This was posted 1 year 3 months 16 days ago, and might be an out-dated deal.

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HSBC - Variable Rate Home Loan Owner Occupy 5.69% (CR 5.70% p.a.) up to 50% LVR, $3288 Cashback on Min $250,000 Refinance

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HSBC - Variable Rate Home Loan Owner Occupy 5.69% (CR 5.70% p.a.) up to 50% LVR, $3288 Cashback on Min $250,000 Refinance
Go to Deal
AssociatedLnorthshorefinance @ Aussie on 14/09/2023 - 12:20 hsbc.com.au (1268 clicks)
Last edited 12/10/2023 - 08:28 by 2 other users

Hello OzBargainers,

Good news, HSBC bank is introducing < or = 50% Variable LVR tier with HV OO 5.69% P&I
Effective Monday 18 September 2023, HSBC will launch a new LVR < or = 50% tier for featured variable rates (refer Table 1), for new applications lodged from this date.

Also they continue to offer $3288 cash back for loan >= 250K.

Fees
$0 Establishment Fee
$0 Settlement Fee
$0 Valuation Fee

Another important thing is that they only need PAYSLIPS for $ to $ refinance, there is no need to provide bank statement!!!

FYI borrowing capacity for lenders on our panel is below.

Household income Borrowing capacity
$100,000.00 $259,314.56 - $480,825.68
$150,000.00 $509,739.02 - $806,358.51
$200,000.00 $768,859.36 - $1,075,403.54
$250,000.00 $993,667.36 - $1,297,930.81
$300,000.00 $1,215,519.61 - $1,589,420.31
$350,000.00 $1,499,314.01 - $1,817,156.10
$400,000.00 $1,743,718.84 - $2,078,735.48

Kind regards,

Andy Chen
M: 0422 871 668
E: [email protected]
W: https://www.aussie.com.au/mortgage-broker/andy-chen/
Northshore Finance T/A Aussie Chatswood (Credit Representative Number 546958) is authorized under Australian Credit Licence Number 246786
We promise 24 hours submission when document is ready, and our service for you is free.

Financial Cashback Home Loan Loan Refinance

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closed Comments

  • lingkohuang on 14/09/2023 - 12:32

    what is the rate of Variable Rate Home Loan Owner Occupy with a Package

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 12:32
      +1

      it would be 5.79% from 18/09 for LVR up to 50%

  • cocomelon on 14/09/2023 - 12:35

    investment property?

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 13:00
      +1

      rate has not announced yet, have to wait till Monday

      • Whatisthatvelvet on 14/09/2023 - 14:20

        Please post those rates when you get them. Looking at I/O on IP.

      • Gagul on 23/09/2023 - 20:39

        Cant see the rates as 5.69% for <50%LVR on their site yet.

        • DH on 23/09/2023 - 23:22

          Yeah, may be only a broker deal I'm thinking, only managed to haggle them down by 0.05% myself

  • Tiggrrrrr on 14/09/2023 - 12:38

    I'm a little confused. Are you advertising the deal through HSBC or yourself?

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 13:00
      +14

      I am a broker, our job is to help people find the most suitable loans. HSBC rate is having the best value on our panel hence posting to this forum. If you are interested you can apply through HSBC website, the turn around time is normally 1-2 weeks. Or you can give me a call, my turnaround time is 2 hours. Either way there is NO charge to you.

  • cornflakes on 14/09/2023 - 13:01

    Hey Andy, I'm looking to buy as a first home buyer for a PPOR in the next 4-6 months. With higher interest rates reducing my borrowing capacity, I'm looking to put down a 20%+ deposit to reduce that gap. Besides closing credit card accounts, what else can I do to increase my borrowing power short of having to work more? If I say I will get rental income from housemates after purchasing, will that help? What about cash gifts say from a family member to show I have more funds in my account? I'll need a broker at some point as I'm too lazy/novice to negotiate myself with a bank ;)

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 13:13

      hi mate, we do have various options, you can give me a call to discuss. Also your asset does not increase your borrowing capacity, the borrowing capacity is calculated purely based on the income. e.g. if your current income is giving you a "1 million" borrowing capacity. And even if you win a lotto of 10 million, your borrowing capacity would remain the same - 1 million. However we do have some tactics to help you.

