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[HSBC] HSBC Fixed rates: 1.84% 2-yr & 5-yr, 1.64% 5-yr Insured (with cashback ends Oct 30!)

  • Last Updated:
  • Nov 17th, 2020 6:16 pm
[OP]
Newbie
Jul 27, 2008
77 posts
238 upvotes
Toronto, ON

[HSBC] HSBC Fixed rates: 1.84% 2-yr & 5-yr, 1.64% 5-yr Insured (with cashback ends Oct 30!)

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Retailer:
HSBC
More offers from HSBC
HSBC has dropped their rates for their fixed mortgages:
1.64% Fixed High Ratio mortgage for 5 years
1.84% Switch or New Purchase personal mortgage loan for 2 years
1.84% Switch or New Purchase personal mortgage loan for 5 years

For all their products, you have an option to choose traditional/residential mortgage or equity power mortgage. Let your mortgage specialist know.


Regarding timelines, it should take about 2-5 business days for a mortgage specialist to contact you regarding your application.
Additional 3-4 business days for the preapproval process.
HSBC takes about 5 business days for their underwriter to review your complete mortgage application including review by CHMC if applied for insured mortgages.


Available cash back for 5-year fixed or variable rate closed term mortgage of $200,000 or more on a new purchase or when moving an existing mortgage from another financial institution:
$1,200 for mortgage balances between $200,000 and up to $399,999.99, or
$2,000 for mortgage balances between $400,000 and up to $749,999.99, or
$3,000 for a mortgage balance of greater than or equal to $750,000.
Cashback offers end on October 30, 2020


Make sure to read their terms and conditions:

High Ratio terms and conditions (3 year and 5 year respectively):
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf

Switch mortgage terms and conditions:
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf

New Purchase mortgage terms and conditions:
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf

Cashback terms and conditions:
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf


Edit1: HSBC's 5 year variable rate is equal to HSBC Prime Rate -1.11%. The rate will change as HSBC's Prime Rate changes. Currently at 2.34% as of March 6th.

Edit2: It looks like people have reported 2.29% 5-year fixed rate on a 30-year amortization for any type of mortgage with Scotiabank via eHome portal: https://www.scotiabank.com/ca/en/person ... ehome.html

Edit3: Prime rate for CIBC is 2.95% for their variable 3-year and 5-year rates as of March 17th.

Edit4: HSBC Bank Canada will lower its prime lending rate by 50 basis points to 2.95% from 3.45%, effective 18 March 2020 !! Currently at 1.84% as of March 18th. As of March 19, the discounted rate increases from -1.1% to -0.46%, increasing variable rate to 2.49%.

Edit5: 3 year insured rate dropped from 1.99% to 1.88% as of March 21st. It went back up to 1.99% as of March 24th.

Edit6: Rates have increased and updated as of March 31st.

Edit6: Rates have decreased and updated as of June 5th.

Edit7: Rates have decreased and updated as of July 24th.

Edit8: Rates have decreased and updated as of Aug 14.


Edit9: Rates have decreased and updated as of Sep 26.
Last edited by Van Dutch on Oct 4th, 2020 8:05 am, edited 19 times in total.
Thread Summary
Other banks offering cash offers but call to negotiate lower rates:

CIBC has up to $3,000 cashback (offer ends August 31st):
$3,000 on a mortgage loan amount of $750,000 or more
$2,000 on a mortgage loan of $500,000-749,999, $1,200 on a mortgage loan of $300,000-$499,999
$1,000 on a mortgage loan of $100,000-$299,999
https://www.cibc.com/en/interest-rates/ ... rates.html


BMO has cashback up to a maximum $3,000. Must apply for 5 year mortgage. Offer ends August 31st.

If your mortgage value is: $100,000 to $199,999... Your cash back amount will be: $600.

If your mortgage value is: $200,000 to $499,999... Your cash back amount will be: $1,200

If your mortgage value is: $500,000 to $749,999... Your cash back amount will be: $2,000

If your mortgage value is: $750,000 or more... Your cash back amount will be: $3,000

https://www.bmo.com/main/personal/mortg ... al-offers/


TD is offering up to $2,500 cashback by August 31st. Must apply for minimum 4 year closed mortgage with principal mortgage of $150K or more
$750,000+ for $2500 cash bonus
$500,000-$749,999 for $2000 cash bonus
$200,000-$499,999 for $1000 cash bonus
$150,000-$199,999 for $500 cash bonus
https://www.td.com/ca/en/personal-banki ... ge-offers/



RBC is offering up to $2,500 cashback by August 28th.

Mortgages or RBC Homeline Plan mortgage segments with a principal amount of $100,000 to $299,999.99 will receive $300 cash from RBC.

