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HSBC

Variable Rate Mortgage - Prime minus 0.96%

  • Last Updated:
  • Sep 27th, 2017 10:57 am
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary

[HSBC] Variable Rate Mortgage - Prime minus 0.96%

Retailer:
HSBC
More offers from HSBC
HSBC has come out with an industry leading variable rate mortgage. Prime minus 0.96% (1.99% as of today's prime). Other terms:
  • 20% prepayment (original balance) per year.
  • Available for refinances or mid-term switches
  • Mortgage needn't be previously insured
  • $1500 cashback if mortgage > $500k and payments made out of HSBC chequing account
  • $500 cashback if mortgage > $200k (but less than $500K) and payments made out of HSBC chequing account
  • legal fees + appraisal fees not covered (one could apply cashback toward that)
  • closed term for 3 years; penalty is 90 days interest; after 3 years mortgage is fully open
  • $300 welcome bonus by opening HSBC Advance Chequing Account (which would be no-fee if mortgage > $150k)
Last edited by ahlaker on Jul 14th, 2017 10:13 am, edited 1 time in total.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
215 replies
Deal Expert
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Apr 21, 2004
58618 posts
24555 upvotes
Nice. Immigrants are also more likely to have dealt with HSBC back home.
Deal Guru
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Oct 24, 2012
11641 posts
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Montreal
ahlaker wrote: closed term for 3 years; penalty is 90 days interest; after 3 years mortgage is fully open
So it's a 3 year term? Or it's a 5 year term, but you have no penalty after 3 years?
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
alkizmo wrote: So it's a 3 year term? Or it's a 5 year term, but you have no penalty after 3 years?
Bingo. 5 year term with no penalty after 3 years (per HSBC rep)
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Oct 24, 2012
11641 posts
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Montreal
ahlaker wrote: Bingo. 5 year term with no penalty after 3 years (per HSBC rep)
Neat
Deal Addict
Mar 14, 2006
2286 posts
2334 upvotes
Toronto
That is a great deal...I wish my mortgage is up for renewal....
Deal Addict
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Sep 14, 2003
4603 posts
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Burnaby
Hmm, nice product indeed. Currently have a P-0.55 but with such a rate difference, may be worth it to break current mortgage to go with this.
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References: eBay Feedback
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Sep 4, 2005
4090 posts
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Toronto
That's a nice deal!

What are the bank fees like to keep their chequing account open? How long do you have to pay out of the chequing to be elgible for the $1500; can you change it after a month? year? 5 years?
Jr. Member
Jan 20, 2011
164 posts
125 upvotes
Toronto
What's the catch? This actually looks like a good deal on a mortgage
By Grabthar's Hammer, what a savings
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
gheart008 wrote: Hmm, nice product indeed. Currently have a P-0.55 but with such a rate difference, may be worth it to break current mortgage to go with this.
Definitely. I'm on p-70bps and am all but certain to switch in.
Super_Chicken wrote: What are the bank fees like to keep their chequing account open? How long do you have to pay out of the chequing to be elgible for the $1500; can you change it after a month? year? 5 years?
Chequing account fees waived if mortgage > $150k. Did not ask re: how long you had to keep the payments coming out of the HSBC account - given that fee is waived with > $150k mortgage, it didn't matter to me.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Dec 22, 2014
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Mordor
TwistedKestrel wrote: What's the catch? This actually looks like a good deal on a mortgage
minimum HSBC account required with $1,000,000

i kid i kid....
actually a pretty deal with HSBC
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Jul 5, 2004
27420 posts
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Interesting. I've got a 5 year fixed rate of 2.39 with First National. Time to look into what the penalty would be
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Dec 26, 2006
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Does it have to be done in-branch? Those are few and far between in some parts of the country.
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Aug 29, 2001
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rural ontario
Shaner wrote: Interesting. I've got a 5 year fixed rate of 2.39 with First National. Time to look into what the penalty would be
Variable is usually 3 months penalty. Fixed tends to have frightening terms unless you almost at the end of your term. 2.39 sounds like a good rate to lock in at.
72 69 6c 6c 65 73
Newbie
Jul 12, 2015
47 posts
8 upvotes
Halifax
Damn, just got approved at fixed 2.24, now this is mind-blowing .
Member
Jan 29, 2017
345 posts
178 upvotes
any word on if this will be available as either conventional and collateral mortgage? hoping it's like other HSBC products where they normally offer it as collateral but will allow conventional at the customers request.
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May 18, 2015
1801 posts
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Ottawa,Ont
Super_Chicken wrote: That's a nice deal!

What are the bank fees like to keep their chequing account open? How long do you have to pay out of the chequing to be elgible for the $1500; can you change it after a month? year? 5 years?
If your mortgage is over 150k....advance chequing account is free. If its under, their cheapest account is 4$/mth

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