Compare HSBC Mortgage Rates
What home loans does HSBC offer?
HSBC offers mortgages available for lots of different types of home buyers, including people looking to buy their first home, refinancers and investors.
HSBC mortgage interest rates
HSBC offers a variety of fixed-rate, variable-rate, principal and interest, and interest-only home loans. Some of these include:
- Home Value Loan: A competitive, variable-rate home loan with unlimited free extra repayments and no ongoing monthly service fee.
- Premier Variable Rate Loan: A home loan that’s available as a construction loan or for bridging finance. It also comes with a dedicated relationship manager.
- Home Smart Loan: A home loan that offers the ability to use your equity in your existing home. The minimum loan amount is $50,000.
- Fixed-rate Loan: A fixed-rate home loan that allows you to lock in your rate for up to five years.
- Home Equity Loan: An interest-only line of credit home loan with no set loan period for those with at least 20% equity.
You can check out the complete list and details of mortgage products here.
HSBC home loan features
HSBC offers numerous features on its home loans. Key mortgage features offered include:
- Unlimited additional repayments: Certain home loans allow you to make unlimited extra repayments for free, helping you pay off your loan faster.
- Unlimited redraws: You can redraw the additional repayments made on certain home loans online.
- HSBC Mastercard: Some home loans include a HSBC Premier Master Card with no annual fees.
- No ongoing monthly service fee: Certain home loans have no monthly service fee with others have no establishment fees.
- Payment frequency: You can schedule your repayments to match the timing of your income, be it weekly, fortnightly, or monthly.
- 100% offset accounts: Standard variable rate loans come with 100% offset accounts that let you save on interest.
- Split facilities: Some loans let you split between a fixed and variable interest rate, giving you the best of both worlds.
How to apply for an HSBC home loan
You must meet the lending requirements before applying for a mortgage. Generally, you need to be:
- Above 18 years old;
- An Australian resident
- Employed or earning a steady income
Depending on the loan, you might also need a clean credit history.
You can apply for a mortgage on their website. You can also speak with a mortgage expert on 1300 694 722 or visit a branch.
You will generally need to supply the following documents:
- Personal ID such as your driver’s license, passport, or Medicare card
- Payslips and proof of other sources of income
- Asset and liability documents
- Proof of savings, term deposits, managed funds etc.
HSBC Frequently asked questions
How long does it take for HSBC to process my mortgage application?
Pre-approval generally takes less time than an unconditional approval. In most cases, you could receive a pre-approval within one business day of completing your application.
The time frame for an unconditional approval, on the other hand, can vary as it largely depends on how quickly the bank can verify your identity, assess your application and transfer security. According to the bank, it can take up to three weeks to process and approve your mortgage application.
How does HSBC verify my identity?
The bank verifies your identity electronically, using the personal details you supply during your application. In some cases, should further information is required, it may verify your identity with ZipID; a mobile service that comes to you to conduct the verification in person. You would need to have your driver's license or passport on hand if that was the case.
You can also fill out their Customer Identification Verification form.
Why was my mortgage unsuccessful?
Regardless of lenders, your mortgage application can be unsuccessful if you don't meet the eligibility criteria or haven't supplied all the documentation required for the process to move forward.
Considering other lenders? Compare home loans with these low-rate offers for owner occupiers: