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HSBC drops one, two & three year home loan rates

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Fuseworks Media
Fuseworks Media

HSBC has today announced it has dropped its one, two and three year fixed interest rates with immediate effect, meaning that the Bank is the market leader across all fixed home loan interest rates for the major banks*. The new one year rate is 5.79% - a reduction of 45 basis points, the two year rate 6.35% - a drop of 14 basis points and three year rate 6.79% - 20 basis points lower.

This follows February's announcement which offered the market leading six month fixed interest rate of 4.99%. if a customer took out a home and contents insurance policy with HSBC. If a customer does not wish to take up the insurance offering, then the six month rate will be a competitive 5.49%.

Glen Tonks, Acting Head of Personal Financial Services, at HSBC says: "Our strategy is to be a market leader when it comes to fixed home loan interest rates. We are not going to be a follower, and we will continue to offer our HSBC Premier customers highly competitive rates in 2011 - something we have done since April 2010." To be eligible to take up the HSBC home loan offer, customers need to qualify for HSBC Premier with either a minimum combined home loan of $500,000 or $100,000 in savings and investments. Key benefits of HSBC Premier include a dedicated relationship manager to assist customers with their banking needs, 24/7 banking, no ATM fees anywhere in NZ or the world, access to 300 HSBC Premier Centres worldwide, uniformity of service internationally and privileges such as an additional flight luggage allowance, reduced fees on accounting services and decreased fees on wine club memberships and interior design consultations.

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