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HSBC LAUNCHES 13 MONTH 5.24% P.A FIXED INTEREST RATE HOME LOAN
26 March 2001
HSBC Bank Australia Limited has launched an introductory home loan offering new customers a low interest rate of only 5.24% p.a that can be fixed for 13 months before rolling over into a standard variable rate. Customers will also be offered 13 months of building insurance for the cost of only 12 months.
Mr. Kevin Martin, HSBC Head of Personal Financial Services, said: "While we accept that HSBC may not be broadly known in the Australian market, we want more home buyers to give HSBC serious consideration when choosing a loan. We are offering our new home loan customers the ability to lock in to one of the lowest introductory interest rates currently available, for one of the longest terms than is offered by any of the major banks. In combination with our promise of high quality customer service, a month of free building insurance, and consistently competitive home loan interest rates, we are aiming to attract the attention of more of Australia's home buyers."
Introductory fixed rate home loans are available by phoning 1300 308 880 anytime day or night or by visiting any one of HSBC's 18 branches in either Sydney, Melbourne, Brisbane and the Gold Coast, Adelaide or Perth. Customers can also manage their mortgage repayments through HSBC's Online Savings Account, which offers 24-hour instant access to their funds and can be operated free of charge and pays up to 4.80% p.a. HSBC has also recently signed various agreements to distribute its mortgages through financial planners, accountants, real estate agents and other professional mortgage brokers and originators.
A customer borrowing $150,000 over a 25 year term rolling over at the end of the 13 month introductory period into an HSBC standard variable rate home loan (current interest rate 7.20 p.a%), would save $158 in repayments a month as well as a further $29 dollars1 on their building insurance premium. Usual home loan establishment and valuation fees apply.
Notes to editors
1. Savings on Insurance
Assumes a customer is insuring a brick house valued at $170,000 in a category 3 of housing.
2. Online Savings Account
Online Savings Account transactions are fee free if carried out via the Internet, phone banking, Eftpos, cheque, BPAY, GiroPOST and HSBC ATMs. In addition customers can carry out up to five transactions per month fee free at non-HSBC ATMs, or transact more than five times at a cost of $1.50 per transaction. Withdrawals carried out over the counter in HSBC branches or by written or faxed instruction carry a fee of $5 per transaction. Overseas Telegraphic Transfers cost $15 if carried out online, $20 via HSBC branches and $25 via phone banking. Charges also apply to cancelled cheques and statement requests irrespective of the channel used.
3. The HSBC Group in Australia
In Australia, the HSBC Group offers an extensive range of financial services through a network of 29 branches and offices. These services include personal and commercial financial services, trade finance, non-advisory stockbroking, treasury and financial markets, corporate finance, funds management, electronic banking, and investment advisory and securities custody.
Headquartered in London, the HSBC Group is one of the world's largest international banking and financial services organisations with assets of US$674 billion (A$1.03 trillion) as at 31 December 2000 and over 170,000 employees in more than 6,500 offices in 79 countries and territories. The HSBC Group has major personal, commercial, corporate and investment banking and insurance businesses in the Asia-Pacific region, Europe, the Americas, the Middle East and Africa.
Principal HSBC Group members operating in Australia include HSBC Bank Australia Limited, HSBC Asset Management (Australia) Limited, HSBC Precious Metals (Australia) Limited and HSBC Bank plc.
