Enjoy a competitive interest rate and no monthly account fees with the HSBC Value Home Loan.
If you’re looking for a basic home loan that has a competitive interest rate. But don't want to miss features that can help you pay off your loan faster, you may want to consider the HSBC Value Home Loan.
|Product Name||HSBC Home Value Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$7,500,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- There are $0 ongoing monthly fees to pay.
- You can make extra payments at any time without penalty.
- You can withdraw extra funds from your mortgage via the redraw facility (minimum redraw amount is $500).
- There is a $150 settlement fee to set up this loan.
- A discharge fee of $300 applies when you close your home loan account.
- If you borrow more than 80% LVR, you may need to pay an LMI premium.
Things to consider about the HSBC Home Value Loan
The HSBC Home Value Loan can be used for investment or owner occupier purposes. This loan is suited for borrowers who are looking to refinance, as HSBC has taken the hassle out with the ‘Fast and Easy Refinance Process’. When the documents are returned from the customer, HSBC intends to have the loan settled on the same day or the next business day.
With this product, you can borrow between $50,000 and $7,500,000. You can take out the home loan with a term up to 30 years and can borrow up to 90% of the property's value.
Be mindful that borrowing with an LVR greater than 80% will come with Lender's Mortgage Insurance (LMI).
Features of the HSBC Home Value Loan
- Interest-only. The interest-only option means that you can reduce your repayments and free up some extra cash as you'll only need to pay the interest portion of your repayment. You can make interest-only payments for a maximum of three years.
- Extra payments. You can make additional repayments towards your loan without penalty. This means you can minimise the interest payable over the life of your loan and it also means that you can reduce your loan term.
- Flexible repayment schedule. With the HSBC Home Value Loan, you’ll be able to find a payment frequency that suits your income. Choose from a weekly, fortnightly or monthly repayment schedule.
- Portability. The portability feature gives you the flexibility to transfer your home loan in the event that you move property. This means you can save on application and other mortgage fees by maintaining your HSBC Home Value Loan.
- Redraw facility. The redraw facility means that you're able to access any of the extra funds you have deposited towards your home loan. If you opt to make these redraws through internet banking there will be no fees charged, however, if you use the redraw facility in branch or elsewhere you'll have to pay a $40 fee each time, and you'll have to redraw a minimum of $500.
- Split Loan option. This option lets you enjoy the best of both worlds because you can split your loan into both variable and fixed rate portions. You can have a portion under the HSBC Home Value Loan and the remainder can be under the HSBC Fixed Rate Home Loan. When you apply for the HSBC Value Loan you get the option of having one split for free.
- Customer service. When you apply for the HSBC Home Value Loan, you'll be paired with a personal Relationship Manager who will help you through the entire process and answer any questions that you may have.
- Establishment fee $600. HSBC charges an establishment fee to cover the cost of setting up your loan.
- Loan settlement fee $150. The loan settlement fee covers the administration and legal costs of settling your loan.
- Valuation fee. The valuation fee is quoted on application. This fee is charged so HSBC can receive a value of the property you are using as security for the loan.
How to apply
If you believe the HSBC Home Value Loan is right for you, click on the green 'Go to site ' or 'Enquire' button. You will then be redirected to the HSBC website or to a mortgage broker page.
Here, you can discuss your eligibility for this loan with a HSBC lending specialist or a qualified broker.
When you apply for the HSBC Home Value Loan, you'll need to supply the following:
- Personal details. You'll need to provide your name, date of birth, residency status, current residential address and employment status.
- Assets and liabilities. HSBC will need you to outline any assets that your currently own (e.g. shares or managed funds), and details about any liabilities you have (e.g. credit cards or a car loan).
- Income and expenditure. When completing the application form, you'll need to provide details of your gross income and your monthly expenses.
- Loan structure and purpose. In this section, you'll be required to specify details including the number of loans, loan type, loan term and the interest-only term (if applicable).
- Security details. HSBC will need information regarding the security property including property type, property ownership and address.
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HSBC Home Value Loan Interest Rate History vs RBA Cash Rate Graph
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