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HSBC - Reduces Mortgage Cash Back.. .

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  1. #1

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    HSBC - Reduces Mortgage Cash Back.. .

    Spotted on AAStocks and goes in line with the monthly charges.

    Expect several other large lenders to follow - just like they did with the axing of monthly charges.

    Regardless of the loan amount, the cash rebate is trimmed to only 1.5% from 2.07%. Calculating on a $4 million mortgage loan, the slashed cash rebate is estimated to eat away the landlord's earnings by nearly $20,000 upon mortgage change.
    https://www.aastocks.com/en/stocks/n...0/popular-news

  2. #2

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    Quote Originally Posted by shri:
    Spotted on AAStocks and goes in line with the monthly charges.

    Expect several other large lenders to follow - just like they did with the axing of monthly charges.



    https://www.aastocks.com/en/stocks/n...0/popular-news
    This was posted on the mortgage refinancing thread yesterday FYI.
    shri likes this.

  3. #3

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    Original Post Deleted
    I suspect its a bit of both.

    And along with the new virtual players coming on board. I really do hope the new virtual players squeeze the incumbents hard esp on savings rates.
    Kowloon Goon likes this.

  4. #4

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    I've been approved for a loan with SC with 2% cashback but has some conditions I need to meet first before they will dispurse the cash. First they wanted me to pay back my Citibank tax loan that still has 18 months left (around $685k), but if I do that I would have to pay an early repayment penalty to Citibank of $45k and trying to avoid. So now they are saying I can deposit this amount ($685k) into one of my credit card accounts and then they will approve. It only has to be temporary and I can take it out again after approval. The only problem with this is I don't have $685k lying around (I would after they give me the loan but not before) without selling shares or unit trusts and then buying back again later, or I have cash in Australia but then to convert to HKD and back again another pain in the arse. Still for 2% of $7m ($145k cashback) I am prepared to do it, just need to find the easiest way. Now I am asking them if I just show my Aussie bank balance with a pile of cash in it, is this enough rather than going through the hassle of transferring into a HK credit card account and back again.