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will u choose board rate at 1.15% with 1 year lock in or 3 months Sibor+ 0.95%? Why?
will u choose board rate at 1.15% with 1 year lock in or 3 months Sibor+ 0.95%? Why?
Sibor seems to be favorable at the moment as sibor is relatively low, since Fed has maintained the stance in keeping interest rate low till late 2014.
I do not understand what is board rate though.
will u choose board rate at 1.15% with 1 year lock in or 3 months Sibor+ 0.95%? Why?
This is what i know:
DBS 1 or 3 months Sibor + 0.75%
Standchart 1 or 3 months Sibor + 0.65%
You can even choose to have 1month Sibor instead of 3 months Sibor. Pls shop around.
Yep if there's a 0.65 / 0.75 SIBOR option for me I may take it. However due to my relatively low loan quantum, banks are offering me 0.95 +3 months sibor or 1.15% board rate with 1 year lock in (which i dont really understand whats this)
Yep if there's a 0.65 / 0.75 SIBOR option for me I may take it. However due to my relatively low loan quantum, banks are offering me 0.95 +3 months sibor or 1.15% board rate with 1 year lock in (which i dont really understand whats this)
1. u should ask the bank how their board rate is derived? from COF? SOR? SIBOR? etc etc?
2. lock-in 1 year: means u have to pay penalty if u redeem or make prepayment within 1 year
1. u should ask the bank how their board rate is derived? from COF? SOR? SIBOR? etc etc?
2. lock-in 1 year: means u have to pay penalty if u redeem or make prepayment within 1 year
Thanks for that! yep, i do understand the lock in period.
Any other views from the other gurus here?
Standchart is attractive. Is it for completed project?
This is what i know:
DBS 1 or 3 months Sibor + 0.75%
Standchart 1 or 3 months Sibor + 0.65%
You can even choose to have 1month Sibor instead of 3 months Sibor. Pls shop around.
to me, SIBOR seem more transparent... so I would shop for SIBOR over board rate
This is what i know:
DBS 1 or 3 months Sibor + 0.75%
Standchart 1 or 3 months Sibor + 0.65%
You can even choose to have 1month Sibor instead of 3 months Sibor. Pls shop around.
Rates changes almost every month.
Buc and completed projects rate are very different.
I have both experiences of buying units during launch and subsale (BUC).
Many bankers would say interest rate is higher if you buy under BUC. However i learnt (by chance) that even for BUC, you can bargain with the banks for lower rates to be the same as those for newly launched properties.
Some tips:
a. Check with all the banks. DBS, Stanchart, OCBC, UOB, BOC.
b. Find out their spread, T&C, how many years of fire insurance, what is their amount cap for legal fees, how much they pay referral commissions to property agents.
c. Try to squeeze them for the maximum you can from each of these banks.
I got a better mortgage package, with free 5 years fire insurance (actually it isn't much at about S$200+ per year but better than nothing), legal fees of S$3,500.
What i also learnt during the recent trip to Watertown launch. The few bankers i spoke to all confidently told me full legal subsidy. But when i asked that is their cap, they told me it was only S$2,500. Now all my legal fees were in excess of S$3,000 to S$3,500. Depends on your situation, if you are intending to sell your unit within 3 years (which i doubt so with the current CM), you are liable to pay back to the bank the legal fees. But if you don't intend to sell your unit within the 3 years, then you don't need to pay the legal fees. I emphasize that it is important to fight for higher legal fees subsidy from your bankers because different lawyers charge differently (including those within the banker's panel). Once you sign the mortgage contract, it becomes your responsibility to pay the legal for any excess there might be.
You also need to get the bankers to explain what their panel lawyers are charging. I had an experience when the lawyer told me the subsidy only covers partial of their services. A lawyer friend helped me and i didn't need to pay a single cent extra. Partly also because the bank's contract states that i get to enjoy additional $500 legal subsidy. Read the contract carefully. Take note if there are any freebies within any time frame of signing.
Lastly, i was surprised that a local bank don't have competitive package.
ps. I prefer using 1 month Sibor instead of 3 months. If a BUC, take a floating mortgage instead of fixed. Reason: My wife handles the small trouble of changing the CPF deductions if Sibor goes up, and BUC is progressive payment so your payable interest is lower.
Sorry if it is difficult to understand my post. Send me a PM if you want and we can talk.
:2cents:
Legal fees should not exceed 2.5k
Current rate should be 2.5k inclusive of 500 stamp fees.
Buc rates are better than completed. Not the other way.
flagship74
06-02-12, 21:59
what is BUC?:beats-me-man:
Legal fees should not exceed 2.5k
Current rate should be 2.5k inclusive of 500 stamp fees.
Buc rates are better than completed. Not the other way.
I am speaking from experience. Some of my properties were S$2,500 but the most current was S$3,500. The panel lawyer tried to overcharge me and we had long argument. It was concluded eventually. it is ideal for your banker to tag along to the lawyers.
As for mortgage rates, it is based on my experience that the banks which I spoke to quoted lowest for newly launched pc. Highest rates for completed pc. Those who bought subsale will be charge as completed unless you request the banker to get approval from their seniors/managers.
what is BUC?:beats-me-man:
Building under construction.
This is what i know:
DBS 1 or 3 months Sibor + 0.75%
Standchart 1 or 3 months Sibor + 0.65%
You can even choose to have 1month Sibor instead of 3 months Sibor. Pls shop around.
Hi, DBS 1 or 3 mths SIBOR + 0.75% got lock in or not?
Hi, DBS 1 or 3 mths SIBOR + 0.75% got lock in or not?
Sorry, i didn't keep track of this because i have no intention of selling within the 3 years. So with lock in or not is not that important to me.
You check with the bankers. They should give you more accurate info. Most important is to shop around. Good luck.
will u choose board rate at 1.15% with 1 year lock in or 3 months Sibor+ 0.95%? Why?
board rates means OTOT from the bank. No need any justifications for increase (not decrease). I had terrible experience with XXB's board rate back in 2006 - 2008.
I will never take these board rates ever. Rather go for transparent rate like Sibor or fixed rates.. I fixed mine at 5years at 2.25%. Peace of mind..
board rates means OTOT from the bank. No need any justifications for increase (not decrease). I had terrible experience with XXB's board rate back in 2006 - 2008.
I will never take these board rates ever. Rather go for transparent rate like Sibor or fixed rates.. I fixed mine at 5years at 2.25%. Peace of mind..
5yrs fixed at 2.25% not bad considering HDB is charging 2.6%
do you mind sharing with us the bank that offer 5yrs?
5yrs fixed at 2.25% not bad considering HDB is charging 2.6%
do you mind sharing with us the bank that offer 5yrs?
