Lender cuts home loan cash rebate

Business | 13 Aug 2019 3:26 pm

The Hongkong and Shanghai Banking Corporation cut the cash rebate rate in connection with residential mortgage loans to 1 percent for mortgages valued below HK$10 million, and to 1.5 percent for those valued above HK$10 million.

The cash rebate rate cut applies to transformed mortgage and mortages for new and second-hand flats.

Taking a HK$1 million mortgage as an example, borrowers can only get HK$10,000 cash rebate now, down by 33 percent compared with HK$15,000 which would be available previously.

The lender reduced its cash rebate rate from 2.07 percent to 1.5 percent for customers switching their mortgage to HSBC, regardless of the amount, in late June.

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