BUC loan,2 or 3 year lock in?

[Avant]

Difficult for me to select:
bank A (local) float (2 year Lock in, 3 year clawback):
1.38
1.88
3.35

bank B (forgein) float(3 year Lock in, 3 year clawback):
1.38
1.90
2.3

Assuming actual rate will be as stated above:
1) After fullfil 3 yrs loan, package B will save me 5.5k compared
2) If I refiance after 2 yrs and within 3 yrs, package B will cost me 4.5k-6k more (all penalty and interest considered)

Also note that alothough full pre-repayment penalty at 1.5%. there will be no penalty for partial pre-repayment for package B - what's the implication of this?

[price]

Difficult for me to select:
bank A (local) float (2 year Lock in, 3 year clawback):
1.38
1.88
3.35

bank B (forgein) float(3 year Lock in, 3 year clawback):
1.38
1.90
2.3

Assuming actual rate will be as stated above:
1) After fullfil 3 yrs loan, package B will save me 5.5k compared
2) If I refiance after 2 yrs and within 3 yrs, package B will cost me 4.5k-6k more (all penalty and interest considered)

Also note that alothough full pre-repayment penalty at 1.5%. there will be no penalty for partial pre-repayment for package B - what's the implication of this?

bank b. since buc u may not sell/refinance so soon. installments minimal

[Avant]

Any other comments, gurus here?



bank b. since buc u may not sell/refinance so soon. installments minimal

[price]

Any other comments, gurus here?
i think the best deals around are the 1 month sibor + 0.xx rates. OCBC should be one of the more competitive bank the last time i checked

[carbuncle]

oCBC is worlds strongest bank

[Avant]

When it was?

Nowadays, these two banks gave me 3Msibor+ 1.25, +1.45, +2.0 best
OCBC gave me higher rate than this and LTV 70% --Maybe it was because i bought it under individual name.


i think the best deals around are the 1 month sibor + 0.xx rates. OCBC should be one of the more competitive bank the last time i checked

[Avant]

Not sure if some assumptions I made in calculation are good enough.