      • Kooratz on 14/09/2023 - 13:17
        +1

        I'll pay cash when I win $10 million :)

  • kml22 on 14/09/2023 - 13:08

    Ah, HSBC, the criminal bank, treating it customer like a criminal, their service is really bad..AVOID people.

  • bio on 14/09/2023 - 13:09

    Another important thing is that they only need PAYSLIPS for refinance, there is no need to provide bank statement!!!

    Is this new? I refinanced last year and they asked literally everything they could have asked for. Also the whole thing took 3 months to finalise.

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 13:13

      yes this is for $ to $ refinance, thanks for the reminder, I have amended the post.

      • bio on 14/09/2023 - 13:19

        Interesting. Mine was also a $ to $ refinance.

        • Associatednorthshorefinance @ Aussie on 14/09/2023 - 17:30

          I can promise you the ones that I have done only requires payslips.

      • jrt2020 on 14/09/2023 - 14:48

        How does this work ?
        So if I get 20k salary per month but withdraw 19k and put into pokie machines I can still try for homeloan?

        • michaelavelli on 14/09/2023 - 16:25

          It's for refinances. So you already have a home loan.

        • Associatednorthshorefinance @ Aussie on 14/09/2023 - 17:31

          as long as your credit report is ok, meaning you never missed any repayment before.

      • ingster on 18/09/2023 - 10:30

        Howdy,

        What do you mean by $ to $? Just straigh swapping the mortgage? I.e. not borrowing extra money?

        • Associatednorthshorefinance @ Aussie on 19/09/2023 - 10:20

          Correct, you have 250K loan and you finance to 250K, not 250K loan but top up to 300K

    • hrcdan on 14/09/2023 - 16:16

      4 mths for me, going through Aussie HL broker, good luck to you if you pull pin, never again myself

    • 76F on 16/09/2023 - 18:20

      I just refinanced in June and it took almost two months. Only had to provide payslips and credit card statement though.

      • Associatednorthshorefinance @ Aussie on 19/09/2023 - 10:21

        if you go with me, it will be 40 calendar days. I cannot save assessment time but I can save the 1-2 weeks doc prep time.

  • HelpWanted on 14/09/2023 - 13:14

    Offset and how many linked accounts, if any?

  • BeefBiryani on 14/09/2023 - 13:20

    a generic question. i took a home loan about three months ago. have been paying it off on weekly basis. I have noticed that 3/4th of my monthly payments go towards interest and only 1/4th goes towards principal payments. is this normal or am i being stuffed?

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 13:25
      +4

      this is normal as you have signed up a 30 year loan, you are paying only 1/30 of your principle per YEAR, converting to 1/1560 of your principle per WEEK. However as time goes by, you principle portion will increase. e.g. if your loan has only 3 weeks to go, essentially you will be paying 1/3 of your principle per week at that time.

      • Goodproduction on 14/09/2023 - 21:34

        Easy understanding. Thanks man.

      • BeefBiryani on 15/09/2023 - 10:08

        Thanks, really appreciate your help. I will keep you in mind when I am ready for switching lenders.

    • MANU7D on 14/09/2023 - 13:34

      Thats how the banks works , recover majority of the interest first , then principal amount.

    • pin4e on 14/09/2023 - 17:06
      +1

      It's normal now, at the start of last year when the rates were low, about 50% of my payments were going towards the principal

  • asa79 on 14/09/2023 - 13:20

    What is the benefit of HSBC over the other major banks

      • VBO on 14/09/2023 - 13:38

        Sign me up!

