HSBC will cut its standard variable rate by 1.5 per cent in a new ‘Summer Sale’ campaign.
Effective from 29 December 2009, the summer sale is being launched to coincide with the traditional post-Christmas sale season.
While HSBC no longer distributes its loans via the broker channel the aggressive pricing is a further indication that competition is beginning to creep back into the market.
The company’s head of personal financial services in Australia, Graham Heunis, said the campaign is HSBC’s biggest to date and is expected to garner a lot of interest from Australians who are looking for the best deal on their mortgage.
“This year, with the demise of the first home owner’s boost and successive interest rate rises, customers are more than ever looking to get the best deal on their mortgage, and our offer is the best in market, with a 1.50 per cent off the variable rate for the first 12 months,” Mr Heunis said.