HSBC launches sub 3% bank rate

HSBC has slashed mortgage rates below 3%, launching a new 18 month and one year loan rate at 2.95%.

HSBC Premier's one year rate comes in at 2.95%, level with KiwiSaver fund's simplicity offer for its customers.

The offer is available to borrowers who can meet HSBC Premier criteria; a loan of more than $500,000, or $100,000 in savings. 

HSBC Premier's 18 month rate also drops to 2.95%. 

The rates are the second-cheapest in New Zealand history, behind Heartland Bank's 2.89% online mortgage.

HSBC's 6 month fixed rate is 3.64%, two year rate is 3.09%, 3 year rate is 3.50%, four year at 3.60%, and 5 year at 3.70%.

The rates are not available this week however. They will be offered to borrowers from Monday. 

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