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Anybody have experience with mortgage through HSBC?
They don't use brokers. Anecdotally I've heard they're a bit of a nightmare.
Make sure you qualify for their premier rates first (500k, owner-occupied) - and make sure you don't dip below that during the fixed term. At times they will have rates way out ahead of the rest of the market so worth a look. Currently though you can get the same or better through the banks.
They are cheaper than the mainstream bankers
My mate has a small commercial loan ($7m) that he was paying 3.95 pc (30 day term)
This was three months ago ....this was on a 50pc LVR
If anyone is interested i will update the rate
The rep said he could give it to me at the same rate but then he left ...next rep said no
I only wanted $19m ...ended up with a 4.21pc rate with BNZ ... (note when I asked their comparative was 3.75pc HSBC Westpac 4pc)
Skjpark what amount $ are you after ?
There are lots of hooks with these loans
Looking at the interest rate is just a small part of package
I think it is funny too Bobsyouruncle
I don't know how a bank can offer funds at 3.7% when other banks are willing to pay 3.65% on 240 day
It is funny ...how can they make a profit?
HSBC aren't offering that tho. My conspiracy theory however would be that HSBC are funding that business through a different desk with different profit motives and cost models. Sort of like bringing a gun to a knife fight.
Sub 4 would be nice. I've looked at dual CCY loans that you can move to yen if the rate drops (lots) but haven't bitten because being able to move quickly is more important to me for now. Can you even hedge that FX risk?
HSBC aren't offering that tho. My conspiracy theory however would be that HSBC are funding that business through a different desk with different profit motives and cost models. Sort of like bringing a gun to a knife fight.
Sub 4 would be nice. I've looked at dual CCY loans that you can move to yen if the rate drops (lots) but haven't bitten because being able to move quickly is more important to me for now. Can you even hedge that FX risk?
Its NZ currency for certain at this rate
I am 100pc certain
Anyway I am meeting the Account manager next week
Anyone with any questions to ask please either post or pm me
I will give you the answers next week
It looks like i could save $140k pa in interest cost
They just stopped deducting interest from that account.
The money was piling up in there, but not going out.
What worried me was that they then might put an adverse report on my credit history.
After that, they then starting sending me letters stating 'We offer you the following options: (blank space) Yours sincerely . . '
Mad as hatters, HSBC.
I bailed out to, I think, AMP.
They just stopped deducting interest from that account.
The money was piling up in there, but not going out.
What worried me was that they then might put an adverse report on my credit history.
After that, they then starting sending me letters stating 'We offer you the following options: (blank space) Yours sincerely . . '
Mad as hatters, HSBC.
I bailed out to, I think, AMP.
Did they (HSBC) charge penalty interest or issue default notices?
Looking at interest.co.nz is hard to get a gauge on commercial rates while in the residential AMP appears higher than HSBC
Currently floating commercial appears to be about 1pc less than residential
This is for small commercial loans ie below 25m
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