Wow, u r essentially paying 1% more every year for fixing it to 2.25%...i just refinanced mine floating rate but with a cap for 3 yrs!
board rates means OTOT from the bank. No need any justifications for increase (not decrease). I had terrible experience with XXB's board rate back in 2006 - 2008.
I will never take these board rates ever.
100% agreed. see the other thread under Property Financing section.
and your 5y fxed 2.25 is not a bad deal. contrary to the other member's comment, you paid for a 5y certainty, that protects you from downside risk. There is nothing wrong to be risk averse at a reasonable price.
Wow, u r essentially paying 1% more every year for fixing it to 2.25%...i just refinanced mine floating rate but with a cap for 3 yrs!
hind sight is alway perfect.
I got the 5 years fixed rate in Jul 10. It will take me up to Jun 15.. if there is any significant rise during this period (looks unlikely at this juncture), my risks are hedged.. rather play safe.
Yes, in tems of the current int rates, I look a bit silly. But guess, I am taking safer route and also the 2.25% is relatively low compared to HDB loans.. in fact, when I signed up, most mortgage consultants say if this offer is available, do grab ...no need to think twice haha
hind sight is alway perfect.
I got the 5 years fixed rate in Jul 10. It will take me up to Jun 15.. if there is any significant rise during this period (looks unlikely at this juncture), my risks are hedged.. rather play safe.
Yes, in tems of the current int rates, I look a bit silly. But guess, I am taking safer route and also the 2.25% is relatively low compared to HDB loans.. in fact, when I signed up, most mortgage consultants say if this offer is available, do grab ...no need to think twice haha
The cap which I got for the next 3 yrs on floating rate loan is still lower than your fixed 2.25% by almost near to 1%!
The bank must be aggressive to cap this knowing that the floating rate will not increase by much for the next 3 yrs.
Using a loan quantum of $1M over 30 years loan period, the savings is $500+ a month or $6K per year! U can do the sums :doh:
The cap which I got for the next 3 yrs on floating rate loan is still lower than your fixed 2.25% by almost near to 1%!
The bank must be aggressive to cap this knowing that the floating rate will not increase by much for the next 3 yrs.
Using a loan quantum of $1M over 30 years loan period, the savings is $500+ a month or $6K per year! U can do the sums :doh:
what do u mean by u got a "cap" on your floating rate? means it's up to a max of a certain interest rate? what rate is that?
and care to share which bank is that coz I may be looking to refinance too..... :D
what do u mean by u got a "cap" on your floating rate? means it's up to a max of a certain interest rate? what rate is that?
and care to share which bank is that coz I may be looking to refinance too..... :D
This means the loan package is SOR or SIBOR + X %, but capped to Y %. Should SOR or SIBOR rises within the next 3 yrs such that SOR or SIBOR + X% exceeds Y%, you only need to pay Y% at max. :spliff:
And the cap is lower than 2.25% for sure.
As to which bank offers that, do your dilligence please and call up banks to enquire. I guess different clients have different promos / packages.
That was then in 2010. If u were to look for ur loan during that time, u might have taken that offer too.
The cap which I got for the next 3 yrs on floating rate loan is still lower than your fixed 2.25% by almost near to 1%!
The bank must be aggressive to cap this knowing that the floating rate will not increase by much for the next 3 yrs.
Using a loan quantum of $1M over 30 years loan period, the savings is $500+ a month or $6K per year! U can do the sums :doh:
That was then in 2010. If u were to look for ur loan during that time, u might have taken that offer too.
that's why i said hindsight is always perfect.
another 4 more years to go.. whether i was overly conservative or whether the rates will really trend higher is anybody's guess yet...
Actually not, I was offered 1.88% fixed for 3 yrs back in 2010 by a bank, and another bank also fixed at lower rate, but I did not take the plunge. Instead, I took up the so called Board Rate that most folks are awary of, and for the past 2 yrs, it didnt change, in fact I was enjoying a good 1.25% for the past 2 yrs. It could be even lower if I took up floating rate. Consider it lucky or not, if you take risk, you will be rewarded.
... in fact I was enjoying a good 1.25% for the past 2 yrs...
and I have been enjoying < 1% for the past 2 yrs :rolleyes: to speak of perfect hindsight .
Yep if there's a 0.65 / 0.75 SIBOR option for me I may take it. However due to my relatively low loan quantum, banks are offering me 0.95 +3 months sibor or 1.15% board rate with 1 year lock in (which i dont really understand whats this)
Just doing a refinancing of existing property 0.65 SIBOR 2 year lock in subsequent years also 0.65 SIBOR. Loan quantum 500K.
Bank is DBS. Apparently today is last day at this rate (dunno is marketing ploy or real).
This means the loan package is SOR or SIBOR + X %, but capped to Y %. Should SOR or SIBOR rises within the next 3 yrs such that SOR or SIBOR + X% exceeds Y%, you only need to pay Y% at max. :spliff:
And the cap is lower than 2.25% for sure.
As to which bank offers that, do your dilligence please and call up banks to enquire. I guess different clients have different promos / packages.
DBS. Cap at 1.45% I think
Guys check out www.smartloans.sg various loan to choose from... :)
Just doing a refinancing of existing property 0.65 SIBOR 2 year lock in subsequent years also 0.65 SIBOR. Loan quantum 500K.
Bank is DBS. Apparently today is last day at this rate (dunno is marketing ploy or real).
Your loan quantum fully justifies the good rate.
Hi, DBS 1 or 3 mths SIBOR + 0.75% got lock in or not?
Mine same taken last year no lock in. For BUC.
Should be quite ok for to be lock for two years given the current situation. New or BUC?
Your loan quantum fully justifies the good rate.
Should be quite ok for to be lock for two years given the current situation. New or BUC?
Mine is an old resale PC (refinancing of existing loan). My practice is to refinance all housing loans for better rates once lock in period is over.
Many here taking from DBS? My impression is their rates are not very favorable... any comments about other banks too? :D
Standard chartered is not bad.
Many here taking from DBS? My impression is their rates are not very favorable... any comments about other banks too? :D
For completed Sibor1M + 0.65 throughout is very good at today's market. I wish my refinance timing can be so nice...
.. unless u r employee of some of the banks. staff rate can go as low as sibor + 0.3
For completed Sibor1M + 0.65 throughout is very good at today's market. I wish my refinance timing can be so nice...
.. unless u r employee of some of the banks. staff rate can go as low as sibor + 0.3
It's SIBOR3M.
Ya my partner's staff loan for BUC @ Sibor3M + 0.25. But staff loan is not without additional terms and conditions - need mortgage protection policy to cover the loan which can add up to quite a lot. Unless you have existing policies to assign.
We switch between DBS and UOB depending on who's giving better rate at the time the lock-in periods are up. Sometimes the existing lender is able to match the rate, sometimes not.