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 13:34

      cash back and cheap rates and APP

      • zbys on 14/09/2023 - 14:40

        I've been with HSBC for 2 years and the App has gone from infuriating to mildly annoying…it's come a long way but still has a whole lot of oddities. It will still sometimes show your account balances etc for a few seconds when launching the app before realising that you should not be logged in and switching back to the log in page…

        One benefit that continues is you can have card access to offset account if you need, and it's generally quite good for withdrawing cash overseas - generally no overseas transaction or ATM withdrawl fees (unless they are locally charged like Thailand, and sometimes you can get around these by finding a HSBC ATM)

        One benefit that HSBC used to have is large online transfers - $50k daily limit was the default. That's unfortunately now ended, but at least they have fast payments for small amounts now. If you have large transfer needs now expect it to take at least a week as they want physical paper copies of the forms, or you can do it via a branch for a $20+ fee…

        • Brick50 on 26/09/2023 - 18:24

          What constitutes a large amount? With bank of melb I can withdraw 50-100k a day, and usually instant via osko

    • kml22 on 14/09/2023 - 13:40
      -2

      Money laundering.

  • l2p10 on 14/09/2023 - 13:35

    Recently gone through refinance and new loan too.

    I have been told HSBC application is around 45 business day for assessment?

    • kml22 on 14/09/2023 - 13:42
      -4

      45 business day to laundering your money :).

      HSBC: The Money Laundering Scandal | Shady Business
      https://www.youtube.com/watch?v=WwXPZohTJ4w

      • Associatednorthshorefinance @ Aussie on 14/09/2023 - 13:45

        official SLA is 35 business days.

      • cocomelon on 14/09/2023 - 14:26
        +2

        @kml22 what is your issue with HSBC man? some kind of personal vendeta?

        • kml22 on 14/09/2023 - 15:06
          -1

          I had a bad experience with HSBC :(

          • clubhonda on 14/09/2023 - 18:38
            +2

            @kml22: I think people can make an informed decision on their own. Every single one of the big 4 banks have been fined before as well. Your own bad experience is really just that. I've known of people who banks with them and are loyal and have done so for decades too. If the rates are good, app is ok, general day to day banking is ok, I can't be bothered with the rest. https://www.reuters.com/business/penalties-imposed-australia…

    • Xander84 on 14/09/2023 - 14:48
      +2

      Can confirm this. I applied to refinance with HSBC at the end of June and it took 9 weeks for my application to get looked at.

  • Homr on 14/09/2023 - 13:39

    only up to 50% LVR? what?'

    So if the property im planning to buy is $1m I need minimum 500k deposit?

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 13:46

      yes for this deal, otherwise higher interest rate for higher LVR

  • Neil2016 on 14/09/2023 - 14:12

    I am looking to refinance my home loan. Will contact you guys.

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 14:15

      thanks mate

      • Neil2016 on 18/09/2023 - 10:12

        Can’t see the promotion on HSBC website

        • Associatednorthshorefinance @ Aussie on 19/09/2023 - 10:25

          Contact me and I will send you the confirmation letter from HSBC

  • itslittfam on 14/09/2023 - 15:00

    How much interest rate for 80% LVR?

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 16:28

      5.89

      • DivZero on 14/09/2023 - 22:53

        They have me on 6.07% on a loan originated 13 mo ago. Is there anything I should be doing to get the lower rate? Or is that only for new customers?

  • pearl2013 on 14/09/2023 - 15:14

    Can I jump ship after getting the cashback?
    Does it impact on your commission?
    HSBC is pain to deal with so I have been hesitate to refinance with them directly. I know broker has a better channel to deal with them..

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 16:27
      +2

      yes you can, I will pay back HSBC all the commission, but I still can do it for you because I am sure you will be satisfied with my service and refer more customers to me. And it only takes me 1 hour to submit your loan if you are PAYG customer. So I am happy to sacrifice 1 hour of my time to help you.

