HSBC Variable Rate Home loan
If you’re in the home loan market for a variable interest rate loan that has a full range of features and flexibility with no monthly fees then look at the HSBC variable rate home loan. This home loan can be used to build a new house, has redraw and more.
HSBC Variable rate home loan features
An HSBC home loan with a variable interest rate can give you the freedom and flexibility you need from a mortgage. Here are some of the options and features that are offered on the HSBC variable rate home loan to help you decide if this loan is right for you:
- Internet and phone banking
Because HSBC offers Internet and phone banking you will always be able to have up to date information on your home loan, you can also use it to check if the extra repayment that you made went through.
- Repayments
You have the choice of being able to pay interest only or principal and interest. Interest only gives the borrower a lower repayment to make because they only have to pay the interest charges on the loan, but the balance of the home loan will not reduce. Interest only payments can be used for up to three years and can only be paid monthly. The normal option of paying both the interest and principal means that you pay the interest charges and some of the principal so your home loan balance will reduce over time.
- Extra repayments
Making extra repayments or paying just a small extra amount on your home loan can make a big difference to the amount of interest that you will be charged and the length of your mortgage. So it’s good to know that there are no fees or charges for making any extra repayments on the HSBC Variable rate home loan.
- Repayment timing
With the HSBC variable rate home loan you’re sure to find repayment frequency that you’re happy with because they will allow you to make your payments either weekly monthly or fortnightly
- Redraw
If you have been working hard to make extra repayments when you can to reduce your home loan’s balance and save yourself money but now you find yourself in a position where you need some extra cash for yourself then you can use the redraw facility. This feature lets you have access to these extra repayments. Each time you use this feature there is a $20 fee and you need to redraw a minimum amount of $500.
- Construction
The HSBC variable rate home loan can be used by people that would like to purchase a block of land and build a new house.
- Splitting option
The option to split your loan gives you opportunity to take advantage of other home loan options that aren’t available on this home loan. This is kind of like having more than one type of home loan for example if you have a home loan for $500,000 and you would like to reduce the impact of interest rate rises then you could split your loan by having $300,000 as a variable rate loan and $200,000 as a fixed rate loan.
- Who can use this home loan
The HSBC variable rate home loan can be used by people who would like to buy residential property with a value between $50,000 and $7,500,000. HSBC will often home loans with terms up to 30 years.
If you like the sound of the HSBC variable rate home loan with its full range of features and flexibility then you should fill out the online enquiry form or ring Home Loan Finder and speak to one of our home loan experts who can help you choose the right loan for you and offer you great service and a even better interest rate than a broker can get you.
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