Expired Hot Deals

[HSBC] Variable Rate Mortgage - Prime minus 0.96%

  • Last Updated:
  • Sep 21st, 2017 2:32 pm
[OP]
Member
Sep 19, 2012
374 posts
220 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.
212 replies
Deal Expert
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Apr 21, 2004
39580 posts
8959 upvotes
Nice. Immigrants are also more likely to have dealt with HSBC back home.
Deal Guru
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Oct 24, 2012
11410 posts
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Montreal
ahlaker wrote:
Jul 14th, 2017 10:13 am
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?
[OP]
Member
Sep 19, 2012
374 posts
220 upvotes
Calgary
alkizmo wrote:
Jul 14th, 2017 10:29 am
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)
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Oct 24, 2012
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Montreal
ahlaker wrote:
Jul 14th, 2017 10:31 am
Bingo. 5 year term with no penalty after 3 years (per HSBC rep)
Neat
Member
Mar 14, 2006
284 posts
109 upvotes
Toronto
That is a great deal...I wish my mortgage is up for renewal....
Deal Addict
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Sep 14, 2003
4540 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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Deal Guru
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Mar 14, 2009
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When does this expire?
I am a Koodo customer, a Zoomer customer, and a Public Mobile customer.
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Mar 23, 2004
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Markham
Smiley22 wrote:
Jul 14th, 2017 11:41 am
That is a great deal...I wish my mortgage is up for renewal....
+1, and my current mortgage is already with HSBC :lol:
「もし、奇跡を起こせたら……」
Deal Addict
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Sep 4, 2005
2550 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?
[OP]
Member
Sep 19, 2012
374 posts
220 upvotes
Calgary
gheart008 wrote:
Jul 14th, 2017 12:12 pm
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:
Jul 14th, 2017 12:20 pm
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.
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Dec 22, 2014
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Mordor
TwistedKestrel wrote:
Jul 14th, 2017 12:21 pm
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
22137 posts
2058 upvotes
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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