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4.99% pa Variable Rate Home Loan for Upto 90% LVR

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4.99% pa Variable Rate Home Loan for Upto 90% LVR
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Lxtremelywild on 20/05/2013 - 14:47 hsbc.com.au (721 clicks)
Last edited 20/05/2013 - 15:22 by 1 other user

You could save with the HSBC Home Value Loan with a variable Rate of 4.99%pa (Comparison Rate 5.01%pa).

The best Comparison Rate if have seen for 90% LVR. This is for both new loans as well as refinance and up-to 90%LVR (LMI applicable over 80%LVR)unlike UBank and loans.com.au .

This is not discounted intro rate or honeymoon rate you get 0.85% discount Home Value Loan rate of the for life of the loan.

If you apply before 15th June 2013 no establishment fees or ongoing fees you still pay $150 for evaluation.

Mind you there is no offset account but you get one redraw free every month.

You can split with 2 year fixed rate of 4.99% but why would you fix if you get same rate of interest as variable.

This is what the website says

With the HSBC Home Value Loan's low variable rate and no monthly fees, you could save on your home loan, so you can spend on your home.

Plus, if you apply on or before 15 June 2013, we'll waive the establishment fee - a saving of up to $600!
Enjoy more great features with the HSBC Home Value Loan

Low variable interest rate
No establishment fee (save up to $600)
No monthly fee
Personalised service with a dedicated HSBC Relationship Manager

Available on new borrowings to HSBC of $100,000 or more.
Other fees/charges apply including settlement and valuation fees.
Apply by 15 June 2013.

Financial Home Loan Loan

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closed Comments

  • fertiliser on 20/05/2013 - 14:58

    why would you choose this over ubank or loans.com.au at around 4.87% ?

    • wisc on 20/05/2013 - 15:05
      +1

      OP said it - due to the LVR- of which 80% is required - this one is 90!. perfect for me as i cant get a ubank loan as yet!

      • mini2 on 20/05/2013 - 15:07

        Looks like from 80% onwards to 90%, LMI is required.

        It only works if LMI isn't required for up to 90% LVR…that barely exist pre-GFC, can't imagine they're that lenient now.

    • hellbound on 20/05/2013 - 15:06
      +2

      ubank has a max of 80% LVR, so this would be for those who need 80-90% LVR.

    • cruise control on 20/05/2013 - 16:43
      +1

      ubank is for re-financing only, where as HSBC is available for both new loans and refinance

  • bleugh on 20/05/2013 - 15:00

    Personalised service with a dedicated HSBC Relationship Manager

    Lol, right, if you're CBD only, have you seen just how many branches HSBC have….
    or, how few?

    • bleugh on 20/05/2013 - 15:39

      also, i'll add, I no longer have a bank account with HSBC,
      Hugely
      Sh!tty
      Banking
      Company

      • PinzVidz on 20/05/2013 - 16:52

        If you'd typed Shitty instead of Sh!tty, you wouldn't have received the neg. :)

        p.s. I didn't neg you.

  • May4th on 20/05/2013 - 15:03
    -1

    maybe a deal IF you include offset accounts and redraws

  • xtremelywild on 20/05/2013 - 15:06

    Other than the reasons bleugh listed.

    UBank is 80%LVR and only refinance and if you apply for a refinance of a unit it lends only 70%. '

    loans.com.au is cheaper but crap service good luck settling on time with them and I have a bad experience with valuation with loans.com.au .

    • gibspmuh on 20/05/2013 - 15:13

      I was happy with loans.com.au overall, though I'll agree that their valuation seemed conservative and the time from completing from the initial application through to settlement was much longer than alluded to on their website (about 2 months for me).

      Neither point was a problem for me and I have found their service to be friendly too. But if either the timeframe to settle or the level of the valuation is likely to be tight then they might not be the best choice. Fortunately in my case neither was an issue and I'm very happy with the rate now.

      • ChmpgneTasteBeerBdgt on 20/05/2013 - 19:23

        That's really unsettling.. I just applied for a home loan with loans.com.au and am currently a week in and waiting for the valuation. Were you at valuation within a week or were you more delayed at this point?

        Has anyone else had good or bad experience with loans.com.au timeframe? I have 5 weeks to settlement and I'm worried they won't have the funds ready.

        • gibspmuh on 21/05/2013 - 10:13

          The valuation came reasonably quickly, certainly less than two weeks into it overall. For me there may have been some added complications due to my extensive previous credit card churning (which seemed to necessitate additional paperwork to be completed).

