This was posted 2 years 7 months 18 days ago, and might be an out-dated deal.

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HSBC Home Value Loan: 1.97% Variable (1.98% c.r., Expired) & $3288 Cashback (with Minimum $250,000 Refinance)

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HSBC Home Value Loan: 1.97% Variable (1.98% c.r., Expired) & $3288 Cashback (with Minimum $250,000 Refinance)
Go to Deal
Maychance on 07/04/2022 - 11:45 hsbc.com.au (1907 clicks)
Last edited 26/04/2022 - 09:04 by 2 other users

Available on refinance applications submitted to HSBC from 15 February 2022 to 31 May 2022 and settled by 31 July 2022.

Limit of one $3,288 cashback payment per borrowing entity and per customer. Where a home loan has more than one applicant and one applicant receives the cashback, all applicants are deemed to have received the cashback. Minimum refinance amount of $250,000 applies.

No offset, but redraw facility available.

Fees:

  • $600 Establishment Fee ($0 with promotional offer)
  • $150 Settlement Fee ($0 with promotional offer)
  • $300 Discharge Fee
  • Valuation Fee quoted on application

Basically identical to previous post from last year if anyone wants to read the comments re. HSBC - https://www.ozbargain.com.au/node/643218?page=1#comment

I missed the cashback deal from tic toc in Feb, so personally I'm currently tossing up between:

  • taking this deal via my former broker (wife prefers going through a broker, and comments from the last deal about dealing with HSBC directly are mixed)
  • this Citibank/broker deal - https://www.ozbargain.com.au/node/686375
  • refinancing to Athena or tic toc based on their relatively transparent approach to rate consistency

Using my own circumstances this deal seems to come out as just second-best to the Citi deal, but comments seem mixed re. Citi too (or maybe every bank?).

Financial Cashback Home Loan Loan Refinance

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closed Comments

  • Realthing on 07/04/2022 - 17:34

    How much for the valuation fee??

    • Bytelover on 07/04/2022 - 19:15

      Mine was free 6months ago

  • Mattzoo8386 on 07/04/2022 - 18:23
    +6

    I brought this to ANZ and they matched the interest rate and gave me $4000 cash back only last week.

    • Jason Genova on 08/04/2022 - 08:18

      did you call them or email? what did you say to them?

    • Deal finder on 08/04/2022 - 09:11
      +1

      How did you do it? What is your loan size?

    • Jason Genova on 08/04/2022 - 10:34

      i tried doing ANZ wouldnt budge. even happily gave me discharge fees

      c***s

      • HereToSave on 08/04/2022 - 13:03

        It must be who you talk to.

        I was with Westpac and they were terrible when I went in and had a meeting. They wouldn’t budge.

        Am now with Commbank for. 2 year fixed contract. They are really good their apps are great. I got cash back and a decent rate at the time.
        It’ll be hard to change again when the time comes.

    • Brainwhacker on 08/04/2022 - 16:17

      Great thanks OP, have an ANZ appointment , the $4K sounds good, however just a bit skeptical on ANZ variable rates as they tend to increase it later , they always have it higher than smaller providers

    • Red13 on 10/04/2022 - 10:17

      I’m with ANZ as well. Are there any details about your loan that you are willing share to help with my negotiation? I have a variable rate with the now closing breakfree package.

  • Blugok on 07/04/2022 - 19:03

    HSBC
    refinance 250,000 …. make repayment of 250,000 (no/min interest charge)
    profit = $3,288 - $300 - valuation fee

    CITI
    refinance 250,000…. make repayment/offset of 250,000 (no/min interest charge)
    profit = $3,000

    is that about right?

    • Bytelover on 07/04/2022 - 19:17

      300 discharge fee is charged when you refinance from HSBC to another bank. And hsbc didn't charge me for valuation

  • fishybone on 07/04/2022 - 19:41

    Their back end processes are slow and antiquated, but I became a Premier customer when I refinanced and they have been excellent to deal with. It’s as if their premier relationship managers know that their systems are terrible, and they do go out of their way to make it easier. For example if I had to sign a form, they’d make sure the form is already filled out and ready for me to sign.

  • Arkan on 07/04/2022 - 20:05

    It’s taken HSBC about 10 weeks to sort our one refinance and I am still waiting on the other one to settle. I’m an accountant that’s all over my paperwork but this process was an endurance test- I’ve never been asked to fill out so many forms in my life and it really tested my patience.

    On a positive note they did honour the rates effective my submission date since they don’t offer rate lock protection which saved me from a pretty big increase.