In this case, UOB not able to match the rate given by DBS. Even UOB own staff faster went to contact DBS when they heard of that rate.
Is this the same throughout the loan tenure?
It's SIBOR3M.
Ya my partner's staff loan for BUC @ Sibor3M + 0.25. But staff loan is not without additional terms and conditions - need mortgage protection policy to cover the loan which can add up to quite a lot. Unless you have existing policies to assign.
We switch between DBS and UOB depending on who's giving better rate at the time the lock-in periods are up. Sometimes the existing lender is able to match the rate, sometimes not.
In this case, UOB not able to match the rate given by DBS. Even UOB own staff faster went to contact DBS when they heard of that rate.
Is this the same throughout the loan tenure?
Yes for 20 years.
Is the loan package eligible to investment properties or must be owner occupied by the staff?
Yes for 20 years.
Is the loan package eligible to investment properties or must be owner occupied by the staff?
Owner occupied.
Why didn't u take SIBOR 1m ? I've checked 1M can do.
And btw today really is the last day of this "promo".... Although I hope tomorrow they will have another "promo"... :)
My spouse works in the bank and it was a SIBOR rate + base -1%. It cannot be an investment property.
Owner occupied.
Why didn't u take SIBOR 1m ? I've checked 1M can do.
And btw today really is the last day of this "promo".... Although I hope tomorrow they will have another "promo"... :)
Is SIBOR 1M better? haha I leave those things to my partner who is more familiar.
My other housing loans are SOR1M and SOR3M, no lock in. Not much difference between them as far as I can see. Wonder if we should move them over if new DBS promo is better......but I gather the SOR packages are now extinct......
Is SIBOR 1M better? haha I leave those things to my partner who is more familiar.
My other housing loans are SOR1M and SOR3M, no lock in. Not much difference between them as far as I can see. Wonder if we should move them over if new DBS promo is better......but I gather the SOR packages are now extinct......You mean UOB didn't counter offer to entice you to remain with them? UOB using SIBOR also, right?
You mean UOB didn't counter offer to entice you to remain with them? UOB using SIBOR also, right?
UOB was not able to match the DBS rate. I don't understand how these banks work. We move the loans back and forth between them depending on the package and the timing of the lock in.
:ashamed1: Oh and I just realised we are getting the Sibor1M after all. I heard wrongly.
Ok.. I'm also with UOB and doing refinancing soon...
Ok.. I'm also with UOB and doing refinancing soon...
Check out the others. You could get a better deal. Even the UOB housing loan people admitted that the DBS package was good but their management wouldn't budge to match it.
Check out the others. You could get a better deal. Even the UOB housing loan people admitted that the DBS package was good but their management wouldn't budge to match it.Ok... maybe after 2 more months of no business coz all went to DBS, UOB management will wake up and then offer something even better by which time its my turn for refinancing... :D
devilplate
23-02-12, 22:01
So now dbs bestest rate? 3mth sibor+0.85 throughout with 1.49% cap for first 3yrs without lock in....gd deal?
So now dbs bestest rate? 3mth sibor+0.85 throughout with 1.49% cap for first 3yrs without lock in....gd deal?The attraction is the 3 yr cap with no lock in... can really consider! :rolleyes:
The attraction is the 3 yr cap with no lock in... can really consider! :rolleyes:
BUC or completed?
devilplate
25-02-12, 17:55
BUC or completed?
Completed la....buc whr got cap or fixed rate package one....
Anyone has any comments on the standard chartered Mortgage Sibor One package? Looks attractive if one has cash bec they pay you the same mortgage loan rate for 2/3rds of your deposits.
Interest Rate: 3-month SIBOR plus a margin for the Bank.
Two-thirds of your deposits will enjoy the same rate as your mortgage loan, subject to a maximum of your loan principal outstanding. Remaining deposits will enjoy an interest rate of 0.35% p.a.
Repricing Date: Every 3 months on the first business day of the monthLoan Size: Minimum S$200,000 Fees: No penalties on partial or full prepayment (subject to serving required notice period)
No processing fee
Type Of Property: Completed private residences onlyPlus:
Free first year fire insurance
Free property valuation
devilplate
27-02-12, 09:38
go for it if u got plenty of cash.....if not nono bcoz their rates r higher
go for it if u got plenty of cash.....if not nono bcoz their rates r higher
Do people generally refinance through another bank? There are lawyer fees, bank charges and penalties to consider right?
Devilplate ur DBS rates seems pretty good but recently saw someone posting Citibank's 0.75 + 3 months sibor throughout
Do people generally refinance through another bank? There are lawyer fees, bank charges and penalties to consider right?
Devilplate ur DBS rates seems pretty good but recently saw someone posting Citibank's 0.75 + 3 months sibor throughout
ANZ giving 0.75 + 3 months sibor+SOR(average) throughout
ANZ giving 0.75 + 3 months sibor+SOR(average) throughout
So whats the catch of changing banks?
rattydrama
27-02-12, 19:57
i have one which is Y1 0.7 + 1 month SIBOR Y2 0.75 + 1 MONTH SIBOR locked for 2 years. thereafter 0.75 + 1 MONTH SIBOR.
option to convert to fixed rate or 3,6,12 month SIBOR.
this was 4 months ago with Citi.
rattydrama
27-02-12, 20:03
So whats the catch of changing banks?
Cost of moving your loan to another bank
a) Should you decide to sign with the other bank, it shall be a full redemption from existing bank and there shall be legal fee involved. $800-$1000
b) if your loan is currently still within the Reimbursement period, A full redemption shall result in the claw back of the following: legal subsidy and valuation fee.
c) There shall be legal cost involve when you transfer you loan over to the other bank ( Usually $2500 )
d) The other bank will most probably offer legal subsidy, usually is a 0.4 or 0.5% of the outstanding loan amount cap at $2000 or $2500
e) cancellation fee from existing bank if within the lock-in period usually is 0.75% of the outstanding loan.
Hope this helps
Cost of moving your loan to another bank
a) Should you decide to sign with the other bank, it shall be a full redemption from existing bank and there shall be legal fee involved. $800-$1000
b) if your loan is currently still within the Reimbursement period, A full redemption shall result in the claw back of the following: legal subsidy and valuation fee.
c) There shall be legal cost involve when you transfer you loan over to the other bank ( Usually $2500 )
d) The other bank will most probably offer legal subsidy, usually is a 0.4 or 0.5% of the outstanding loan amount cap at $2000 or $2500
e) cancellation fee from existing bank if within the lock-in period usually is 0.75% of the outstanding loan.
Hope this helps
Sounds like a lot of $$$ to consider before u are able to move ur loan around. So due to the claw back of fees etc etc. Am I right to say its silly to change a bank during the first 3 years of ur loan?