Mortgages or RBC Homeline Plan mortgage segments with a principal amount of $300,000 to $499,999.99 will receive $500 cash from RBC.

Mortgages or RBC Homeline Plan mortgage segments with a principal amount of $500,000 to $749,999.99 will receive $1,000 cash from RBC.

Mortgages or RBC Homeline Plan mortgage segments with a principal amount greater than or equal to $750,000 will receive $2,500 cash from RBC.

https://www.rbcroyalbank.com/mortgages/ ... ffers.html
2684 replies
Deal Addict
User avatar
Feb 23, 2005
2118 posts
2735 upvotes
Toronto
are these going to be collateralize mortgages? Makes it harder/costlier to switch out at next renewal if they are...
Deal Fanatic
Aug 21, 2007
5518 posts
478 upvotes
Markham
ugh, wish this was here about a month ago...closing on marhc 20 for a new home, and this would have been perfect

despite short timelines i may see what can be done.
Sr. Member
Jun 6, 2004
595 posts
65 upvotes
Calgary
Thanks OP. Just got approved at the previous rate of 2.49%, haven’t signed the mortgage yet. I emailed and hope my HSBC mortgage specialist will get me the new rate.
Sr. Member
User avatar
Dec 10, 2009
987 posts
3418 upvotes
Van Isle
1.89% 5yr is coming right up. Hold off if possible.
inappropriate signature
Sr. Member
User avatar
Apr 27, 2012
682 posts
386 upvotes
Ottawa
Great! Lower mortgage rates is exactly what I needed when buying a house this spring/summer. I cannot wait to compete with the other 5-10 people for each house.
Banned
Apr 26, 2019
314 posts
353 upvotes
Nunavut
Sweet, how do u guys buy houses just msg the selling agent? Do i need a lawyer or just be like i can offer $ amount? Ive texted 5 guys they don't reply
Member
Sep 14, 2014
203 posts
109 upvotes
Barrie, ON
benzylique wrote: Great! Lower mortgage rates is exactly what I needed when buying a house this spring/summer. I cannot wait to compete with the other 5-10 people for each house.
*eye roll* I don't think the pity party forum is in Hot Deals....
Member
Feb 13, 2012
261 posts
125 upvotes
Greater Sudbury
benzylique wrote: Great! Lower mortgage rates is exactly what I needed when buying a house this spring/summer. I cannot wait to compete with the other 5-10 people for each house.
I feel your pain
Newbie
Feb 27, 2012
59 posts
26 upvotes
WEST VANCOUVER
sonyminidiscman wrote: are these going to be collateralize mortgages? Makes it harder/costlier to switch out at next renewal if they are...
Wondering the same thing
Deal Fanatic
User avatar
Jan 5, 2006
5000 posts
266 upvotes
Toronto
Cheezoos1 wrote: Wondering the same thing
Just use HSBC's rate to give you better leverage at your preferred lender. I used HSBC's advertised rate to get TD to match which I then used to get an even better rate at another large FI on a conventional charge mortgage. If your bank isn't trying to get your business, you shouldn't feel committed to use them.
Last edited by Asad_A203 on Mar 2nd, 2020 12:18 pm, edited 1 time in total.
Sr. Member
Jun 6, 2004
595 posts
65 upvotes
Calgary
katwittfan wrote: 1.89% 5yr is coming right up. Hold off if possible.
Where is the information to support this statement?
Banned
Sep 19, 2012
1253 posts
1865 upvotes
Calgary
sonyminidiscman wrote: are these going to be collateralize mortgages? Makes it harder/costlier to switch out at next renewal if they are...
Cheezoos1 wrote: Wondering the same thing
Collateral mortgage isn't a big deal at switch time anymore. Lots of lenders switch them for free now. Maybe a few years ago this was a thing, but practically speaking it doesn't matter much anymore.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Sr. Member
User avatar
Dec 10, 2009
987 posts
3418 upvotes
Van Isle
c001m4n wrote: Where is the information to support this statement?
"open your eyes otis...look at the world"

Just a gut feel man nothing to support.
inappropriate signature
Newbie
Feb 5, 2020
9 posts
9 upvotes
Montréal
Hindustunna wrote: Sweet, how do u guys buy houses just msg the selling agent? Do i need a lawyer or just be like i can offer $ amount? Ive texted 5 guys they don't reply
In my opinion you should simply get a buyer's agent, they cost nothing and will handle the legal and paperwork for you and scheduling for you. I was browsing realtor with my gf and we'd simply send the properties to my agent and she'd take care of contacting the other agent and booking visits and everything

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