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HSBC drops rates to 3.95%

HSBC is the latest lender to drop rates, cutting its one, two and three year interest rates to 3.95%

Friday, February 08th 2019

The rate is not available through advisers, and is only applicable for customers who qualify for HSBC Premier accounts. Customers need a mortgage of more than $500,000 or $100,000 in savings and investments.

The rate cut marks the latest in a long line of cuts so far this year. HSBC becomes the cheapest in the market once more, after domestic banks including Kiwibank cut rates below 4%.

HSBC's rate came into effect today, and comes amid a backdrop of falling wholesale rates. Some economists believe the Reserve Bank will cut the OCR in the next 12 months, as the country struggles to achieve significant GDP and inflation growth.

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SBS FirstHome Combo	6.74
Heartland Bank - Online	6.89
Wairarapa Building Society	6.95
Unity	6.99
Co-operative Bank - First Home Special	7.04
ICBC	7.05
China Construction Bank	7.09
BNZ - Classic	7.24
ASB Bank	7.24
ANZ Special	7.24
TSB Special	7.24

Unity First Home Buyer special	6.45
Heartland Bank - Online	6.55
SBS Bank Special	6.69
TSB Special	6.75
Westpac Special	6.75
China Construction Bank	6.75
ICBC	6.75
AIA - Go Home Loans	6.75
ASB Bank	6.75
Unity	6.79
Co-operative Bank - Owner Occ	6.79

SBS Bank Special	6.19
ASB Bank	6.39
Westpac Special	6.39
AIA - Go Home Loans	6.39
China Construction Bank	6.40
ICBC	6.49
Kiwibank Special	6.55
BNZ - Classic	6.55
Co-operative Bank - Owner Occ	6.55
TSB Special	6.59
SBS Bank	6.79

SBS FirstHome Combo	6.19
AIA - Back My Build	6.19
ANZ Blueprint to Build	7.39
Credit Union Auckland	7.70
ICBC	7.85
Heartland Bank - Online	7.99
Pepper Money Essential	8.29
Co-operative Bank - Owner Occ	8.40
Co-operative Bank - Standard	8.40
First Credit Union Standard	8.50
Kiwibank	8.50