Expired Hot Deals

[HSBC] Variable Rate Mortgage - Prime minus 0.96%

  • Last Updated:
  • Sep 21st, 2017 2:32 pm
Member
User avatar
Jul 6, 2008
355 posts
26 upvotes
Montreal
If you're not comfortable with HSBC, you can easily match it with most other banks.

I signed my mortgage around early August (before the initial Canada's Policy Interest Rate increase) at 2.39% 5year fixed

I simply contacted RBC, and sent them the link to the HSBC webpage, and asked, can you match ? Directly said yes, with some better cashback than HSBC.
Sr. Member
Oct 4, 2008
657 posts
76 upvotes
^
I have around 500k points on RBC avion visa and RBC did not want to match anything to do with this offer unless I had paper work that proves I got preapproved. I told them - if you make me actually go through the process - I won't even let you know I got preaproved. Anyways....Im cutting RBC out of our banking business, taking everything but Visa from them. I hate companies who think they are entitled to your money.
Newbie
Mar 2, 2016
93 posts
46 upvotes
darkesha wrote:
Sep 14th, 2017 12:24 am
^
I have around 500k points on RBC avion visa and RBC did not want to match anything to do with this offer unless I had paper work that proves I got preapproved. I told them - if you make me actually go through the process - I won't even let you know I got preaproved. Anyways....Im cutting RBC out of our banking business, taking everything but Visa from them. I hate companies who think they are entitled to your money.
I don't know why exactly, but I can't stand RBC. It starts from their checking accounts which they restrict so much and charge for anything, and continues with their lack of customer appreciation and like this situation.
Sr. Member
User avatar
Jun 15, 2004
829 posts
17 upvotes
Toronto
whabs wrote:
Sep 12th, 2017 1:25 pm
If you're not comfortable with HSBC, you can easily match it with most other banks.

I signed my mortgage around early August (before the initial Canada's Policy Interest Rate increase) at 2.39% 5year fixed

I simply contacted RBC, and sent them the link to the HSBC webpage, and asked, can you match ? Directly said yes, with some better cashback than HSBC.
not to poke your theory but i'm not sure when you say "most other banks" youre speaking from experience aside from RBC.
I had an existing mortgage with Scotia and my broker was working on a renewal for me. Scotia wouldn't budge and I even asked my broker if Scotia would match or come closer and they didn't budget at all. I was given 2.79 (August) fixed for 5...and that was as low as they would go, they said it was lower than other major banks and that was it.

So from my personal experience most other banks either means "not scotia" or it means "only RBC was willing to match".
I spoke to TD briefly over the phone as well with a mortgage specialist and they had no interest in matching until i did "all the paperwork" then "we'd talk about it" to which my response was, no thanks. Why waste my time jumping through hoops when i only need to do it once through HSBC and get a guarunteed rate vs "maybe we will give it to you".
Sr. Member
User avatar
Jun 15, 2004
829 posts
17 upvotes
Toronto
whabs wrote:
Sep 12th, 2017 1:25 pm
If you're not comfortable with HSBC, you can easily match it with most other banks.

I signed my mortgage around early August (before the initial Canada's Policy Interest Rate increase) at 2.39% 5year fixed

I simply contacted RBC, and sent them the link to the HSBC webpage, and asked, can you match ? Directly said yes, with some better cashback than HSBC.
This exactly.
"they're all richer than we think"
Enough is enough with banks gouging ppl to "support" declining service standards and to fund automation and technology infrastructure.
Member
User avatar
Jul 6, 2008
355 posts
26 upvotes
Montreal
It's possible they wouldn't budge because they knew the interests were about to go up. Although I signed in August, my rate was actually locked around end of June.
Sr. Member
Sep 8, 2004
823 posts
39 upvotes
kid_icarus wrote:
Sep 14th, 2017 11:20 am
not to poke your theory but i'm not sure when you say "most other banks" youre speaking from experience aside from RBC.
I had an existing mortgage with Scotia and my broker was working on a renewal for me. Scotia wouldn't budge and I even asked my broker if Scotia would match or come closer and they didn't budget at all. I was given 2.79 (August) fixed for 5...and that was as low as they would go, they said it was lower than other major banks and that was it.

