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HSBC has today announced that it is slashing its fixed home loan rates. As shown by the below table, HSBC’s two-year fixed rate loan will fall to just 4.59% – reportedly the lowest fixed rate in Australia – with three and five-year fixed rates falling to 4.79% and 5.09% respectively for new and
existing customers.
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In its Media Release, HSBC cites falling wholesale funding costs as the driver behind the move, although it does also suggest that HSBC now believes that official interest rates are headed lower (as argued at MB).
unconventionaleconomist@hotmail.com
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.