No, people should just switch around different banks to get the best loan package to reduce their costs and make the banks provide more competitive (i.e. cheaper and with better terms & conditions) loans! :p
Hi all property owners, first and foremost, never take up any loan with lock-in! Reason? Then you can switch your bank anytime for the best loan on the table! Obviously, without lock-in you don't have to pay any penalty for full redemption (usually about 1.5% of outstanding loan). Don't worry about legal fees because the banks you are switching to will be more than eager to pay for all the legal costs, just negotiate with them! Many can pay for your legal clawback, Some can even pay for your penalty costs (but then there is no free lunch because they want to lock you in for next 3 years!). :doh:
Next, never never accept anything called "board rate" interest rate loan package! Do you a bank's "board rate" is different for each of its individual customer? The "board rate" should more appropriately be called "personal rate" for you and only you only! :(
Sounds like a lot of $$$ to consider before u are able to move ur loan around. So due to the claw back of fees etc etc. Am I right to say its silly to change a bank during the first 3 years of ur loan?
No, people should just switch around different banks to get the best loan package to reduce their costs and make the banks provide more competitive (i.e. cheaper and with better terms & conditions) loans! :p
Hi all property owners, first and foremost, never take up any loan with lock-in! Reason? Then you can switch your bank anytime for the best loan on the table! Obviously, without lock-in you don't have to pay any penalty for full redemption (usually about 1.5% of outstanding loan). Don't worry about legal fees because the banks you are switching to will be more than eager to pay for all the legal costs, just negotiate with them! Many can pay for your legal clawback, Some can even pay for your penalty costs (but then there is no free lunch because they want to lock you in for next 3 years!). :doh:
Next, never never accept anything called "board rate" interest rate loan package! Do you a bank's "board rate" is different for each of its individual customer? The "board rate" should more appropriately be called "personal rate" for you and only you only! :(
So what do you do every now and then call up different banks and ask for a quotation? The penalty + claw back + legal fees can sum up to quite a bit. U sure banks are willing to reimburse on that? furthermore, what if ur loan quantum is not that huge? or how much do u need in order for the competing bank to do so much for you?
1. Yes, you should know who to call for various banks.
2. Yes, you can negotiate with banks to get better deals for subsiding you to switch bank if you loan is big enough.
3. If loan quantum not big enough than no bargaining power lah.
4. Not sure how much loan amount before bank can give you better deal, you have to find out from the banks (think different banks are different).
So what do you do every now and then call up different banks and ask for a quotation? The penalty + claw back + legal fees can sum up to quite a bit. U sure banks are willing to reimburse on that? furthermore, what if ur loan quantum is not that huge? or how much do u need in order for the competing bank to do so much for you?
Hi all a newbie to this forum here will need to seek some advice 😄I am looking to sign up a new loan from the bank( buc) was offered a variable board rate for the first year-0.98%,1.08 for second year and 1.38% for third year with no lock in period. There is a free conversion at any point from loan disbursement. Is this a good deal or shall I stick to a 1 month or 3 month sibor at 0.7% for 3 years( no lock in) Thanks for helping cos really 😳 confuse and cannot decide.....
Hi all a newbie to this forum here will need to seek some advice 😄I am looking to sign up a new loan from the bank( buc) was offered a variable board rate for the first year-0.98%,1.08 for second year and 1.38% for third year with no lock in period. There is a free conversion at any point from loan disbursement. Is this a good deal or shall I stick to a 1 month or 3 month sibor at 0.7% for 3 years( no lock in) Thanks for helping cos really 😳 confuse and cannot decide.....
0.7 + sibor for 3 years!
Hi price thanks for the input... Cos the board rate of 0.98 and 1.08 looks very tempting😉but that's provided it does not change in 2 years. For this 'gamble' I can get to save about a thousand$$ so cracking my head now.....
Hi price thanks for the input... Cos the board rate of 0.98 and 1.08 looks very tempting😉but that's provided it does not change in 2 years. For this 'gamble' I can get to save about a thousand$$ so cracking my head now.....
As mentioned in your previous post, the project is still BUC. I doubt you will "lose" that much? Moreover, for BUC it depends on how fast it takes to complete. The low % for the first 2 years may not be that much of a difference
As mentioned in your previous post, the project is still BUC. I doubt you will "lose" that much? Moreover, for BUC it depends on how fast it takes to complete. The low % for the first 2 years may not be that much of a difference
Yah it is still under construction.... but from what i know the bank is already calling at 30%. My project is coming up fast and ferious it may even top at 2013, even if the developer says 2014....:beats-me-man:
Hehe from the hints above one can even guess the project liao.....
Yah it is still under construction.... but from what i know the bank is already calling at 30%. My project is coming up fast and ferious it may even top at 2013, even if the developer says 2014....:beats-me-man:
Hehe from the hints above one can even guess the project liao.....
Haha which project is that? and its already 30% yet ur not tied to a loan yet? theres many many projects toping this 2 years!
Haha which project is that? and its already 30% yet ur not tied to a loan yet? theres many many projects toping this 2 years!
Just bought the project last week.. so sourcing for a loan now. Not a new launch, in district 19 quite a big project eass guess now right?
Been meeting up with different bankers, looking at their package gives me a :doh: ....hence need some advice here since you all will have more experience than me
Just bought the project last week.. so sourcing for a loan now. Not a new launch, in district 19 quite a big project eass guess now right?
Been meeting up with different bankers, looking at their package gives me a :doh: ....hence need some advice here since you all will have more experience than me
Dont need to visit too many. i think the best now are ocbc, dbs citi and scb. Are u a 3 bedder premium buyer? :D
Dont need to visit too many. i think the best now are ocbc, dbs citi and scb. Are u a 3 bedder premium buyer? :D
Yah up till now ocbc, scb seems quite good have not meet up dbs yet though... no i bought a 2+1, 3 bed too ex for me....
Yah up till now ocbc, scb seems quite good have not meet up dbs yet though... no i bought a 2+1, 3 bed too ex for me....
What are their offers? u can choose anything that gives u something like 0.75-0.85+sibor throughout i think tats very good already
Just bought the project last week.. so sourcing for a loan now. Not a new launch, in district 19 quite a big project eass guess now right?
Been meeting up with different bankers, looking at their package gives me a :doh: ....hence need some advice here since you all will have more experience than me
citi floating 0.68 + sibor looks quite good
What is a variable board rate? Does an independent party determine the "board rate" or the "board rate" suka suka determined by the bank itself? As I said, avoid "board rate" like plague! it is always lousier than SIBOR!! :beats-me-man:
Hi all a newbie to this forum here will need to seek some advice 😄I am looking to sign up a new loan from the bank( buc) was offered a variable board rate for the first year-0.98%,1.08 for second year and 1.38% for third year with no lock in period. There is a free conversion at any point from loan disbursement. Is this a good deal or shall I stick to a 1 month or 3 month sibor at 0.7% for 3 years( no lock in) Thanks for helping cos really 😳 confuse and cannot decide.....
