HSBC Bank Canada Review

Contact Information:

HSBC Bank Canada

885 West Georgia Street

Vancouver, British Columbia

Canada V6C 3E9

Phone: 1-888-310-4722

Types of loans offered by HSBC

Whether you want to buy a home, make a major purchase, fund your education, top up your RRSP or simply have access to funds if you need them, HSBC has a solution for you! HSBC Canada offers a variety of mortgages and loans to help you fund your dreams.

HSBC mortgages

You can use an HSBC mortgage to buy a home, refinance debt, make a significant purchase or access the equity you have in your home in case you need it. Three types of mortgages are available to help you accomplish your financial goals: the HSBC Traditional Mortgage, the HSBC Equity Power Mortgage, and the HSBC HELOC.

HSBC Traditional Mortgage

An HSBC traditional mortgage is an excellent choice for first-time homebuyers or homebuyers who don’t have 20% or more of the purchase price for a downpayment. This mortgage helps buyers own their homes. In addition, this mortgage is great for borrowers who want:

• Flexible payment options such as weekly, bi-weekly, semi-monthly, or monthly
• Either a fixed or variable interest rate
• An amortization of up to 30 years
• The ability to prepay up to 20% of the mortgage amount every year 
• The option to increase their payments by 20% of the original payment amount each year
• The opportunity to match a payment so borrowers can miss a payment later on each year

HSBC Power Equity Mortgage

Homeowners with more than 20% equity in their property can benefit from the HSBC Power Equity Mortgage. This mortgage can help you:

• Get access to the equity in your home to use for a variety of purposes, such as debt consolidation or home renovations
• Manage your borrowing by having a mortgage and structuring the rest of your equity as a personal loan, line of credit, or additional mortgage component
• Repay what you owe on different payment schedules by choosing a longer and shorter borrowing term
• Be mortgage-free faster since you can prepay up to 20% of what you originally borrowed each year and increase your payment by up to 20%
• Miss a payment by matching a payment first
• Keep your mortgage payments low by choosing an amortization of up to 30 years

HSBC HELOC

A HELOC is a home equity line of credit. The equity in your home secures the line of credit, and the amount of the HELOC is set by the value of your home less what you owe on it. With a HELOC, you can access the money you need up to the available limit, and you pay interest only on what you owe. A HELOC can benefit you if:

• You have equity in your home
• You want to consolidate bills or debts with a high interest rate
• You want a source of easy to access, available funds at secured interest rates
• You want flexibility when it comes to making payments

Mortgage rates are very low right now and you can get a great rate regardless of the type of mortgage you choose. Currently, special rates are offered for both fixed and variable rate mortgages. Current fixed rate mortgage APRs are as low as 2.77%, while a variable rate mortgage has an APR as low as 1.67%. Variable rates come with the additional feature of allowing the borrower to lock into a fixed rate if the borrower feels rates are rising too rapidly.

As an added incentive, HSBC is currently offering up to $3000 cashback for customers purchasing a new property or transferring in a mortgage from another lender. Applications must be processed between February 28, 2022 and September 30, 2022. The minimum mortgage amount to qualify for cashback is $200,000 and the mortgage has to be funded within 120 days of the application date or by December 31, 2022.

The HSBC HELOC currently offers a rate of prime minus .15%. While the rate is subject to change as prime rate changes, using the equity in your home can be an excellent way to get the funds you need at a low rate. 

Personal loans

Personal loans are available for a wide range of purposes and can be a great way to help you reach your financial goals. You might need to buy a vehicle, pay for an upcoming expense, do home repairs or consolidate debt. Personal loans at HSBC have:

• Competitive interest rates
• Terms from one to five years
• The option of paying weekly, biweekly, or monthly

HSBC personal loans offer competitive fixed and variable rates. Variable rates currently range from  HSBC prime plus 2.75% to HSBC prime plus 6.75%.   Additionally, HSBC Premier and HSBC Advance clients have access to preferred loan rates.

