Hang Seng Follows HSBC Launching 2.93% Fixed-Rate Mortgage Plan
HK01 · 2 SOURCES1 day ago1 MIN
Summary
Hang Seng Bank has launched a new fixed-rate mortgage plan with the first three years fixed at 2.93%, matching HSBC's rate, after its previous 2.73% plan ended in August. The loan amount must be between HK$1 million and HK$20 million, with applications open from September 22 to November 30, 2026, and completion required by April 30, 2027. Experts say the 2.93% rate remains 0.32 percentage points below the current HIBOR-based mortgage ceiling rate of 3.25%, making it attractive to borrowers.
Key Points
- Hang Seng Bank re-launches fixed-rate mortgage with first 3-year rate of 2.93%, matching HSBC
- Loan amount required between HK$1 million and HK$20 million; application period September 22 to November 30, 2026
- Transactions must complete by April 30, 2027; HSBC's plan extends to December with April 2026 completion
- Fixed rate 2.93% is 0.32 percentage points lower than HIBOR-based mortgage ceiling rate of 3.25%
- For a HK$5 million loan over 30 years, monthly payment drops by HK$868 (4%) to HK$20,892
Why It Matters
With US interest rates rising and HIBOR expected to increase further, the fixed 2.93% rate provides borrowers with certainty against future rate volatility while saving on interest costs. The fact that two major banks are competing with low fixed-rate plans signals confidence in the Hong Kong property market and could stimulate mortgage demand through year-end .
With US interest rates rising and HIBOR expected to increase further, the fixed 2.93% rate provides borrowers with certainty against future rate volatility while saving on interest costs. The fact that two major banks are competing with low fixed-rate plans signals confidence in the Hong Kong property market and could stimulate mortgage demand through year-end .