The four major banks' mortgage profits have been suspended, cash rebates have been withdrawn, and the approval process for home purchases has increased sharply.

The Hong Kong dollar interbank offered rate (HIBOR) remains high, higher than new mortgage rates. Sources revealed that in order to maintain profits in the mortgage business, four large banks have recently given cash rebates on first- and second-hand property mortgages, remortgages and additional mortgages...

Bank-guaranteed mortgage profits are suspended, cash rebates are withdrawn, and home purchase approvals surge after the "traffic jam" process is extended

As the Hong Kong dollar interbank offered rate (HIBOR) continues to remain high, higher than new mortgage rates, sources revealed that in order to maintain the profits of the mortgage business, the four major banks have recently stopped primary and second-hand property mortgages, remortgages and additional mortgages. Cash rebate policy. This move may cause homebuyers to face more pressure, especially in the approval process, which may cause "traffic jams" and prolong the time to purchase a home.

The impact of banking business adjustments on home buyers

This adjustment will have a direct impact on home buyers as they will no longer be able to receive cash rebates from banks to ease the burden of home ownership. This may require homebuyers to pay a larger down payment, increasing the threshold for home ownership. At the same time, the bank's mortgage approval process may become more cumbersome, prolonging the time for home ownership.

Reasons why banks adjust their policies

The main reason why the four major banks adjusted their policies is to maintain profits in the mortgage business. As Hong Kong dollar interbank interest rates continue to rise, banks' mortgage business profits have been affected to a certain extent. In order to maintain business profitability, banks have to take such measures to adjust policies.

Outlook for future trends

In the future, as banking business adjusts and profit pressure increases, homebuyers may face more challenges. They require more funds to purchase a home, and it also takes longer to complete the entire home purchase process. Therefore, home buyers should be fully prepared in advance to deal with difficulties that may arise in the future.