HSBC RRSP Loan

An HSBC RRSP loan can help you meet your RRSP contribution goal or catch up on unused contribution room from past years. Contributing to an RRSP enables you to save for retirement, take advantage of tax-deferred growth, and may help generate a tax refund. HSBC RRSP loans have:

• Repayment terms of one to five years
• Weekly, biweekly, or monthly payment options
• Rates as low as prime

HSBC Line of Credit

An unsecured line of credit from HSBC gives you the flexibility to manage unexpected expenses or take advantage of opportunities that arise. You can borrow up to the limit, and you only pay interest on the amount you use. Once you pay it down or pay it off, you can re-access the limit if you need it. Advantages of an HSBC line of credit are:

• Competitive interest rates
• Pay interest only on what you use
• Access the limit again if you need it

Interest rates on HSBC lines of credit are variable and tied to the HSBC prime rate. Customers who are HSBC Premier or HSBC Advance clients are eligible for special rates.

HSBC Overdraft Protection

Overdraft protection is available in amounts ranging from $500 to $4999. This feature is added to your account to help you manage your expenses if you are short of funds. You can make debit purchases, automatic debits, account withdrawals and have cheques cleared up to your overdraft limit. will be honor Overdraft provides customers with:

• Flexibility since you can use it when you need it
• Coverage in case you are short
• Convenience because you don’t need to reapply

HSBC overdraft protection charges a five dollar fee, except in Quebec, only when you have had your account overdrawn for a day or more in a month. Current interest rates for overdraft protection is 21% per year, except in Quebec.

HSBC Undergraduate Line of Credit

The HSBC undergraduate line of credit will help you get the funds you need to pay for your undergraduate degree. You can access the line of credit while attending a university that is an HSBC eligible accredited university and up to a year after your graduation. Features of the HSBC undergraduate line of credit include:

• Limit of up to 45k
• Available for full and part-time students
• Competitive rates
• Pay interest only on what you borrow
• Interest-only payments

The minimum limit per year for an HSBC Undergraduate Line of Credit is $5,000 and the annual maximum is $11,250. The student must provide proof of enrollment to be eligible for funding.

Why choose HSBC

Options

HSBC Canada has options tailored to meet your borrowing needs. Lending products are designed with your goals in mind. If you want to borrow to fund something specific, like funding your RRSP or buying a home, HSBC Canada has the products to help you.

HSBC offers several convenient ways to apply for the credit you need. You can start an application online, over the phone or in person at any HSBC branch.

Rates

The higher the interest rate, the more your loan or mortgage will cost. At HSBC Canada, you will find competitive rates for all your borrowing needs. You may be eligible for additional discounts depending on the types of accounts you have with HSBC.

Prepayment options

Mortgages, loans and lines of credit offered by HSBC Canada have prepayment privileges so you can pay down or pay off your debt faster. These options are there if you want to use them, but if not, you can simply make your regular payments as per your agreement.

Digital banking options

You can easily keep track of your banking using the digital banking options at HSBC. These services offer customers a great way to manage their finances. HSBC’s digital banking options are convenient and secure, allowing you the freedom to bank when and where you choose.

To apply for credit, you must:

• Be the age of majority (either 18 or 19) in your province
• Provide HSBC Canada with your gross (pre-tax) income and your personal details
• Consent to a credit check
• Be a Canadian resident
• Confirm you have read and understood the Customer Information Consent

How to sign up

Apply for a personal loan, personal line of credit, overdraft or undergraduate line of credit at a branch, by phone or online:

By phone: 1-888-310-4722

Apply for a RRSP loan at a branch, by phone or online:

By phone: 1-877-840-4722

To apply online follow these screens:

Apply for a mortgage or HELOC at a branch, by live chat or be prequalified online:

Conclusion

HSBC Canada is an excellent choice for customers who want full-service banking and the advantages of an international bank. Customers will find a  wide variety of products to meet their banking, investment, borrowing and commercial needs.  You can access HSBC Canada’s products and services in person at a local branch, over the phone or by using the available digital banking options.