HSBC Bermuda is offering home buyers a break that will hopefully help boost the local property market.The bank has introduced new five-year fixed-rate mortgages of 6.10%, 6.15% and 6.25%. But the lowest 6.10% rate is for customers who maintain at least $200,000 at HSBC.“This limited time offer is ideally suited for any new borrower seeking the stability of a fixed payment amount over the first five years of their mortgage,” HSBC said.“First-time home buyers and seasoned real estate investors looking for thesecurity of a monthly mortgage payment in a changing interest rate environment or who are interested in locking into a competitive rate for the next five years are best suited for this option.”HSBC added: “Those on a budget or a fixed income can also benefit from a fixed-rate mortgage because of itsstable nature.“Knowing exactly how much is going out of your pay check for your mortgagerepayment means you can budget more effectively without having to worry about rising interest rates.”This also helps when budgeting and planning around other key financial needs such as saving, investments and insurance.“If you have a large mortgage, even a slight rate increase may mean big increases in your monthly mortgage payment,” said head of Retail Banking Wealth Management, Blake Hellam.“You may be better off with a fixed rate. If you wish to be cautious, then the fixed rate mortgage can be your option.“By offering this low rate on a fixed-rate mortgage for a limited time, we are adding another way to home ownership. This offer is an extremely competitive rate at 6.10%* for the next five years.”The rates from HSBC are:Premier member customers: 6.10%Advance member customers: 6.15%Personal banking customers: 6.25%HSBC notes savings could exceed $24,000, based on Premier Rate $1 million mortgage paid over 30 years.To qualify for HSBC Premier in Bermuda, you need to maintain at least $200,000 (or foreign currency equivalent) in personal savings or investments with HSBC Bermuda.To qualify for HSBC Advance you need to maintain at least BM$50,000 or more across all of your joint and sole accounts, deposits and investments.By comparison Butterfield’s variable 30-year mortgage rate is 6.75 percent.Customers interested in learning more about the HSBC product can visit www.hsbc.bm/homesolutions or call1 441 299 5959.