HSBC one year rate down to 3.79%

The banking group does not offer its deals through advisers, however, and the special rate is not open to non-HSBC Premier customers. Borrowers need to qualify for a host of criteria and become HSBC customers before they can access the rate.

The deal underlines the lower-for-longer rate environment, which has seen ANZ, BNZ, Westpac and TSB slash rates to sub 4%. Rates are at their lowest level for years, and the sub 4% interest levels are likely to see customers refinance their existing obligations. 

HSBC's offer is subject to strict rules. Loans need to be more than $500,000, and customers need at least $100,000 in savings to access Premier rates.