Media statement released by HSBC on 13th June 2023, to confirm that they are winding down their personal banking services in New Zealand.
Customers with existing home lending or new customers looking at HSBC for their first home or investment property, would need to re-consider their plans with HSBC.
What is the impact on existing HSBC home lending customers?
Customers with an existing home loan maturing before 13th September 2023, can only apply for a maximum fixed term of 6 months or continue with the variable/ floating rates. The option of fixing rates for 1 – 5 years will not be available therefore drawing limitation to when customers fixed term expires.
If you are looking to release equity or purchase another property with HSBC, this would not be possible as HSBC are no longer accepting new applications. For example, if you wish to apply for a top up for home renovation or beautify your property, you will face limited options from HSBC.
What can HSBC customers do?
Engaging with financial adviser specialising in mortgage; can look into the following:
- Explore opportunities to build your property portfolio and/or use the equity to beautify your property.
- Review existing home loan arrangement and tailor solution to meet your needs.
- Range of fixed terms from 6 months to 5 years with diverse loan repayment plan.
- Choose fixed terms from 6 months – 5 years with several loan repayment plan available.
- The luxury of finding the lender of your choice.
- Develop strategies to pay off your loan fast.
Why refinance with SK Financial Group?
- Reliable, trustworthy and transparent.
- Complimentary 30-minute consultation.
- We will do the groundwork to find the suitable lender or collaborate with a lender of your choice.
- Providing comprehensive support from initial steps all the way to settlement and beyond.
- Tailoring your home loan to suit your needs.
- By recognising your initial requirements and considering your future aspiration, we can assist you towards developing your property portfolio.
- Review and update your existing insurance needs so you and your family are protected.
Remember:
If your HSBC loan is fixed for more than 1 year, you could refinance to another lender without any early payment fees. Connect with us to learn more.
Disclaimer: The article should not replace or used as a substitute for personalised financial advice. It is recommended that you seek independent financial advice based upon your needs, goals, and situation. SK Financial Group and their employees cannot be held accountable to the information in the article. Indicative interest rates have been used from external websites; we are not responsible for accuracy of data. Please check our disclosure statement on our website for full information, alternatively you can contact us for full disclosure, terms, and conditions.