  • brauhem on 14/09/2023 - 15:30

    TicToc is 5.70% and only requires a 10% deposit minimum (aka 90%LVR). Unlimited redraws. $10 a month additional fee for an offset, which is superior to redraw.
    https://tictoc.com.au/home-loans-old

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 16:29
      +1

      Yes online lenders can certainly do sharp pricing, however based on my experience their servicing capacity is not as good as traditional banks.

      • brauhem on 14/09/2023 - 16:47

        I don't follow what you mean by "servicing capacity"?

        Can you elaborate on the experience you have with online banks?

        • Associatednorthshorefinance @ Aussie on 14/09/2023 - 17:40
          +1

          Same person with same income, generally speaking online lenders offer 10% to 20% less capacity to you. e.g. Big bank A is happy to lend you 1 million based on your income, small lender B can only offer your 800K based on the same income. This is because the risk appetite is different between big and small companies. Big ones can take bigger risks however if one bad thing happen to small lender, they have to close the business.

          • brauhem on 14/09/2023 - 17:51

            @northshorefinance: I see. I would respectfully disagree.

            TicToc is comparable with the banding of borrowing limits set out above. The bigger bank's rate is only for an LVR of 50% or less, whereas the "smaller" online operator will offer the same rate up to an LVR of 90%. That to me suggests the risk appetite is far lower for the big bank at this interest rate. Also of note, TicToc is backed by Bendigo/Adelaide, far from a small bank.

            I don't see this HSBC product as a deal/bargain. Could borrow 80%, park the remaining in the offset and have a cheap line of credit available.

  • Markbk on 14/09/2023 - 16:56

    Was non-resident eligible for this refinance? E.g Student Visa-500
    I had existing home loan with private lender and looking for for a better rate.

  • sohomel on 14/09/2023 - 17:17

    Is any broker rebate available with this deal? What's the package fee?

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 17:36

      package fee $395, we promise to offer the best service (e.g. minimal docs and fast turnaround), plus we have best system and brand which cost a fortune hence cannot offer broker cash back.

      • eltito on 14/09/2023 - 18:40

        Sorry, to clarify, what is meant by broker rebate / broker cash back? I assume these 2 meanings are the same and refers to brokers that provide a cash back to the customer?

        Also, second question, what is meant by package fee? Which in this case is $395? Is this an additional charge if say I was to go through Aussie?

        • Associatednorthshorefinance @ Aussie on 14/09/2023 - 20:44

          some broker will sacrafice x% of their commission to pay back to customers. Package fee is charged by HSBC if you want an offset account and free credit card. If you don't need offset or credit card, this product is complete no fee for you. Aussie does not charge anything, we get comission from the bank.

          • eltito on 14/09/2023 - 20:59

            @northshorefinance: Ahhh ok thanks, what if I just wanted an offset account but no credit card? Would I still be charged the full $395 package by HSBC?

  • inYourdream on 14/09/2023 - 17:25

    would they do this cashback for the current HSBC custormer if I say to them I would refinance with other banks?

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 17:36

      no they won't, best way is to refinance out and refinance back again.

  • Hendrix on 14/09/2023 - 17:48

    I refinanced away from HSBC about a year and a half ago. They we pretty bad because they held back a lot of the rate cuts for existing customers and refused to offer a better rate. I would not recommend HSBC unless you are planning to refinance again.

  • tunzafun001 on 14/09/2023 - 20:15

    How hard to get a refi from CBA. Multiple loans (SA). CBA are slow, poor customer service. If it makes any difference, Ive held a savings account with HSBC for around 18 years.

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 20:46

      very easy, but since you have multipule properties, need Rental Statement for each property as evidence of income.

  • kimyongjeon on 14/09/2023 - 20:43

    My current mortgage account comes with an offset account.

    According to HSBC website
    -Unlimited free extra repayments
    -Flexibility to redraw additional payments for free

    Is this similar to having an offset account?

