required, the valuation fee starts from NZD5002.|
|Legal fees||This covers the conveyancing of the loan. It can cost between NZD1,000 to NZD1,5002. There may be additional costs, e.g., 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.|
|Builer'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.|
|Descrip tion||Where a registered valuation is required, the valuation fee starts from NZD5002.|
|Descrip tion||This covers the conveyancing of the loan. It can cost between NZD1,000 to NZD1,5002. There may be additional costs, e.g., if you are setting up a trust.|
|Costs||Land Information Memorandum (LIM) report|
|Descrip tion||It may be advisable for you to get an LIM report, and this can cost from NZD3502.|
|Descrip tion||Your solicitor may advise you to get a builder's report. This can cost from NZD5002.|
|Descrip tion||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 listsCollapse Expand
Customers must provide an owner occupied property as part of the security.
Interest rates subject to change or withdrawal without notice. HSBC Premier qualification criteria applies (e.g. combined lending of NZD500,000 or more or NZD100,000 of savings and investments with HSBC). Early repayment fees may apply to fixed rate loans. HSBC Retail Banking and Wealth Management Terms and Conditions (PDF, 639KB) apply. Issued by The Hongkong and Shanghai Banking Corporation Limited, incorporated in the Hong Kong SAR, acting through its New Zealand branch (“HSBC”).