HSBC Bank Australia yesterday cut its fixed home lending rates by between 35 and 130 basis points.
The biggest reduction was to the bank’s promotional three-year fixed rate for new customers to 7.99 per cent – the lowest on the market, according to HSBC’s head of home loans John Lane.
Mr Lane said a fall in the cost of funds and HSBC’s strong position had allowed the bank to make the reductions.
“Recent weeks have seen a significant reduction in the medium and long-term cost of fixed rate funds in the commercial market,” he said.
The bank’s standard fixed rates for one, two and three-year loans were also cut to 8.99 per cent while four and five-year rates were reduced to 8.90 per cent.
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