Yes you are right , the HIBOR is steady. The LIBOR which the HKG banks that are financing your home in OZ is worked on, has shot up.
The dropping interest rates are true but you will see that the banks will not be passing the cut on to us as they are hording cash. Australia is one example. HSBC has also currently increased the interest by 50% on all new mortgages.
The one positive of holding on to a HKD property is that the rising USD is basically pushing the value in AUD, EUR and GBP upwards.
As it now stands you can drop the valuation of your house by 26% and you will still pull out the same AUD value that you had in AUG 08...then again the USD long term view is in the garbage!!!