HSBC New Zealand Closure

If You Have An HSBC Mortgage

If you have existing lending at HSBC have two options that are immediately effective;

• For home loans with a fixed-rate maturing before 13 September 2023, they will be offered a further fixed rate term for a maximum of 6 months. At which stage the loan will need to be repaid.
• If a clients fixed-rate matures after 13 September 2023, the home loan will move onto their variable/floating rate on the maturity date, until the loan can be repaid.

The floating rate is currently 8.59%, so we recommend you act fast in order to not incur some significant interest costs.

Lifetime has a specialist team geared up and ready to help support you in this transition to a new bank.

Here's how we can help:

• Expert advice and help through this uncertain time of having to establish a new banking relationship.
• Competitive interest rates; we have access to most lenders in the country.
• Potential Cash Contributions that will cover the cost of changing banks (if not more).

If You Have An HSBC Investment

For existing term deposits on a term of 3 months or less that are set to auto-roll, HSBC will allow these to auto-roll on the same term until 13 September 2023.

After this date, on maturity, HSBC will credit the funds to your nominated account.

For term deposits on a term longer than 3 months that are set to auto-roll, HSBC will change the maturity instructions and credit the funds to your nominated account on maturity.

Up until 13 September 2023, you can change your maturity instructions within the new options available.

Breaking A Term Deposit

For existing term deposits on a term greater than 12 months, HSBC will waive the term deposit break costs of:

• $50 term deposit break administration fee, and
• 50% penalty of the interest earned up until the date of the break.

If you want to break a term deposit that is on a term greater than 12 months, you will receive the full amount of interest earned up until the date of the break.

All term deposits on shorter terms will have these break costs applied if the term deposit is broken before the maturity date.