    If you don’t want to go through the headache I and many others have gone through just call your banks discharge team and they’ll be able to get you a better rate and maybe even cash credit to keep you. 10 minute call versus 10 weeks of back and forth- take your pick

    • acersaurus on 07/04/2022 - 20:50
      +1

      Wow it seems HSBC treat their customers quite unequally. I wouldn't have cared if they offered to keep my rate the same as date of submission, but instead when they raised it from 2.07 to 2.67 (5 weeks after my submission) they said, and I quote from an email "just letting you know of our new rates" and "let me know if you want to change a product", then later they raised them to 3.37.

      The discharge team of ones existing bank might give a better rate, but not necessarily for fixed rates. My bank (Bank of Melbourne) has a policy of not matching fixed rates, however they will negotiate on variable rates. I ended up accepting 2.94% 2 year fixed rate with Bank of Melbourne because HSBC kept me on the hook for so long with my application, during a period that fixed rates rose rapidly. Needless to say I am not happy with HSBC, who costed me substantially. Had I known they would take forever (contrary to their initial advice) I would've gone with a different company and got around 2% that was available in Jan with a number of companies.

      • Arkan on 09/04/2022 - 07:48

        This is what is in their contract.

        "For any fixed rate home loan applications submitted on or before Sunday 20 February 2022 and where the financing arrangement for a property settlement or refinancing of an existing mortgage over a property ("Settlement") is entered into from 1 March 2022 and before 30 April 2022, HSBC will apply the fixed interest rate(s) effective as at 1 February 2022, not at the time of Settlement"

        • acersaurus on 19/04/2022 - 08:19

          That's interesting - not what I was offered. I applied in Jan. When their rate went upto 2.67% they proactively contacted me.

  • hola011 on 07/04/2022 - 21:12

    Hi seems like a broker is the way to go with this. Can someone please PM me the name of their broker who can deal with HSBC?
    Know that Aussie home loans work with HSBC but don't want deal with big name brokers, rather someone who offers better customer service…

    • volvo on 08/04/2022 - 09:26

      I've recently refinanced to HSBC from ANZ through Aussie broker. I've refinanced multiple times through him and no issues. My process took around 1.5 months. Just pm me; I will share my broker details.

      • hola011 on 08/04/2022 - 10:28

        Thanks! Can you pm me his details please?

  • Scorn on 07/04/2022 - 21:47

    I signed up to HSBC in the last deal.
    Ive been pretty happy with them so far, however, i am always attracted by competitor sign on cashback.
    I like to churn credit cards, and so why not home loan providers.

    I couldn't find details on minimum time that you have to stay with them, but is there any issues with changing away from HSBC after 6 months?
    I am only variable, no fixed term loan.

    • vawiyoci on 11/04/2022 - 12:22
      +1

      I actually had the same question wrt the minimum time before you discharge or refinance again since I couldn't find anything about it in my loan documents or contracts. A broker that I talked to said it might affect their commission if you exit the new loan within the 1st or 2nd year depending on the agent, so maybe it's not an issue if you do it directly through the bank?

  • silenthillrocks on 08/04/2022 - 09:16

    Is the rate that HSBC does with offset 2.07%?

  • wildstone on 08/04/2022 - 10:48

    What is the minimum LVR requirement? Is it 70% or 80%?

  • Shuey on 08/04/2022 - 17:53

    Just spoke to them, their rates surprisingly wasn't as good as what I was offered by one of the Big4 banks (Refinance OO LVR < 70%)
    But wasn't keen on the average time taken just to get the loan approved, circa 5 weeks .. as oppose to 1-1.5 weeks with the Big4 banks.
    Can't imagine how long settlement will take.

    • Arkan on 09/04/2022 - 07:49

      Allow 10-12 weeks minimum.

      • Shuey on 13/04/2022 - 17:04

        Wow, it was no deal with 5 weeks. No brainer with 10-12 weeks.
        Although HSBC has the highest cash back $3288 compared to the other Big4 banks ($2K to $3K), but that's negligible in the whole scheme of things

    • silenthillrocks on 09/04/2022 - 12:35

      Which BIG4 offered you better?

      • Shuey on 13/04/2022 - 17:01

        Westpac

        • silenthillrocks on 14/04/2022 - 10:00

          is that thru a broker or direct?

          • Shuey on 19/04/2022 - 13:42
            +1

            @silenthillrocks: Direct. But I guess it also depends on the loan size and LVR < 70%

  • silenthillrocks on 26/04/2022 - 08:32

    Deal expired
    New rate is 2.27%

  • Dinduboy on 02/05/2022 - 13:01

    Can someone help - if wanting to refinances, what are the cost associated the refinancing?
    Just completed 2yrs out of 30 year loan. Outstanding is AUD 700,000. Property value i am hoping is about AUD 900,000.
    Wanting to know if these cashback payment would cover entire amount. Cheers/

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