          Again, I wasn't particuarly worried by the timing as mine was a refinance so I wasn't especially dilligent in following up on progress. I'd say if they're aware of the time constraints they're more likely to fast-track the process.

  • siuol on 20/05/2013 - 15:19
    +2

    No offset and only 1 redraw free every month? I will pass.

  • bemybubble on 20/05/2013 - 15:57
    -2

    90%, does that mean you have to take out Mortgage insurance?

    • wisc on 20/05/2013 - 16:03
      +1

      I hate it when people don't read the tread then ask questions discussed above!!!

      • SydBargainer on 20/05/2013 - 16:05

        seconded.

        • bemybubble on 20/05/2013 - 16:09
          +4

          LMI. Some people don't get the whole banking lingo so take it easy guys…

  • Freakycat on 20/05/2013 - 16:17

    Westpac is offering 4.79% fixed for 1 year with additional repayment $30k a year. They have high interest saving account for 4.67%. Only 0.12% difference between lending and saving. It's a very good offer… So good I ask my bank to rate match.

    • delfredo on 20/05/2013 - 17:13

      Which is your bank and did they match it?

      • Freakycat on 20/05/2013 - 17:32

        Yes they matched the rate and they can't believe the fixed rate reduced to 4.79%. Basically I will fixed for 1-2 year as I have enough to offset.

    • xtremelywild on 20/05/2013 - 17:22
      +1

      I personally dislike WestPac because 4.79%pa is a trap as it only for new customers and not for existing customers so after one year you would be at their standard variable rate and there would another offer to get new customers at a cheaper rate.

      There is an annual fee so the best way is to compare the comparison rate.

      If you refinancing less than 80% UBank is a better option. You can work out many better comparison rate than WestPac with other lenders including major banks.

      • Sharp on 21/05/2013 - 11:09
        -1

        who cares, milk the offer this year find another one next year.

  • Gorodemon on 20/05/2013 - 16:47

    You will have to run some scenarios and work out which one is the best for your circumstances. For example my bank charge me 5.46% pa for my variable loan with offset account. Would I be better if I refinance my loan with HSBC for 4.99% with no offset account? What if I had some excess money let say 10k or 20k or even 50k to offset my loan? Also, refinancing loan above 80% LVR means I will have to pay for LMI, not to mention some valuation fees and misc fees - it all adds up.

    90% LVR is good but i think I'm going to do my homework first to work out if it's worth the effort (and money) to refinance my loan.

    • hellbound on 20/05/2013 - 16:54
      +1

      With some napkin maths I worked out I'd have to have less than $10k in the offset for a half percent drop to be worth switching to a bank that doesn't offer offset.

      • xtremelywild on 20/05/2013 - 17:14

        I agree if offset is a requirement for you this is not a good offer for you.

      • Sharp on 21/05/2013 - 11:11

        put your offset amount in the loan account. it works the same way. only withdrawals are restricted.

    • xtremelywild on 20/05/2013 - 17:14
      +1

      You can pay as much extra as you want but you only get one redraw free every month.

  • donkuok on 20/05/2013 - 18:49

    No need to have offset facility. Just dump in all the money in there and also help you to save more money. Once you see money in your offset account, you would tend to spend more.

    • May4th on 20/05/2013 - 19:21

      only if you are undisciplined with your spending. with the interest rate so low you are probably better off with other investment opportunities

  • dannyhc on 20/05/2013 - 18:59
    +1

    So this means I can buy into the most overpriced market in the world, and if I'm really lucky my Dog Box will come with free Asbestos!

  • AdamTuzzi on 20/05/2013 - 19:35

    Have a loan with Loans.com.au, settlement went fine. Only problem was their undisclosed fees, eg their solicitor fees, valuation and title insurance for the property??? Not mortgage insurance as my loan was less than 80%, but an insurance fee allegedly for the title. Was advised to far down the track so was stuck. So just under $1000 in fees, but at least a cheaper rate than the big banks. Ubank is really shit too, they actually don't even now what they are doing with their loans.

    • May4th on 20/05/2013 - 20:50

      legally that should be included in the comparison rate so whatever headline rate was you wouldn't be worse off

    • Sharp on 21/05/2013 - 11:13

      solicitor fees? is it something else than legal fees?

      https://www.loans.com.au/loans/media/Loans/Documents/HomeLoa…
      $0 application fee
      $0 legal fee
      $75 settlement fee
      $0 exit fees if loan paid out early
      $300 discharge fee

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