Free Advice/Discussion on Bank Mortgage loan

Raytwj

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Hi, I would like to go for refinancing. Looking for waiver of legal and valuation fees in the process. May I know what are the promotion rates now?

Current loan is with UOB @ ~2.22% (pegged to 1m sibor)
About 624k outstanding
29.5 years remaining, no lock-in


Are you still looking to refinance your property? Able to help you source for the cheapest interest rates.
 

Andrewccs

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Hi Andrewccs,
If your property is HDB, you can refinance at 1.88% FIXED.
Even if you're going to pay legal fees you still can save, but the savings is not much, maybe approximately $700++.

If it's private then yes, it makes more sense to stick around with OCBC.
Thanks, but i not eligible to loan from HDB loan, Only from Bank (PR) ,

may i know is good choose option 1 or option 2.
 

Lita..Wolf

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What is the outlook for sg interest rate for 2019? Are we expecting fixed deposit rate to rise further or generally remains stagnant? Still make sense to secure fixed rate?:s22:
 

Unbiasedsg_

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What is the outlook for sg interest rate for 2019? Are we expecting fixed deposit rate to rise further or generally remains stagnant? Still make sense to secure fixed rate?:s22:
Our interest rates are very sensitive to US FED interest hikes, though it doesn't follow exactly.
With the US FED increasing their rates just on 19 Dec 2018, we foresee an interest hike within the 1Q 2019. Many banks have already increased theirs and many other bank are in the midst of doing so.
If you are able to get a great deal for fixed package, I'll reckon to go for it as you can confidently plan your expenses and cash flow for the next 2 years. Nothing beats peace of mind and to me that is priceless.
 

Immortal

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Hi all, have enough combined OA to clear off my remaining HDB loan 120k from bank. (currently at capped - 2.5% interest)

Should i do it ? What are the down and upsides ?
 

theblueark

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Hi all, have enough combined OA to clear off my remaining HDB loan 120k from bank. (currently at capped - 2.5% interest)

Should i do it ? What are the down and upsides ?

OA earns 3.5% for the first $20k, so as long as your bank loan still below 3.5%, keep at least the $20k inside.

The rest of your OA earns 2.5%, same as your bank interest now. No win no loss. Clear or don’t clear not much diff.

If your loan interest goes up somemore, or if you foresee that it’s likely to go up, then start to seriously consider paying off after weighing the incremental cost of increase vs the fees you have to pay for early repayment.
 

Immortal

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OA earns 3.5% for the first $20k, so as long as your bank loan still below 3.5%, keep at least the $20k inside.

The rest of your OA earns 2.5%, same as your bank interest now. No win no loss. Clear or don’t clear not much diff.

If your loan interest goes up somemore, or if you foresee that it’s likely to go up, then start to seriously consider paying off after weighing the incremental cost of increase vs the fees you have to pay for early repayment.
Alright thanks.
 

ahJie89

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Hi all, i am looking at my first property. Did an in principal approval and the bank approved around 510k. Have around 100k in OA.

Should I go for 1br condo?

My partner is not PR. Anyone can advise ?
 

Unbiasedsg_

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Hi all, i am looking at my first property. Did an in principal approval and the bank approved around 510k. Have around 100k in OA.

Should I go for 1br condo?

My partner is not PR. Anyone can advise ?
A lot of factors to consider bro.
Family planning, like kids?
Once you purchase private, you have to wait a while before you can purchase HDB.
Have she applied for PR? Or is she going to? If so, I reckon it will be worth the wait. $510k can actually get you a BTO 5 room flat, or 4 room HDB resale in many non-matured estates.
 

atankaypoh

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Hi,
For the increase from bank on the interest rate. Even in the fixed rate lock in term, bank can increase the interest rate at any time during the duration. Or it is fixed thru out the lock in term?

Thanks
 

Unbiasedsg_

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Hi,
For the increase from bank on the interest rate. Even in the fixed rate lock in term, bank can increase the interest rate at any time during the duration. Or it is fixed thru out the lock in term?

Thanks
It will be fixed all the way according to the package, e.g. 2 years fixed then locked in 2 years, the rates will not change. Vice versa for the 3 years package.
 

andyhtc

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Hi all, i am looking at my first property. Did an in principal approval and the bank approved around 510k. Have around 100k in OA.

Should I go for 1br condo?

My partner is not PR. Anyone can advise ?

Please get a 4 or 5-room HDB as your first property. You will be almost always better this way.

You can't buy a HDB once you own a private property unless you sell the private property off.
 

ahJie89

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A lot of factors to consider bro.
Family planning, like kids?
Once you purchase private, you have to wait a while before you can purchase HDB.
Have she applied for PR? Or is she going to? If so, I reckon it will be worth the wait. $510k can actually get you a BTO 5 room flat, or 4 room HDB resale in many non-matured estates.

Thank you for the reply.

Not intending to have kid at the moment and not easy for her to get PR as Govt has more stringent policies now.

I am still hoping that she can get PR soon so that we can get a 5 room bto. If not with 800k Budget, i am deciding 1 br or resale in mature estate.
 

ahJie89

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Please get a 4 or 5-room HDB as your first property. You will be almost always better this way.

You can't buy a HDB once you own a private property unless you sell the private property off.

Hi Andyhtc,

Thank you the reply. Is getting a resale unit in a mature estate recommended? Will I lose money if I intends to sell it off ?
 

xSENCORPx

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Hello, any mortage broker that i can reach out to? just want to get some advice in term of obtaining bank loan for EC
 
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