Get a competitive interest rate, avoid ongoing fees and enjoy repayment flexibility with HSBC's Home Value Loan.
If you’re looking for an owner occupier home loan that comes with a low variable interest rate, limited fees and repayment flexibility then the HSBC Value Home Loan could be for you. It's even available for borrowers with a 10% deposit.
HSBC is cutting variable rates
HSBC is cutting variable rates. Interest rates for this loan will drop by 15 basis points on 21 October 2019 for new and existing customers. HSBC's lowest variable rate will drop to 3.02% (comparison rate 3.04%).
| 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 LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | No |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest |
| Application Fee | $0 |
|---|---|
| Lender's Legal Fee | $150 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $150 |
| Discharge Fee | $300 |
Pros
- 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 (unlimited online redraw).
Cons
- A discharge fee of $300 applies when you close your home loan account.
What do I need to know about this loan?
The HSBC Home Value Loan can be used to purchase a residential property. This loan is also an option for borrowers who are looking to refinance, with HSBC's streamlined "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 if you borrow more than 80% you will have to pay lenders mortgage insurance (LMI).
What are the features and benefits of the HSBC Home Value Loan?
- Extra payments. You can make additional repayments towards your loan without penalty, allowing you to minimise the interest payable over the life of your loan and reduce your loan term.
- Redraw facility. The redraw facility means that you're able to access any of the extra funds you have deposited towards your home loan. Your first redraw will be free, but subsequent redraws will cost $20 each after this. However, you can make unlimited free redraws online.
- 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.
- Flexible repayment schedule. With the HSBC Home Value Loan, you can choose from a weekly, fortnightly or monthly repayment schedule.
- Split Loan option. This option lets you to split your loan into both variable and fixed rate portions. When you apply for the HSBC Value Loan you get the option of having three splits 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.
What fees and charges come with this loan?
- Establishment fee $0. HSBC charges an establishment fee to cover the cost of setting up your loan. This fee is currently waived for the Resident Owner Occupier only loan.
- Loan settlement fee $150. The loan settlement fee covers the administration and legal costs of settling your loan.
HSBC needs to pay for an independent home valuation before you can finalise the loan. This helps HSBC understand the value of the property and helps to determine how much you can borrow and whether mortgage insurance is required.
How do I apply for this loan?
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.
Then you can discuss your eligibility for this loan with a HSBC lending specialist or a qualified mortgage broker.
Required documentation
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. You'll need to provide details of your gross income and your monthly expenses, such as pay slips, tax returns and bank statements.
- Loan structure and purpose. 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.
I would like to refinance my home. I do not have a job. I need to clear up my credit cards in doing so.
Hi Michael,
Thanks for getting in touch! Here is our page that will guide you on how you can refinance your home while you are unemployed. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this helps!
With care,
Nikki
Dear Sir/Madam,
Can I get an appointment to meet one of your home loan personnel to discuss my eligibility.
Quick update is I am after a loan to purchase a block of land settling soon in next two weeks.
I need 80% loan only.
Thanks
Hi Applesamy,
Thank you for reaching out to finder.
If you wish to apply or reach out to HSBC regarding their HSBC Home Value Loan, you may click on the “Go to site” button located on this page to be routed to their website. Just to add, if you are looking at comparing home loans available for you. You may go ahead and click on this link to start a comparison. Hope this helps!
Cheers,
Reggie
I was bankrupt from February 2014-2017. I have been discharged almost two years. would I qualify for a home loan? looking for a loan $220000
Hi Kei,
Thank you for reaching out to finder.
You may want to visit this page that will give you a great read on “Home loans for Discharged Bankruptcy”. This link gives you a list of specialized lenders who are willing to assist you regarding this. Hope this helps!
Cheers,
Reggie
I am an Australia PR with overseas (not Australia) income. Previously I did a check with Westpac and they only allow 30% deposit 70% loan although they can lend me up to $1.2m.
I am looking to get a place Melbourne for around $500K.
Can I check if they are any home loans that allow 20% deposit instead of 30% for PRs with overseas income? I work for an MNC (oil major) by the way.
