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NZ’s lowest fixed three year rate in a decade

Embargoed to 27 February 2013

HSBC Premier offers New Zealand’s lowest fixed three year rate in a decade


The end of summer is fast approaching, but HSBC Premier is keeping spirits up by dropping its three year home loan rate by 75 basis points to 4.99% per annum – the lowest rate offered by a New Zealand bank in at least a decade.*

As well as this competitive interest rate, HSBC Premier is also offering market-leading fixed home loan rates across the board at 4.99% p.a. fixed term for one, two and three years, 5.50% for four years and 5.75% for five years.

These offers are open for a strictly limited time to new HSBC Premier customers and existing Premier customers who borrow an additional $100,000.

“We are excited to bring this offer to our customers,” says John Barclay, Head of Retail Banking and Wealth Management. “These options mean that our Premier customers can get the rates that work best for them and discussions indicate that many are now considering longer term fixed rates.

“Customers can also work with one our experienced Relationship Managers to put together the home loan solution that best meets their individual needs. From our experience, when it comes to home loans, one size doesn’t fit all and it is important for customers to be able to choose the home loan structure that suits them best.”

HSBC Premier has consistently offered some of the most competitive home loan interest rates in the market since April 2010.

“Since introducing HSBC Premier to New Zealand, we have offered highly competitive fixed home loan interest rates, and offering New Zealand’s lowest three year fixed rate in at least 10 years demonstrates that.”

HSBC Premier is a global proposition with truly international benefits including no ATM fees at HSBC ATMs anywhere in the world, foreign currency exchange through all HSBC branches worldwide commission free, access to instant emergency cash advances of USD2,000 and the ability to transfer money internationally between HSBC accounts in what can be as little as 30 seconds with no fees.

Every HSBC Premier customer also has a dedicated Relationship Manager all of whom are knowledgeable and highly experienced within the New Zealand housing market.

There are qualifying criteria to becoming an HSBC Premier customer; individuals need to qualify with either a minimum combined home loan of NZD500,000 or NZD100,000 in savings and investments.

ends


Notes to Editors

HSBC rate change:

Fixed term New rate % p.a. Old rate % p.a.
1 year 4.991 5.25
2 years 4.991 5.39
3 years 4.991 5.74
4 years 5.501 6.20
5 years 5.751 6.65

*Source: Market rates compared using www.goodreturns.co.nz as at 10am on Friday 22 February. Graphs showing all banks’ rates available with this news release (only eight banks available on a graph at a time).


1. Offer available from 27 February 2013 to only new to bank HSBC Premier customers, and existing HSBC Premier customers who borrow an additional amount of NZD100,000. HSBC normal lending criteria apply. Interest rates are current as at 27 February 2013 and are subject to change or withdrawal without notice & applies to HSBC Premier customers only (HSBC Premier qualification of e.g. combined lending of NZD500,000 or more or NZD100,000 of savings & investments with HSBC). Early repayment fees may apply to fixed rate loans. HSBC Premier Terms and Conditions, Retail Banking and Wealth Management Terms and Conditions apply to all products and services mentioned. The Global View and Global Transfer service is subject to terms and conditions, which are available online at hsbc.co.nz. Global View and Global Transfers are available in over 30 countries. Daily transfer limits apply. Issued by The Hongkong and Shanghai Banking Corporation Limited, incorporated in the Hong Kong SAR, acting through its New Zealand branch (“HSBC”).

2. HSBC in New Zealand
HSBC in New Zealand operates through a network of branches and offices, providing personal and commercial financial services, payment and cash management, trade finance, treasury and financial markets, corporate banking, investment advisory and securities custody services. The principal HSBC Group member in New Zealand is The Hongkong and Shanghai Banking Corporation Limited, incorporated in Hong Kong SAR, acting through its New Zealand branch.

3. The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which serves around 89 million customers through four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. The HSBC Group's network covers 6,500 offices in over 80 countries and territories in six geographical regions: Europe, Hong Kong, Rest of Asia-Pacific, Middle East and North Africa, North America and Latin America.


Ends

See attached media release for more details:
Home_Loans_summer_campaign_final.pdf

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