Anyone have the low down on this HSBC promo?

Discussion in 'Loans & Mortgage Brokers' started by Wazza23, 2nd Feb, 2016.

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  1. Wazza23

    Wazza23 Member

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    Wazza23, 2nd Feb, 2016
    #1
  2. Omnidragon

    Omnidragon Well-Known Member

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    I know BoQ doing this now. A few other small shops may also do it.

    Personally their service is terrible.
     
    Omnidragon, 2nd Feb, 2016
    #2
    Corey Batt likes this.
  3. Corey Batt

    Corey Batt Well-Known Member

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    As above. They also have a three year IO term max, shoddy service - really not that flexible if you have any intention of running a debt recycling strategy on your PPOR debt.
     
    Corey Batt, 2nd Feb, 2016
    #3
    Johann_ likes this.
  4. Johann_

    Johann_ Well-Known Member

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    Corey Batt has made some great points :)
     
    Johann_, 2nd Feb, 2016
    #4
  5. Danielt25

    Danielt25 Well-Known Member

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    Hi in what way is the service bad? I just submitted a refinance (preliminary) application to them for $1.75m / 85% without LMI (they won't do 90% no LMI unlike CBA) I/O (but only 3 years) 3.99% variable. No issues so far .. The "premier relationship manager" seems to ok at this stage of the application process
     
    Danielt25, 5th Feb, 2016
    #5
  6. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Does anyone know if HSBC are lending to investors at all these days?

    There's quite a few lenders that can do 3.99% for owner occupied properties.
     
    Peter_Tersteeg, 5th Feb, 2016
    #6
  7. Watson1

    Watson1 Well-Known Member

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    Saw this when I logged on to internet banking

    "
    To assist us in managing our regulatory obligations to keep investor home loan growth below 10% per annum, new investor home loan lending with HSBC is currently reserved for existing HSBC customers* only. This restriction applies to investor home loan lending for new-to-bank and HSBC Credit Card only customers, until further notice.

    Should you have any questions please do not hesitate to contact your Relationship Manager or any of our staff members.

    * existing customers are defined as those with an existing retail bank lending product (mortgage), or in the absence of this, currently hold a deposit account with HSBC that was opened prior to the 1st January 2015 (Credit Card customers excluded)."
     
    Watson1, 11th Feb, 2016
    #7
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Post GFC HSBC sold their broker to a then 3rd tier lender...................

    And now they are wanting to come back into that market

    nuff said, they can keep their fair weather friend money

    ta
    rolf
     
    Rolf Latham, 11th Feb, 2016
    #8
  9. teetotal

    teetotal Well-Known Member

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    BOQ was doinf 3.99 for investors too until early this month.
    Now they do 4.2 for >1mil.
    4.4 for <1mil.
     
    teetotal, 12th Feb, 2016
    #9