Rumor has it that Hong Kong's small and medium banks are increasing their mortgage cash rebates: the mortgage war is expected to continue until the end of the year

The Zhitong Finance App learned that according to some sources, some small and medium-sized banks in Hong Kong have increased mortgage cash rebates, up to 2%. Cao Deming, chief vice president of Meridian Mortgage Referral, said that since the beginning of the year, large banks have actively sought mortgage business and launched diversified mortgage plans to attract high-quality customers. Currently, two large banks have extended their fixed rate mortgage plans until the end of this year, with a fixed interest rate of 2.93%; the other large bank launched a “P first, then H” mortgage plan to respond. The interest rate for the first two or three years of the plan is even lower to 2.68%.

According to the latest data from the Meridian Mortgage Referral Research Division and the Land Registry, the current mortgage market share of the four largest banks in Hong Kong has remained at a high level of over 70% for five consecutive months.

Cao Deming pointed out that due to intense competition in the residential mortgage market, some small and medium-sized banks in Hong Kong have recently begun to increase mortgage cash rebates in order to obtain mortgage performance throughout this year and the beginning of next year. For specific high-quality customers or conditions, related rebates may be more favorable. It is expected that the mortgage war between banks will continue until the end of the year, while banks have a positive attitude towards residential mortgages and have positive support for the Hong Kong property market.