What is a variable board rate? Does an independent party determine the "board rate" or the "board rate" suka suka determined by the bank itself? As I said, avoid "board rate" like plague! it is always lousier than SIBOR!! :beats-me-man:
The variable board rate is determined by the bank... Athough they have a fixed component at the back. Like u said they can increase the board rate anytime..this is wats pulling me back. Any one has experience on the consistency of these so call board rates? Plus any comments on sor+ sibor packages? One bank offered me this combo package with a +0.8 for 3 years.
I think based on what we know so far, we should avoid SOR due to US$ risk. Stick with SIBOR is safer.
There are many combinations of 1-mth, 3-mth, 6-mth, 12-mth SIBOR + Lock-in or No lock-in + cap interest or not + got penalty subsidy or not + legal subsidy (standard always have) OR you can choose fixed rate.
The final decision is up to you. If you think interest rate will rise soon, get fixed rate.
If you think interest rate will get stuck in mud or become lower for next 3 years, get 1-mth floating SIBOR with no interest rate cap. (3-mth SIBOR higher interest. 6-mth SIBOR even higher interest).
The variable board rate is determined by the bank... Athough they have a fixed component at the back. Like u said they can increase the board rate anytime..this is wats pulling me back. Any one has experience on the consistency of these so call board rates? Plus any comments on sor+ sibor packages? One bank offered me this combo package with a +0.8 for 3 years.
you must be very very young.
never, ever, ever, ever consider board rates.
read this old article in 2007. this is before SIBOR rate was introduced. Ppl were furious at banks playing with board rates.
http://www.straitstimes.com/print/Free/Story/STIStory_129427.html
for example:
"Home owners have voiced frustration that banks seem to exploit the opaqueness of multiple board rates to lift these different rates by varying amounts without explanation.
Ms CY Lee, a 43-year-old manager, said: 'How can the bank refuse to explain to me why it raised my board rate four times in eight months, but gave only one rate hike of 0.5 percentage point to my neighbour who got the same loan package just a month after I did?' "
you must be very very young.
never, ever, ever, ever consider board rates.
read this old article in 2007. this is before SIBOR rate was introduced. Ppl were furious at banks playing with board rates.
http://www.straitstimes.com/print/Free/Story/STIStory_129427.html
for example:
"Home owners have voiced frustration that banks seem to exploit the opaqueness of multiple board rates to lift these different rates by varying amounts without explanation.
Ms CY Lee, a 43-year-old manager, said: 'How can the bank refuse to explain to me why it raised my board rate four times in eight months, but gave only one rate hike of 0.5 percentage point to my neighbour who got the same loan package just a month after I did?' "
Wow that sounds scary with a board rate increment like this:scared-4 hehe I actually not young Liao but this is my first big investment so is a green horn in this area....
Wow that sounds scary with a board rate increment like this:scared-4 hehe I actually not young Liao but this is my first big investment so is a green horn in this area....
I do believe sibor gives u more transparency. IF you really want to take up the board rates which you find attractive, exercise the free conversion which most banks offer after TOP.
I do believe sibor gives u more transparency. IF you really want to take up the board rates which you find attractive, exercise the free conversion which most banks offer after TOP.
Thanks for the advice yah mostly will take up the sibor package then... Even though the board rates seems a good one... True there is no transparency with board rates- u are at their mercy:scared-3:
Thanks for the advice yah mostly will take up the sibor package then... Even though the board rates seems a good one... True there is no transparency with board rates- u are at their mercy:scared-3:
Do u get free conversion upon TOP? u can still take the board rate for the time being since i think ur project should TOP latest early 2014.
Do u get free conversion upon TOP? u can still take the board rate for the time being since i think ur project should TOP latest early 2014.
I can get a free conversion at any point after loan disbursement...subjected to the rate given by the bank at that point of time. They may not offer me a good rate by then either due to market conditions or the fact that I am a convert scared-5: So that's the risk I have to take if take up board rate for the attractive savings for the 2 years....
Exactly, u r getting it :)
For example, "free" conversion, but the packages available for you are another board rate packages :scared-4: Then how ?
Or a sibor package with spread 150 :scared-4:
Remember, the packages available for your "free conversion" are also at bank's discretion. What make you think they will offer their best rate to you since they know you cannot refinance out to another bank ? ( due to BUC cancelation charges). Once they secure your BUC loan, they know you have to stick with them for 2 to 3 yrs.
And especially dun even dream the 0.98 1st yr etc "board rate" will not change. In 2006 you have a case where bank S granted a loan quoting board rate x, in 2 month time the rate was raised by 50 bps. And at the same time, the original "board rate" number was still being offered at the same project !
No need board rate lah... even if I take up a loan from any bank for my BUC condo with assurance of free conversion upon TOP, I'm also under their mercy on which mortgage loan is available to me then... :scared-3:
devilplate
28-02-12, 21:12
No need board rate lah... even if I take up a loan from any bank for my BUC condo with assurance of free conversion upon TOP, I'm also under their mercy on which mortgage loan is available to me then... :scared-3:
Yes....refinance rates surely not comparable wif their packages for new loan
flagship74
28-02-12, 21:35
Take 3 MTH SOR
devilplate
28-02-12, 22:23
Take 3 MTH SOR
I tot 1mth sibor bestest? No?
No need board rate lah... even if I take up a loan from any bank for my BUC condo with assurance of free conversion upon TOP, I'm also under their mercy on which mortgage loan is available to me then... :scared-3:
Yah that is what I came to realize as I go through this whole thing...' the free conversion' is free in the sense no charges but again they may not give u the good rates by then... U can end up paying more than your original one so it just does not make sense to change then...:scared-5: the more I look at it the more I think that this feature is pretty useless. Are there any examples when the bank actually offers a good rate during this conversion?
No point having a "conversion" option. The terms of the conversion may not be transparent and the situation may change later on. Juz go for the best SIBOR or SOR rate you can get with 2 year lock in or better still no lock in. Then you can hunt around for better rates at the end of the period without any obligation to stick with the same lender.
No point having a "conversion" option. The terms of the conversion may not be transparent and the situation may change later on. Juz go for the best SIBOR or SOR rate you can get with 2 year lock in or better still no lock in. Then you can hunt around for better rates at the end of the period without any obligation to stick with the same lender.
Thanks for the advice. Btw have a question regarding 1 month and 3 month sibor. How are we going to keep up the payment using CPF since these rates are subjected to flutuations?
Thanks for the advice. Btw have a question regarding 1 month and 3 month sibor. How are we going to keep up the payment using CPF since these rates are subjected to flutuations?
