HSBC is offering a 3.95 per cent, 18-month fixed-term mortgage special, which it claims is the lowest rate offered in New Zealand in more than 50 years.

But there are, of course, strings attached.

The special is being offered to new HSBC Premier customers and existing Premier clients who take on at least $100,000 in additional borrowing.

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HSBC Premier customers are required to have a minimum combined home loan of $500,000 or $100,000 in savings and investments with HSBC.

To qualify for the special, borrowers must have a deposit or equity of at least 20 per cent, and 30 per cent in the case of new residential lending in Auckland.

They must also have their salary credited to an HSBC account.

Meanwhile, HSBC has also reduced its carded rates for its six-month, two-year, three-year and four-year fixed-term home loans to 4.85 per cent, 4.39 per cent, 4.59 per cent and 4.79 per cent, respectively.

"HSBC has been consistently offering highly competitive and often market-leading home loan rates in New Zealand for a number of years now, and I would like to reassure people considering refinancing with HSBC down the track that we are committed to continuing to do so," said HSBC's head of retail banking and wealth management, Glen Tonks.