TranPrice 550000.00 (example only) LTV 80.00% Term 25Yrs

Pack UFloat2: Yr1 1.38% Yr2 1.88% Yr3 3.35% Yr4 5.25% Lock=2 Cbck=3
Month Payment Interest Principle Loan Amount
<--10.00% in
1 216.87 63.25 153.62 54846.38
2 216.87 63.07 153.80 54692.58
3 216.87 62.89 153.98 54538.60
4 216.87 62.71 154.16 54384.44
5 216.87 62.54 154.33 54230.11 <--10.00% in
6 436.83 125.61 311.22 108918.89
7 436.83 125.25 311.58 108607.31
8 436.83 124.89 311.94 108295.37 <--5.00% in
9 547.76 156.16 391.60 135403.77
10 547.76 155.71 392.05 135011.72 <--5.00% in
11 659.33 186.88 472.45 162039.27
12 659.33 186.34 472.99 161566.28
**Paid 4809(P@3433 I@1375)
13 697.47 253.12 444.35 161121.93 <--5.00% in
14 816.51 295.50 521.01 188100.92
15 816.51 294.69 521.82 187579.10 <--5.00% in
16 936.21 336.95 599.26 214479.84
17 936.21 336.01 600.20 213879.64
18 936.21 335.07 601.14 213278.50 <--5.00% in
19 1056.93 377.21 679.72 240098.78
20 1056.93 376.15 680.78 239418.00
21 1056.93 375.08 681.85 238736.15
22 1056.93 374.01 682.92 238053.23
23 1056.93 372.95 683.98 237369.25 <--25.00% in
24 1669.18 587.29 1081.89 373787.36
**Paid 16901(P@11212 I@5689) Penalty 3325 (Red 0 Can 825 Sub2500)
25 1944.19 1043.48 900.71 372886.65
26 1944.19 1040.97 903.22 371983.43
27 1944.19 1038.45 905.74 371077.69
28 1944.19 1035.92 908.27 370169.42
29 1944.19 1033.38 910.81 369258.61 <--10.00% in
30 2233.77 1184.38 1049.39 423209.22
**Paid 28856(P@16790 I@12065) Penalty 2500 (Red 0 Can 0 Sub2500)
31 2233.77 1181.45 1052.32 422156.90
32 2233.77 1178.52 1055.25 421101.65
33 2233.77 1175.57 1058.20 420043.45
34 2233.77 1172.62 1061.15 418982.30
35 2233.77 1169.65 1064.12 417918.18
36 2233.77 1166.68 1067.09 416851.09
**Paid 42259(P@23148 I@19110)
37 2665.68 1823.72 841.96 416009.13
38 2665.68 1820.03 845.65 415163.48
39 2665.68 1816.34 849.34 414314.14
40 2665.68 1812.62 853.06 413461.08
41 2665.68 1808.89 856.79 412604.29
42 2665.68 1805.14 860.54 411743.75
43 2665.68 1801.37 864.31 410879.44
44 2665.68 1797.59 868.09 410011.35
45 2665.68 1793.79 871.89 409139.46
46 2665.68 1789.98 875.70 408263.76
47 2665.68 1786.15 879.53 407384.23
48 2665.68 1782.30 883.38 406500.85
**Paid 74247(P@33499 I@40748)
Pack CFloat3: Yr1 1.38% Yr2 1.90% Yr3 2.30% Yr4 2.70% Lock=3 Cbck=3
Month Payment Interest Principle Loan Amount
<--10.00% in
1 216.87 63.25 153.62 54846.38
2 216.87 63.07 153.80 54692.58
3 216.87 62.89 153.98 54538.60
4 216.87 62.71 154.16 54384.44
5 216.87 62.54 154.33 54230.11 <--10.00% in
6 436.83 125.61 311.22 108918.89
7 436.83 125.25 311.58 108607.31
8 436.83 124.89 311.94 108295.37 <--5.00% in
9 547.76 156.16 391.60 135403.77
10 547.76 155.71 392.05 135011.72 <--5.00% in
11 659.33 186.88 472.45 162039.27
12 659.33 186.34 472.99 161566.28
**Paid 4809(P@3433 I@1375)
13 699.02 255.81 443.21 161123.07 <--5.00% in
14 818.33 298.65 519.68 188103.39
15 818.33 297.83 520.50 187582.89 <--5.00% in
16 938.30 340.54 597.76 214485.13
17 938.30 339.60 598.70 213886.43
18 938.30 338.65 599.65 213286.78 <--5.00% in
19 1059.27 381.24 678.03 240108.75
20 1059.27 380.17 679.10 239429.65
21 1059.27 379.09 680.18 238749.47
22 1059.27 378.01 681.26 238068.21
23 1059.27 376.94 682.33 237385.88 <--25.00% in
24 1672.84 593.56 1079.28 373806.60
**Paid 16928(P@11193 I@5735) Penalty 8932 (Red 5607 Can 825 Sub2500)
25 1745.30 716.46 1028.84 372777.76
26 1745.30 714.49 1030.81 371746.95
27 1745.30 712.51 1032.79 370714.16
28 1745.30 710.53 1034.77 369679.39
29 1745.30 708.55 1036.75 368642.64 <--10.00% in
30 2005.70 811.98 1193.72 422448.92
**Paid 27660(P@17551 I@10109) Penalty 8836 (Red 6336 Can 0 Sub2500)
31 2005.70 809.69 1196.01 421252.91
32 2005.70 807.40 1198.30 420054.61
33 2005.70 805.10 1200.60 418854.01
34 2005.70 802.80 1202.90 417651.11
35 2005.70 800.49 1205.21 416445.90
36 2005.70 798.18 1207.52 415238.38
**Paid 39695(P@24761 I@14933)
37 2087.71 934.28 1153.43 414084.95
38 2087.71 931.69 1156.02 412928.93
39 2087.71 929.09 1158.62 411770.31
40 2087.71 926.48 1161.23 410609.08
41 2087.71 923.87 1163.84 409445.24
42 2087.71 921.25 1166.46 408278.78
43 2087.71 918.62 1169.09 407109.69
44 2087.71 915.99 1171.72 405937.97
45 2087.71 913.36 1174.35 404763.62
46 2087.71 910.71 1177.00 403586.62
47 2087.71 908.06 1179.65 402406.97
48 2087.71 905.41 1182.30 401224.67
**Paid 64747(P@38775 I@25972)