You can log in monthly to adjust :)
You can log in monthly to adjust :)
Hmm will it be in time for the deduction? And are we suppose to put in the monthly amount ourselves, after calculating the sibor plus bank rate? Thanks for helping:)
Hmm will it be in time for the deduction? And are we suppose to put in the monthly amount ourselves, after calculating the sibor plus bank rate? Thanks for helping:)
Hi get your bank to help. The person arranging the mortgage should be able to do something for you. I remember when I was getting one of my housing loans, they did some adjustment so that the monthly payment would not fluctuate. (I was on a SIBOR or SOR rate at the time, can't exactly remember which one).
You can also consider paying part of the intallment in cash so that the CPF portion is fixed and the cash portion is variable.
In fact, if you can afford it, pay more in cash and less from CPF. For CPF payment, you are "borrowing" money from yourself at an exorbitant rate of 2.5% which you have to pay back into the CPF all the interest when you dispose of the property. This will reduce the readily available cash funds from the sale of your property in the future. If taken over a number of years, it can add up to a significant sum (you would be surprised how much this 2.5% compounded interest can be). You are in effect locking more money into your CPF which you cannot withdraw easily. :banghead:
devilplate
29-02-12, 16:51
Hi get your bank to help. The person arranging the mortgage should be able to do something for you. I remember when I was getting one of my housing loans, they did some adjustment so that the monthly payment would not fluctuate. (I was on a SIBOR or SOR rate at the time, can't exactly remember which one).
You can also consider paying part of the intallment in cash so that the CPF portion is fixed and the cash portion is variable.
In fact, if you can afford it, pay more in cash and less from CPF. For CPF payment, you are "borrowing" money from yourself at an exorbitant rate of 2.5% which you have to pay back into the CPF all the interest when you dispose of the property. This will reduce the readily available cash funds from the sale of your property in the future. If taken over a number of years, it can add up to a significant sum (you would be surprised how much this 2.5% compounded interest can be). You are in effect locking more money into your CPF which you cannot withdraw easily. :banghead:
dun sell la.....den no nid to return hehehe
dun sell la.....den no nid to return hehehe
LOL den when you reach 55 and don't have Minimum Sum in your CPF you will have to pledge your property. hehe you may never see your money in :D your lifetime. I personally would try and keep my money out of the clutches of CPF if possible.
devilplate
29-02-12, 16:58
LOL den when you reach 55 and don't have Minimum Sum in your CPF you will have to pledge your property. hehe you may never see your money in :D your lifetime. I personally would try and keep my money out of the clutches of CPF if possible.
rent it out lor.....passive cash cow
some ppty i will nvr sell too.....only see the money if enbloc b4 i die
rent it out lor.....passive cash cow
some ppty i will nvr sell too.....only see the money if enbloc b4 i die
at the rate it's going, I think I may not see enbloc b4 I die.....:doh:
Thanks for all the advice here :) just need to meet the last banker tomorrow to come up with a final decision... That will seal me for the next 3 years:scared-3:
flagship74
29-02-12, 23:09
Thanks for all the advice here :) just need to meet the last banker tomorrow to come up with a final decision... That will seal me for the next 3 years:scared-3:
That's the beginning of rat race..:D
The problem is the rat will get bigger and slower with time.:D
That's the beginning of rat race..:D
sor still on the up and up
flagship74
03-03-12, 10:11
sor still on the up and up
That's gd news though..:D
March 2012 Sibor Rate (Interest rates in % per annum)
1 Month 0.31557
2 Month 0.37501
3 Month 0.38667
devilplate
05-03-12, 09:58
some banks revised their spread upwards liao......looks like credit is tightening? helicopter ben nid to print more $$$$$ liao?
wakakakakaka
some banks revised their spread upwards liao......looks like credit is tightening? helicopter ben nid to print more $$$$$ liao?
wakakakakaka
Yay to my fixed rates :D
What is the spread like now?
some banks revised their spread upwards liao......looks like credit is tightening? helicopter ben nid to print more $$$$$ liao?
wakakakakaka
Yay to my fixed rates :D
:tongue3:
How much is your fixed rate? Mine is 1 month Sibor + 0.50% (or 0.55% which i forget liao) :D
March 2012 Sibor Rate (Interest rates in % per annum)
1 Month 0.31557% + 0.50% = 0.813557% :cheers5:
I am teochew and i am haolian. :D
devilplate
05-03-12, 10:18
:tongue3:
How much is your fixed rate? Mine is 1 month Sibor + 0.50% (or 0.55% which i forget liao) :D
March 2012 Sibor Rate (Interest rates in % per annum)
1 Month 0.31557% + 0.50% = 0.813557% :cheers5:
I am teochew and i am haolian. :D
wah so gd lor
mine lowest is 0.8% CRYYYYYYYYYYYYYYYYYYYY
refinance always get lousy rates one...wat to do :(
devilplate
05-03-12, 10:20
What is the spread like now?
0.8-1% spread for completed ppty
i dun tink can find below 0.8% now
fixed rate looks like gg up too?....still got 3yr fixed at 1.38%?
Good to have lock in earlier. :D
0.8-1% spread for completed ppty
i dun tink can find below 0.8% now
devilplate
05-03-12, 10:23
Good to have lock in earlier. :D
u power leh....can get so gd refinancing rates.....
mine stuck wif 0.8-1% lor....:(
got clawback etc....suck thumb and pay 1% spread.....
hey devil ur waterbank SOR + 0 ok, I still remember ;) so dun complain .. ;)
hey devil ur waterbank SOR + 0 ok, I still remember ;) so dun complain .. ;)
wah liao eh, bang balls man. :eek: :D
felicia_sg
05-03-12, 15:31
Is this for BUC? Didn't hear completed units got such good rates so far.
:tongue3:
How much is your fixed rate? Mine is 1 month Sibor + 0.50% (or 0.55% which i forget liao) :D
March 2012 Sibor Rate (Interest rates in % per annum)
1 Month 0.31557% + 0.50% = 0.813557% :cheers5:
I am teochew and i am haolian. :D
what's the best rates for property refinancing ?
DBS offering 1.38% for 2 yrs leh.. Nothing sexy..
:mad:
Is this for BUC? Didn't hear completed units got such good rates so far.
Yup, BUC.
I'm not sure for the completed units. The other units i have already fully paid.
Yup, BUC.
I'm not sure for the completed units. The other units i have already fully paid.
