5th September 2024 – (Hong Kong) Hong Kong’s banking sector is witnessing a shift towards more aggressive mortgage policies, with reports indicating that several major banks have reintroduced cashback offers for mortgage loans. Following the lead of Bank of China (Hong Kong) Limited, Hang Seng Bank has announced a new cashback scheme targeting customers with mortgage insurance loans exceeding HK$4 million, offering rebates of between 0.1% and 0.2%.
Additionally, Standard Chartered Bank has reportedly reinstated its cashback promotions for mortgage amounts above HK$6 million, providing similar rebate ranges. This development suggests that the three major banks are reviving their cashback initiatives, although HSBC has yet to introduce such a scheme.
However, HSBC has been proactive in other areas, having re-launched its mortgage pre-approval service last month, enabling prospective buyers to submit mortgage applications before entering the market. This service aims to streamline the mortgage process for potential homeowners.
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