HSBC Fixed Rate Home Loan Review

A fixed rate can safeguard you against rate rises in that period.

Locking in your interest rate on a home loan gives you surety and a competitive rates. If you don’t like uncertainty, then this loan can help you take some short term uncertainty off the table. This loan could be for you. After the fixed interest period, the loan will revert to the HSBC standard variable rate loan.

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By

Richard Whitten

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Review by

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) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

Owner occupiers and investors can both take out this home loan for their next property purchase when they have a loan value between $50,000 and $15,000,000 for a period up to 30 years.

If you are wanting to fix you interest for a period of one to five years this loan is suitable for you and you can also opt to pay off the loan in principal and interest repayments for the life of the loan or interest only repayments monthly for a period of up to five years.

About this loan

What are the features and benefits of the HSBC Fixed Rate Home Loan?

  • Repayment frequency. Three payment frequency options of monthly, weekly or fortnightly repayments are available. Having such a range of repayments frequencies means that you are sure to be able to find one that suits you and your financial situation.
  • Loan split. Splitting a home loan is a great way to take advantage of other features that are not available on this home loan. Just because you'd like to have security from interest rate rises doesn't mean that you have to miss out completely on the flexibility of a variable home loan.
  • Extra repayments. You will not be charged any fees for making extra repayments on your HSBC Fixed Rate Home Loan up to the amount of $10,000.
  • Loan portability. If you choose to sell up and move during the term of your home loan you can take your loan with you without having to pay the upfront fees all over again, however there may be some fees payable for valuation of the new property.

What fees and charges come with this loan?

This loan doesn't charge any ongoing fees however below are some of the fees that you will incur with this loan:

  • Application fee: $600. This covers the cost of applying for this loan.
  • Settlement fee: $0. This is charged to cover the cost of setting up your home loan accounts.
  • Discharge fee: $300. This is charged when you close your home loan accounts whether that is through a payout or refinancing.
  • Switching administration fee: $300. This is a fee charged if you choose to switch your loan from a fixed rate to a variable.

Bundle discounts

Interest rate discounts are available for customers who package other HSBC products with their HSBC Fixed Rate Home Loan.

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16 Comments

    Default Gravatar
    P
    October 19, 2015

    Hi I’m earning $52,000 per year and looking for land and house of $500,000 and my deposit is 20 percent. My partner gets benefits of $1400 per month Centrelink and I have 2 kids – how much loan can I expect?

    Reply
      AvatarFinder
      Marc
      October 19, 2015

      Hi P,
      thanks for the question.

      Unfortunately, we’re not able to answer this question on HSBC’s behalf. For more information about what they would offer you, please click the ‘Go to Site’ button on this page and you can start a discussion with them.

      Cheers,
      Marc.

      Reply
    Default Gravatar
    Atul
    May 27, 2015

    I have taken a loan from CBA in 2011 interest only on 95 % LVR and paid LMI on it. If I refinance with HSBC, do i need to pay LMI again? My interest only period is finishing in November. Will my loan be transferred keeping all other factors like “remaining time of loan” same?

    Reply
      AvatarFinder
      Marc
      May 29, 2015

      Hi Atul,
      thanks for the question.

      Unfortunately, if your LVR is still above 80%, you will be required to pay LMI again. Keep in mind that in some cases, if you call your existing LMI provider, you might be eligible for a refund of some of these funds.

      In terms of the remaining time left to pay your loan, this can be requested from you during your refinance.

      I hope this helps,
      Marc.

      Reply
    Default Gravatar
    shady
    May 27, 2015

    Can I get this offer if I only paid 85% ?

    Reply
      AvatarFinder
      Marc
      May 29, 2015

      Hi Shady,
      thanks for the question.

      This offer is available for LVRs up to 90%, meaning if you have an LVR lower than this you’re eligible.

      I hope this helps,
      Marc.

      Reply
    Default Gravatar
    Rejoy
    May 25, 2015

    I am looking at refinancing 6 home loans by around November – December 2015. The total amount will be approximately $1,980,000.00 and the LVR is approx 75%. What are the fees and charges for the premier loan. Could you please give some details. some of the properties will be put up as collateral securities, it will be like two separate bundles, of 2 and 4 properties. We are looking 3 year fixed term for 5 loans and a mix of fix and variable for the house we live in.
    Thanks you

    Reply
      Default Gravatar
      Belinda
      May 29, 2015

      Hi Rejoy,

      Thanks for your enquiry.

      finder.com.au is an online comparison service and we cannot provide you with financial advice regarding your situation.

      You can view some of the fees of the HSBC Premier Fixed Rate home loan under the ‘fees’ tab on this page. For further information regarding their fees, please contact HSBC directly.

      Thanks,
      Belinda

      Reply
    Default Gravatar
    Jeremy
    May 11, 2015

    Hey there,
    I Already own my own home in nsw and am living in wa and am looking at buying another property.my mortgage is 440,000 and the value is 590,000.how much money do I need to save for another deposit for a house if I’m looking at one At 479,000 in wa?

    Thanks look forward to your reply
    Jeremy

    Reply
      Default Gravatar
      Belinda
      May 27, 2015

      Hi Jeremy,

      Thanks for your enquiry.

      For the HSBC Premier Fixed Rate home loan, they offer a maximum LVR of 80%. If you’re looking to purchase a property valued at $479 000, you’ll need to come up with a 20% deposit of at least $95 800.

      I hope this helps.

      Thanks,
      Belinda

      Reply
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