:not-worthy:Wah bro, you must be some big fish :scared-1:
Angmo was still scolding u for lack of education. :tongue2:
devilplate
06-03-12, 11:04
:not-worthy:Wah bro, you must be some big fish :scared-1:
Angmo was still scolding u for lack of education. :tongue2:
tat angmor tok big big one
his few stock trade can make few M oredi
Wolverine23
21-03-12, 15:42
DBS rates:
1st 3 years 0.75% + 3M Sibor with 1 year lock-in
or
1st 3 years 0.85% + 3M Sibor with no lock-in and interest cap of 1.49%
or
0.6%, 0.65%, 0.7% with 3 years lock-in
or
1.38% fixed for 3 years with 3 years lock-in
Which is better?
devilplate
21-03-12, 17:18
wats the spread after first 3yrs?
Wolverine23
21-03-12, 20:52
wats the spread after first 3yrs?
There you go.....
1st 3 years 0.75% + 3M Sibor with 1 year lock-in
Thereafter, 3M Sibor + 1%
or
1st 3 years 0.85% + 3M Sibor with no lock-in and interest cap of 1.49%
4th and 5th year 3M Sibor + 1%, thereafter, 3M Sibor + 1.25%
or
0.6%, 0.65%, 0.7% with 3 years lock-in
Thereafter, 3M Sibor + 1.25%
or
1.38% fixed for 3 years with 3 years lock-in
Thereafter, 3M Sibor + 1.25%
The 0.85% package looks tempting...
devilplate
21-03-12, 22:12
Oooo....spread gone up oredi after 1st 3yrs....hmmmm
you can try out at findahomeloan.sg
Oooo....spread gone up oredi after 1st 3yrs....hmmmm
Most people do a refi after 3 years where the lock in period is over.
devilplate
21-03-12, 23:21
Most people do a refi after 3 years where the lock in period is over.
We may not able to see 0.8% spread again
Tats y i go for the lowest long term spread package recently when i do refinancing ;)
BoChina is offering 3m sibor + 0.55, 0.65 for pte, <1m.
Wolverine23
22-03-12, 07:16
So are home loan rates going to go up soon? y?
So are home loan rates going to go up soon? y?
i did noticed spread inching up a bit here and there.. some banks increase y1 spread, decrease y2 spread, or vice versa. But this BoChina package spread is so yummy..
Oooo....spread gone up oredi after 1st 3yrs....hmmmm
I took the 5 years fixed package from DBS for both my earlier purchases. They gave me a good rate for it as I was taking a 10 year loan.
devilplate
22-03-12, 11:21
I took the 5 years fixed package from DBS for both my earlier purchases. They gave me a good rate for it as I was taking a 10 year loan.
Ooo din noe can nego for better rates by shortening the loan tenure.....
It doesnt make any sense to me......care to explain further?
devilplate
22-03-12, 11:24
i did noticed spread inching up a bit here and there.. some banks increase y1 spread, decrease y2 spread, or vice versa. But this BoChina package spread is so yummy..
I wished i know u earlier!
Boc rates is unbeatable! 0.65% throughout! Where to find?
Sian i oredi commit another package liao! Dammmnnnn
I wished i know u earlier!
Boc rates is unbeatable! 0.65% throughout! Where to find?
Sian i oredi commit another package liao! Dammmnnnn
Huh!? 0.65 throughout!? Got min loan quantum/tenure or watsoever?
I wished i know u earlier!
Boc rates is unbeatable! 0.65% throughout! Where to find?
Sian i oredi commit another package liao! Dammmnnnn
where to find? At FindaHomeLoan.sg lor.. Hehe.. I really hope this site can be of great service! :cheers4:
Huh!? 0.65 throughout!? Got min loan quantum/tenure or watsoever?
Yes, except 0.55 spread for year 1! You may go to FindaHomeLoan.sg and input loan quantum, Private, Completed and tenure. This is the top package in terms of lowest total interest payable over 3 years. One condition is Mortgage insurance or 10% deposit is required if loan quantum is <$500k.
Just Contact Banker directly from the site. No middleman, no hard-sell. Just you and the banker to negotiate.
:cheers4:
devilplate
22-03-12, 12:05
Yes, except 0.55 spread for year 1! You may go to FindaHomeLoan.sg and input loan quantum, Private, Completed and tenure. This is the top package in terms of lowest total interest payable over 3 years. One condition is Mortgage insurance or 10% deposit is required if loan quantum is <$500k.
Just Contact Banker directly from the site. No middleman, no hard-sell. Just you and the banker to negotiate.
:cheers4:
So u get paid by the bankers listed on ur webby?
So u get paid by the bankers listed on ur webby?
depends on their policies which has been changing.. The site is designed to present all packages in its actual details, with no bias or preference to any bank. It empowers the customers to select the package and contact the bank. It is a service that I often require and decided to built a transparent platform to share with all.
I wished i know u earlier!
Boc rates is unbeatable! 0.65% throughout! Where to find?
Sian i oredi commit another package liao! Dammmnnnn
PMed you bro.
Wolverine23
23-03-12, 10:42
anyone know or heard that the property loan packages will be revised upwards over the weekend???
devilplate
23-03-12, 10:47
anyone know or heard that the property loan packages will be revised upwards over the weekend???
depends on individual bank
they dun revise at the same time one lor....
my gut feel is any revision will be upwards.....spread is getting higher.....i suspect most banks oredi hit their quota
go for BOC la...0.65% BESTESTESTEST!!!!!!!!!!!!!!!
Not sure of the direct relevance but I do notice more banks having time-deposit promos these days - MayBank, HSBC, ANZ and even UOB.
Giving 1.1% or so.
Point is - of they take in at 1.1% and must have a spread - how will mortgage rate behave going forward?
devilplate
23-03-12, 11:01
Not sure of the direct relevance but I do notice more banks having time-deposit promos these days - MayBank, HSBC, ANZ and even UOB.
Giving 1.1% or so.
Point is - of they take in at 1.1% and must have a spread - how will mortgage rate behave going forward?
maybank 1.45% for 18mths.....not bad
as i said, depends on banks.....DBS banker told me their bank too much liquidity......tats y they aggressive on their home loan rates.....and also tats y their FD rates SUXXX
ICICI also giving good rates ...but ...
I use 12 months as common bench to compare...
U're right ...so I am surprised to see UOB in the fray ...I thought all the locals are flushed with deposits. DBS being the flushiest.
maybank 1.45% for 18mths.....not bad
as i said, depends on banks.....DBS banker told me their bank too much liquidity......tats y they aggressive on their home loan rates.....and also tats y their FD rates SUXXX
Wolverine23
23-03-12, 14:24
i am going for 0.85% + 3M Sibor, no lock in with interest cap at 1.49%
i am going for 0.85% + 3M Sibor, no lock in with interest cap at 1.49%
You can contact the banker through FindaHomeLoan.sg
Wolverine23
24-03-12, 13:05
You can contact the banker through FindaHomeLoan.sg
Thanks but I doing repricing so not much help even if i get middleman (ie no cash rebate.)
