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[HSBC] HSBC 5-year fixed mortgage 2.39% + up to $1500

  • Last Updated:
  • May 25th, 2017 9:48 pm
[OP]
Sr. Member
Jul 8, 2011
769 posts
239 upvotes
WESTMOUNT

[HSBC] HSBC 5-year fixed mortgage 2.39% + up to $1500

Deal Link:
Expiry:
September 30, 2017
Retailer:
HSBC
More offers from HSBC
HSBC 5-year fixed mortgage just updated recently to 2.39% and up to $1500 cash back. The rate is set to expire on July 3, 2017.

Very similar to this thread a few months ago where the rate was 2.35% with no cash back: hsbc-hsbc-5-year-fixed-mortgage-2-35-2081339/

Here are the details of the current offer:
The HSBC Mortgage Cash Back Offer is available to all HSBC customers except customers who:
• have an existing Mortgage with HSBC or have had a Mortgage with HSBC within the past 6 months;
• are not the age of majority in their province or territory of residence;
Approval of your Mortgage is subject to standard lending guidelines.
The Mortgage must be in the amount of $200,000 or more with a closed term of four years or longer.
The Mortgage must be applied for and approved during the Offer Period and fully funded by HSBC within the commitment period of the approved Mortgage offer.
HSBC will credit the Cash Back to the HSBC Chequing or Savings Account within 5 days of funding the Mortgage if all qualifications and other conditions are satisfied on the following basis:
• $500 for Mortgages between $200,000 and up to $499,999
• $1,500 for Mortgages greater than or equal to $500,000.
Last edited by herrdude on May 4th, 2017 8:48 pm, edited 1 time in total.
42 replies
Deal Addict
User avatar
Mar 13, 2008
1631 posts
694 upvotes
Milton
**** I bought the house for $499K, and will only get $500 cash back.
-ZdpZ... ;)
[OP]
Sr. Member
Jul 8, 2011
769 posts
239 upvotes
WESTMOUNT
zdpz wrote:
May 4th, 2017 8:56 pm
**** I bought the house for $499K, and will only get $500 cash back.
Image
Deal Addict
User avatar
Sep 23, 2009
2292 posts
85 upvotes
Toronto
Wow! I can't believe it's back cause I missed the original deal...thanks and thanked op! Is it faster to do an online application or at the branch? TIA
Sr. Member
User avatar
Dec 28, 2008
910 posts
479 upvotes
Langley, BC
zdpz wrote:
May 4th, 2017 8:56 pm
**** I bought the house for $499K
Said no one ever in BC.
[OP]
Sr. Member
Jul 8, 2011
769 posts
239 upvotes
WESTMOUNT
visionqueen wrote:
May 5th, 2017 1:59 pm
Wow! I can't believe it's back cause I missed the original deal...thanks and thanked op! Is it faster to do an online application or at the branch? TIA
I also missed the original deal. I am planning to leverage my bank with this offer.
Deal Guru
Oct 30, 2006
13008 posts
1696 upvotes
You can get a house for 499k in BC as long as it's outside the GVR.
TripleQ wrote:I read Click magazine for the articles!
[OP]
Sr. Member
Jul 8, 2011
769 posts
239 upvotes
WESTMOUNT
Lone_Prodigy wrote:
May 5th, 2017 2:11 pm
You can get a house for 499k in BC as long as it's outside the GVR.
Is it a double-wide? ;-)
Deal Addict
Dec 16, 2012
1364 posts
105 upvotes
Vancouver
I tried to get the 2.35% and booked an appointment that took a week to make and on the day I had my appointment they changed the rate and the person would not honor it. I then tried to get a pre-approval for that now higher rate and never heard from them for 2 weeks till I phoned them up and apparently there was some problem with my application and they where waiting on something, which I don't understand as I came and gave them in person and gave them everything they needed.

I found out that they wanted to see 2 years of tax returns from my corporation which I did not have(only been around for 1.5 years) and I told the woman that when we met, so I was unsure why that was still a problem. I told her again on the phone and then the next day she just sent me a email stating again that was still outstanding. At that point I gave up with them and figured this lower rate(what now if this is the new conditions I would not even qualify as my mortgage is less than 200K) was not worth it.

There customer service was just too horrible, plus you combine it with the condition that if you sell your place early you have basically have to pay back all the interest for the remainder of mortgage years was a no deal for me to save $1800 over 5 years.
Jr. Member
Oct 11, 2006
126 posts
34 upvotes
Toronto
zdpz wrote:
May 4th, 2017 8:56 pm
**** I bought the house for $499K, and will only get $500 cash back.
you can always borrow a bit more than you need to cover closing expenses for example
[OP]
Sr. Member
Jul 8, 2011
769 posts
239 upvotes
WESTMOUNT
xiaobao wrote:
May 5th, 2017 2:24 pm
...
There customer service was just too horrible, plus you combine it with the condition that if you sell your place early you have basically have to pay back all the interest for the remainder of mortgage years was a no deal for me to save $1800 over 5 years.
Most fixed mortgages have nasty penalties if you leave early. If you think you are not going to the end of the term, it's better to get a variable mortgage.
Deal Addict
Dec 16, 2012
1364 posts
105 upvotes
Vancouver
herrdude wrote:
May 5th, 2017 2:36 pm
Most fixed mortgages have nasty penalties if you leave early. If you think you are not going to the end of the term, it's better to get a variable mortgage.
Yes fixed have worse penalties vs variable but HSBC is particularity bad(not sure if they still have it on this mortgage) but a standard mortgage termination is usually 3 months of interest.
Sr. Member
Feb 10, 2007
904 posts
363 upvotes
Calgary, AB
herrdude wrote:
May 5th, 2017 2:36 pm
Most fixed mortgages have nasty penalties if you leave early. If you think you are not going to the end of the term, it's better to get a variable mortgage.
I don't think it is the fixed vs variable that is the problem, it is the open vs closed and the variety of penalties placed on closed mortgages.
Deal Addict
User avatar
Nov 30, 2003
2378 posts
268 upvotes
Nepean
BTW, for those interested I renewed with MCAP today for 2.39% for 5 year fixed. After reading some of the hassle people had with HSBC and runaround I figured it was so much easier to renew with same company. The person who handled my file was so quick to answer emails which was a nice change compared to what I read on other thread.
Jr. Member
User avatar
Nov 26, 2011
150 posts
37 upvotes
VANCOUVER
xiaobao wrote:
May 5th, 2017 2:38 pm
Yes fixed have worse penalties vs variable but HSBC is particularity bad(not sure if they still have it on this mortgage) but a standard mortgage termination is usually 3 months of interest.
Their Fixed rate penalties are horrendous (each of the big 6 have the same structure). Posted vs Discounted = awful. HSBC's Variable is also fully open after 3 years. Much better IMO
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