Thanks
Hi Kai,
Thanks for getting in touch with finder. I hope all is well with you. :)
As of now, we don’t have a specific list of lenders who accommodate borrowers whose income is coming from overseas. However, this does not mean that you won’t find any lender who might help you. Generally, lenders will want to know that you have a steady source of income. Since you have that, then you can simply compare your options using our pages.
On this page, you’ll find low deposit home loans. You may also head to this page to see a full list of other home loan providers. On both pages, you’ll find a table that allows you to compare your options. Click on the “Go to site” green button to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
i am self employed and I have only 1 year of Tax return for ABN (self employed). can I still get home loan with 10% deposit. Thanks
Hi Rajat,
Thanks for your question.
Your approval for a home loan with 10% deposit would depend on the lender’s discretion and whether you also meet other requirements aside from your tax return and income. Other factors that the lender will also consider is your creditworthiness. If you like to check your options for a home loan, please refer to these guides:
1. Low Deposit Home Loans – Contains a guide to know how small can your deposit be plus lenders that offer as low as 5% deposit.
2. Guarantor Home Loan – It explains how guarantor home loan works, who can be your guarantor and the benefits of this type of home loan.
3. Self Employed Borrowers – You can find out what does low-doc home loan mean, loans available to a self-employed borrower, etc.
If you’ve reviewed the guides and considered a lender, please get it touch with the lender directly to discuss your options. Alternatively, you can speak to a mortgage broker who can help you with your borrowing options as they can consider your current situation.
I hope this has helped.
Cheers,
May
Hi just wondering I have a $4,000 deposit looking to borrow $235,000 may I qualify for a loan please or do I need more of a deposit please thanks
Hi Julieanne,
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
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.
Then you can discuss your eligibility for this loan with a HSBC lending specialist or a qualified mortgage broker.
Also, you may want to have these documents ready when you apply.
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. You’ll need to provide details of your gross income and your monthly expenses.
Loan structure and purpose. 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.
Best of luck!
Nikki
Is this home loan a off set home loan?
Hi David,
Thanks for your inquiry
Yes, adding an offset account to the HSBC Home Value Loan is possible. If you want to check options for offset account on our site, please feel free to check and compare them by clicking on this page.
Hope this information helps
Cheers,
Arnold
Hi, I was wondering whether you would give home loan (owner occupier) for a home that is 38+7 balcony sqm total 45 sqm one bedroom in Glebe? I would like to refinance 80% of the property loan. Total value is $650 000.
Hi Krisztina,
Thanks for your question.
The HSBC Home Value Loan is available for refinancing at 80% LVR. However, as we do not represent HSBC, we are unable to assess if your property will qualify.
Please do check if you meet the eligibility criteria listed above. You may also directly contact HSBC to directly discuss your eligibility.
Alternatively, you may compare other home refinancing loans on this page. And if you need expert advice on the best option for your situation, you may also get in touch with a mortgage broker to assist you.
Cheers,
Anndy
Hi there,
I am on a 457 visa and would like to apply for a home loan (max 80% LVR). Does HSBC do loans with 457 visa holders? Thanks.
Hi Vi,
Thanks for your question.
The home loan options being offered to temporary Australian residents are typical mortgage packages that would be available to Australian citizens or permanent residents. The main difference being the cap on the amount you are allowed to borrow and the down payment that is required. Depending on your job circumstances you may be able to qualify for the maximum LVR of HSBC Home Value Loan. You may have to directly get in touch with HSBC to discuss your eligibility.
Alternatively, you may also compare other home loan products on this page.
Cheers,
Anndy
Can you please provide me with a rate and monthly repayments for a 300k and 400k 3 year interest only loan. I would be providing a 35% cash deposit.
Hi Gerard,
Thanks for your question.
Unfortunately, we are unable to give a repayment quote for interest only HSBC Home Value Loan. You may have to directly contact HSBC to get a quote.
Alternatively, you may also compare other interest-only home loans here.
Cheers,
Anndy