I negotiated for a lower repricing fee as i am still locked-in for 1+ years
devilplate
24-03-12, 13:08
Thanks but I doing repricing so not much help even if i get middleman (ie no cash rebate.)
I negotiated for a lower repricing fee as i am still locked-in for 1+ years
isit worthwhile making the switch now since u got penalty.....y not wait till penalty is over? unless ur loan amt is huge and some banks may abosrb the penalty for u
isit worthwhile making the switch now since u got penalty.....y not wait till penalty is over? unless ur loan amt is huge and some banks may abosrb the penalty for u
Maybe the banks are really absorbing penalty + legal fees lor? i know DBS does that for low quantum loans
devilplate
24-03-12, 16:25
Maybe the banks are really absorbing penalty + legal fees lor? i know DBS does that for low quantum loans
Dbs damn zzz one lor...one of my loan below 500k...legal fees cap at 0.4%....not a single cent more
isit worthwhile making the switch now since u got penalty.....y not wait till penalty is over? unless ur loan amt is huge and some banks may abosrb the penalty for u
repricing at $500 make sense if it takes 2-3 months for savings to offset $500. and it does not extend legal clawback period.
Wolverine23
24-03-12, 18:37
repricing at $500 make sense if it takes 2-3 months for savings to offset $500. and it does not extend legal clawback period.
repricing at $500??? it is never so low amount unless you are talking about 1 - 200k loan!
repricing at $500??? it is never so low amount unless you are talking about 1 - 200k loan!
DBS charges 500. Even for 1m quantum
UOB offered to reduce repricing fee from $800 to $500. I refused as my interest differential is only 15bps, I will still be on floating rates (SIBOR instead of SOR this time) and I will extend my lock-in period for another 2 years. Might as well hang on for another year till my legal subsidy clawback period is over and look around again......this time I can refinance out of UOB if need be.....
oh ya, my loan quantum $1m
UOB offered to reduce repricing fee from $800 to $500. I refused as my interest differential is only 15bps, I will still be on floating rates (SIBOR instead of SOR this time) and I will extend my lock-in period for another 2 years. Might as well hang on for another year till my legal subsidy clawback period is over and look around again......this time I can refinance out of UOB if need be.....
oh ya, my loan quantum $1mUOB board rates? Any other offers they gave you?
UOB offered to reduce repricing fee from $800 to $500. I refused as my interest differential is only 15bps, I will still be on floating rates (SIBOR instead of SOR this time) and I will extend my lock-in period for another 2 years. Might as well hang on for another year till my legal subsidy clawback period is over and look around again......this time I can refinance out of UOB if need be.....
oh ya, my loan quantum $1m
i know repricing with dbs did not extend legal clawback period.
devilplate
25-03-12, 14:41
i know repricing with dbs did not extend legal clawback period.
Tats pretty standard wif other banks too...however they will usually charge u the full penalty sum.....
hi all, i see most banks giving legal subsidy up to $2500, for refinancing is this enough? usually need to top up how much?
devilplate
25-03-12, 15:56
hi all, i see most banks giving legal subsidy up to $2500, for refinancing is this enough? usually need to top up how much?
Can easily find lawyers willing to do it for 2.5k nett
Just ask ur banker to source for one before u sign on the dot
Can easily find lawyers willing to do it for 2.5k nett
Just ask ur banker to source for one before u sign on the dot
Thanks DP :)
http://2.bp.blogspot.com/-TyuvNsp9KnU/T27rWtMpMbI/AAAAAAAAG8s/giA5hLjAdj4/s1600/fixed.JPG
devilplate
25-03-12, 18:02
timing is crucial now.....we can only fixed for 3yrs....just imagine int rate stays flat and den chun chun int rate spike up few mths b4 ur lock in over how?
fed 'committed' till late 2014.....take 3yrs fixed now abit dangerous....
hi all, i see most banks giving legal subsidy up to $2500, for refinancing is this enough? usually need to top up how much?
agree with DP that some legal firms still offer 2500 nett or +7% GST. SCB is offering full legal sub. Legal sub of up to 2500 has to, at some point, catch up with inflation. Beware of some 'bad broker eggs' that work with legal firms to charge higher legal fees.
agree with DP that some legal firms still offer 2500 nett or +7% GST. SCB is offering full legal sub. Legal sub of up to 2500 has to, at some point, catch up with inflation. Beware of some 'bad broker eggs' that work with legal firms to charge higher legal fees.
All u gotta do is negotiate with your banker :) mine changed from 2500k to full
I haven't got many properties in my life but PKWA gave me quite good service :)
devilplate
25-03-12, 21:16
All u gotta do is negotiate with your banker :) mine changed from 2500k to full
My nego skills failed.....
I said must top up to full if not i dunwan take up.....banker just say sorry sir....cryyyyyyyyyyyy
Can try if you are priority customer with them.
My nego skills failed.....
I said must top up to full if not i dunwan take up.....banker just say sorry sir....cryyyyyyyyyyyy
devilplate
25-03-12, 21:24
Can try if you are priority customer with them.
Tot they shd entice me to become one and not the other way round....anyway over liao...i took up wif another bank
devilplate
25-03-12, 21:25
All u gotta do is negotiate with your banker :) mine changed from 2500k to full
better to get cheaper legal fees....remember got 3yrs clawback in case u nid to sell earlier.....
Well, not experienced banker. My banker has extended to the maximum legal fee. It is always possibe. Claw back will be max.
Tot they shd entice me to become one and not the other way round....anyway over liao...i took up wif another bank
Wolverine23
25-03-12, 21:50
UOB offered to reduce repricing fee from $800 to $500. I refused as my interest differential is only 15bps, I will still be on floating rates (SIBOR instead of SOR this time) and I will extend my lock-in period for another 2 years. Might as well hang on for another year till my legal subsidy clawback period is over and look around again......this time I can refinance out of UOB if need be.....
oh ya, my loan quantum $1m
Some miscommunication here.
My DBS loan is still under lock-in so that is an additional repricing fee...
My SCB loan does not charge me for repricing as i am out of lock-in....
:cheers4:
My nego skills failed.....
I said must top up to full if not i dunwan take up.....banker just say sorry sir....cryyyyyyyyyyyy
Yeah if loan quantum is small, usually need to top up a few hundred bucks. This is because some banks may subsidize only up to 0.4% or 0.5% of the loan quantum. Lets say if the loan quantum is $500K, then 0.4% would be only $2000, and the buyer will have to top up $500 (for a legal fee of $2500).
Typically, the legal firm should charge only $2500 nett. However, some firms charge GST while some have other additional charges (eg. Mortgage Stamp fee of $500, and CPF Conveyancing fee of $300). So please ask carefully before taking up a mortgage loan, dont just simply compare the rates :)
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