HSBC is a global bank offering home loans and other financial services in Australia. HSBC has fixed and variable rate loans, including full-featured package loans. Check out the full table of HSBC products below or read more about the lender and its loans.
Compare HSBC home loans for April 2024
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HSBC has online banking support and some branch coverage in major cities, but branch coverage is not as extensive as the Big Four or some local competitors.
You need at least a 10% deposit to qualify for most HSBC home loans. Many require a 20% deposit or, in some cases, even higher.
Most HSBC mortgages allow you to split your loan into fixed and variable portions.
How do I apply for an HSBC mortgage?
When applying for any home loan, you will need various documents to establish your identity, financial situation, employment status and details about the property.
Eligibility
Each HSBC product has specific eligibility criteria, but the following will apply to all products:
Age. You must be over 18 years of age.
Residency. You should be a resident of Australia.
Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with HSBC, you are required to provide certain information, so make sure you have all your documents ready before you apply. You will be expected to provide the following documents:
📄 Property details: You can start a loan enquiry before you've bought a property, but to complete an application, you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts and investments) and liabilities (your outstanding debt).
There are a few international finance groups operating in Australia that are comparable to HSBC. You may also want to consider home loans from a large local bank or an online lender.
Citibank. Citigroup is an international bank that has been operating in Australia for decades and offers home loans.
ING. This online bank is part of the global, Dutch-based financial group of the same name.
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
To make sure you find the right HSBC loan, you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
How important is branch support? HSBC has branches in major metro areas in most states, but its coverage is not as widespread as the Big Four. If you live near an HSBC branch or are comfortable applying online, then this won't be a problem.
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes at all?
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Pre-approval is not something every lender offers, but many do.
Most Australian borrowers bank with one of the Big Four (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender. But there's no reason to worry about going with a smaller lender.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act. HSBC is an authorised deposit-taking institution (ADI). This means customers with money deposited in an HSBC savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000 even if the bank itself collapses.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
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