HSBC has made the decision to exit the retail banking market in New Zealand. While this decision may have an impact on HSBC customers, we want to ensure that you are well-informed and prepared for any necessary actions.
For those who have term deposits with HSBC, we understand that this change may cause some inconvenience. However, it is the customers with outstanding loans from HSBC who will be most affected. It is crucial for you to explore alternative options and take proactive steps to refinance your loans with other lenders when your fixed rate loan matures.
To help you navigate this transition, we have gathered some practical action points for you to consider.
What to do if you have loans with HSBC
- Understand your options: HSBC has outlined different treatment plans for fixed rate loans maturing before or after September 13, 2023. Familiarise yourself with the details provided by HSBC.
- Reach out to HSBC: It is recommended that you contact HSBC to discuss your options, particularly if you have fixed rate loans extending over multiple years.
- Explore other lenders or consult mortgage advisors: Start exploring and engaging with other lenders or mortgage advisors now to secure a refinancing arrangement for the entire loan balance when the fixed rate matures.
- Secure monthly loan statements: To assist with year-end tax preparation, we advise you to download and keep your loan statements on a monthly basis. HSBC NZ has indicated that historical information may not be accessible in the future.
What to do if you have internet banking with HSBC
Regarding Internet Banking, we recommend downloading your statements and exporting your transactions on a monthly basis. This will not only help with year-end tax preparations but also ensure you have a record of your financial transactions. HSBC NZ has communicated that historical information may not be available going forward.
If you require assistance in electronically exporting your HSBC transactions, our AIT team is available to help. Please reach out to them, and they will be glad to assist you as needed.
As always, if you have any questions or if there’s anything else we can do to support you, please do not hesitate to reach out to us. We are here to help.