So from my personal experience most other banks either means "not scotia" or it means "only RBC was willing to match".
I spoke to TD briefly over the phone as well with a mortgage specialist and they had no interest in matching until i did "all the paperwork" then "we'd talk about it" to which my response was, no thanks. Why waste my time jumping through hoops when i only need to do it once through HSBC and get a guarunteed rate vs "maybe we will give it to you".
I'm a long-time BMO customer & had the same experience - the guy claimed he couldn't match the HSBC offer (the prime minus .96% on a 5-year variable) and sent me a list of what his 'best' rates were. 2.99% for a 5-year fixed, and that was BEFORE the recent rate hike. At least he didn't say he would consider matching if I got pre-approved with HSBC - he just said he couldn't come *close* to their rates.

So the RBC matching deal might be more uncommon that one might think! (sadly)
Jr. Member
Nov 24, 2002
102 posts
21 upvotes
Burnaby
I'm on P-0.8% (2.4%) 5 years variable right now (only a few months into this mortgage) and contacted current lender they're willing to convert me to 2.79% 5 years fix. Should I go with the fix? Thx.
Newbie
Mar 26, 2015
3 posts
1 upvote
Surrey, BC
datasunny wrote:
Sep 14th, 2017 1:26 pm
I'm on P-0.8% (2.4%) 5 years variable right now (only a few months into this mortgage) and contacted current lender they're willing to convert me to 2.79% 5 years fix. Should I go with the fix? Thx.
I'd say it's seriously worth considering. Our mortgage broker suggested that interest rates may increase again before the year is up. We just signed on 2.79% with 5 yr fix.
Deal Addict
Oct 13, 2009
1129 posts
436 upvotes
Ottawa
datasunny wrote:
Sep 14th, 2017 1:26 pm
I'm on P-0.8% (2.4%) 5 years variable right now (only a few months into this mortgage) and contacted current lender they're willing to convert me to 2.79% 5 years fix. Should I go with the fix? Thx.
HSBC is now 2.94 for 5 year fixed hopefully they locked in that 2.79 for you when you asked?
Jr. Member
Nov 24, 2002
102 posts
21 upvotes
Burnaby
chriscabob wrote:
Sep 14th, 2017 3:45 pm
HSBC is now 2.94 for 5 year fixed hopefully they locked in that 2.79 for you when you asked?
I do have the approval, and the offer is valid till next week.
Deal Addict
Jul 18, 2005
3198 posts
80 upvotes
Their variable is now 2.29 (down from 2.39). 5-year fixed has increased. Glad I got my application in on time (1-2 days ago) for the 2.79 fixed rate.
Member
Feb 4, 2007
379 posts
162 upvotes
kid_icarus wrote:
Sep 14th, 2017 11:20 am
not to poke your theory but i'm not sure when you say "most other banks" youre speaking from experience aside from RBC.
I had an existing mortgage with Scotia and my broker was working on a renewal for me. Scotia wouldn't budge and I even asked my broker if Scotia would match or come closer and they didn't budget at all. I was given 2.79 (August) fixed for 5...and that was as low as they would go, they said it was lower than other major banks and that was it.

So from my personal experience most other banks either means "not scotia" or it means "only RBC was willing to match".
I spoke to TD briefly over the phone as well with a mortgage specialist and they had no interest in matching until i did "all the paperwork" then "we'd talk about it" to which my response was, no thanks. Why waste my time jumping through hoops when i only need to do it once through HSBC and get a guarunteed rate vs "maybe we will give it to you".
I actually had better luck with TD. I renewed in June for my mortgage that was coming up in October. They phoned me to renew early. I told them about HSBC offer of 2.39 and the cash back. They came back and said they can do 2.39. They didn't offer the cash back. The only thing was I had 24 hours to decide. Which I did and stayed with TD. I didn't want the hassle of moving stuff to HSBC.
Deal Addict
User avatar
May 6, 2007
1060 posts
129 upvotes
BTW, the new variable rate was posted yesterday 2.29% (P-0.91%), it was previously 2.39% (P-0.81%) after the OP's promotion has expired.

As per HSBC mortgage specialist their variable rate is not compounded, can anyone confirm it? It seems too good to be true.
Deal Addict
Dec 30, 2005
2518 posts
371 upvotes
I was offered 3 years fixed for 2.59%, at my current rate, if there is another increase of 0.25 basis points, I'll be 2.60%. should I convert?

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