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 20:50
      +1

      Yes, but there are some tax implications if you want to use your current property as investment proeprty. Better check with your accountant. If you are talking about daily usage, they are the very similar. Only difference I can think of is that, offset account has a card, you can swipe to buy stuffs, while redraw account does not have a card, you have to transfer money to an everyday account to buy stuffs.

    • brauhem on 14/09/2023 - 21:06
      +2

      Offset accounts are covered by the Financial Claim Scheme (FCS). That means if the bank goes bust, the government will guarantee up to $250k in an offset account. In addition, the banks cannot touch the offset account (a couple of banks years ago decided some loans were risky, and put the available redraw against the loan amount).

      Redraws are not separate accounts and are not government guaranteed.

  • Huntakillaz on 14/09/2023 - 21:43

    Curious as to how someone in the solo income of $60-99K is suppose to be able to get a entry level house in like suburbs of Melbs $400-650k with 10% deposit?
    Having an income of 100k minimum is seeming quite wild

    • clubhonda on 22/09/2023 - 11:38

      That is your problem not society's. Lots of single young 20s earning $350k/yr over at Whirlpool lol.

  • Goodproduction on 14/09/2023 - 21:45

    How much interest rate for 90% LVR?
    No waived lmi option available for RN?

    • Associatednorthshorefinance @ Aussie on 14/09/2023 - 21:56
      +1

      6.09% p.a.and no LMI waiver

  • xiaozaocha on 15/09/2023 - 10:56

    happy to see some new cashback offers!

  • Daisycogs on 15/09/2023 - 15:13

    I meet the criteria but how many months do I have to be with my current employer if I wanted to take up this deal and refinance this deal? and by $ to $ refinance does this mean that I currently have 260,000 owing, I keep this the same owing amount with new homeloan provider?

    • Associatednorthshorefinance @ Aussie on 15/09/2023 - 17:03

      if you are perm employee, no requirement, as long as you are doing similar jobs before. it is a showcase that you can find jobs hence there is no risk. Casual employee needs min 6 month. Yes $ to $ means refinance 260K in your case.

  • DH on 15/09/2023 - 15:49

    Asked HSBC today about this directly, currently settling my loan (1st payment) and they seem to be curious about this and won't talk about it.

    • Associatednorthshorefinance @ Aussie on 15/09/2023 - 17:03

      wait till Monday to call.

  • Jackgumtreeau on 18/09/2023 - 13:28

    any update on the investment property rate? around 60-70% LVR

    • Associatednorthshorefinance @ Aussie on 18/09/2023 - 18:15

      LVR 60% or less 5.94% p.a. / LVR between 60% and 70% 5.99% p.a. / LVR between 70% and 80% 6.04% p.a. / LVR above 80% 6.34% p.a.

  • ozbargainerlife1 on 18/09/2023 - 17:52

    Any other banks doing refinance cashbacks apart from HSBC?

    • Associatednorthshorefinance @ Aussie on 18/09/2023 - 18:16

      St.George/Bank of Melbourne/BankSA: $2000 refinance cashback
      ANZ: $2000 refinance cashback
      Bank of Queensland: $2000 refinance cashback
      Bank of China: $4288 refinance cashback

  • Wil747 on 18/09/2023 - 23:20

    If I switch to hsbc get the cash back and refinance how long before I can change banks ? Is there like a lock in term or an exit fee ?

    • Associatednorthshorefinance @ Aussie on 19/09/2023 - 10:10
      +1

      There is no limit, you can change anytime. There is a 600-700 fee for each refinance no matter which bank you go to. It basically to cover the labor cost from your current bank and government charges for document processing.

      • Brick50 on 25/09/2023 - 12:25

        Is the $600-700 fee for the bank you're leaving or both? I am current with BOM and the discharge fee is $295.

        HSBC are waiving establishment fee and settlement fee, what would the total fees be all up roughly?

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