HWZ Forums

Login Register FAQ Mark Forums Read

Free Advice/Discussion on Bank Mortgage loan

Like Tree257Likes
Reply
 
LinkBack Thread Tools
Old 05-02-2019, 10:35 AM   #2536
Junior Member
 
Join Date: Nov 2013
Posts: 3
Hi unbiasedsg,
Looking for refinacing ASAP as ocbc switched my ref rate from time deposit to mortgage board which I,m uncomfortable with.

Appreciate you can PM me the best fixed rate on market now & contact for a discussion.

Thanks
Bro, got ur pm but not able to reply due to low post count.
Mine is private condo. Please pm me your email so that I can touch base with u.
Thanks.
Tuscani888 is offline   Reply With Quote
Old 05-02-2019, 04:28 PM   #2537
Junior Member
 
Join Date: Feb 2018
Posts: 14
Hi everyone

Just want to share my experience as I was recently looking for bank loan for my newly bought resale flat.

I contacted a couple of mortgage brokers but I realised that their rates are not the most attractive, particularly for floating.

In the end I called up one of the banks myself and asked them for a quote for floating, they gave me 1m sibor + 0.3% for the whole term, which is even cheaper than the cheapest option I got from the mortgage broker (it was +0.3% for first two years only, then steps up to +0.7%!!). Not sure whether it is because I said I was referred by one of my friend that has a current mortgage under that bank, so they gave a better rate? But I think no harm to try calling one or two banks directly, don't trust the mortgage brokers' quote completely, you really never know.

Some don't like sibor because of the volatility but for me part of my deposits are earning sibor-linked rates, hence it is somewhat hedged ba. Anyway, I prefer the transparency.

The reason why I didn't go for fixed is because the 2.18% will become Hong Leong's board rate from year 3, and there is not much transparency on that. The next cheapest fixed rate is 2.4% by DBS for 5 years, but my loan quantum is too small, otherwise think it is quite a good deal.

Of course, the legal subsidy etc might make a difference but my loan quantum is so small (<$200k) that I don't qualify for those at all, so I was only looking at the headline interest rate.

Hope this helps!
harveyss is offline   Reply With Quote
Old 06-02-2019, 07:21 PM   #2538
Member
 
Unbiasedsg_'s Avatar
 
Join Date: Dec 2018
Posts: 103
Hi everyone

Just want to share my experience as I was recently looking for bank loan for my newly bought resale flat.

I contacted a couple of mortgage brokers but I realised that their rates are not the most attractive, particularly for floating.

In the end I called up one of the banks myself and asked them for a quote for floating, they gave me 1m sibor + 0.3% for the whole term, which is even cheaper than the cheapest option I got from the mortgage broker (it was +0.3% for first two years only, then steps up to +0.7%!!). Not sure whether it is because I said I was referred by one of my friend that has a current mortgage under that bank, so they gave a better rate? But I think no harm to try calling one or two banks directly, don't trust the mortgage brokers' quote completely, you really never know.

Some don't like sibor because of the volatility but for me part of my deposits are earning sibor-linked rates, hence it is somewhat hedged ba. Anyway, I prefer the transparency.

The reason why I didn't go for fixed is because the 2.18% will become Hong Leong's board rate from year 3, and there is not much transparency on that. The next cheapest fixed rate is 2.4% by DBS for 5 years, but my loan quantum is too small, otherwise think it is quite a good deal.

Of course, the legal subsidy etc might make a difference but my loan quantum is so small (<$200k) that I don't qualify for those at all, so I was only looking at the headline interest rate.

Hope this helps!
I'm surprised that your mortgage broker did not assist you to put up a waiver for the 1.88% fixed 2 years package.

Just sharing the experience for several HWZ members which experienced huge interest rate hikes recently. We managed to get 1.88% fixed 2 years for ALL of them.

We are not the "generalists" type of brokers. We endeavour to get the best deal for our clients, period. Most of the time, if the quantum is sizeable, we will fight hard to put the necessary waivers to get the privilege banking rates that are available to the selected few.
Yes, it's quite true that when your quantum is small. The rates may not be as attractive compared to loans above $800k onwards. I believe the rates you mentioned is HSBC for the floating rate, and yes generally it's quite true that rates are awesome during the locked in period. Banks operate closely like telco companies. They want to lock you in another 2 years by offering cheap phones or even free phones so that there's recurring business. On the hand, other bank there are hungry for your business, may even offer full legal subsides.

Last edited by Unbiasedsg_; 07-02-2019 at 06:27 PM..
Unbiasedsg_ is offline   Reply With Quote
Old 07-02-2019, 02:41 AM   #2539
Junior Member
 
Join Date: Jul 2018
Posts: 3
PM for 900k loan
__eMo__ is offline   Reply With Quote
Old 07-02-2019, 01:07 PM   #2540
Junior Member
 
Join Date: Jul 2018
Posts: 3
PM for 900k loan
Unbiasedsg,
Unable to reply pm due to Low post count.
Loan for completed project. If possible please leave me a pm with contact number.
__eMo__ is offline   Reply With Quote
Old 07-02-2019, 03:36 PM   #2541
Junior Member
 
Join Date: Feb 2019
Posts: 1
Hi I am looking to refinance my home loan with OCBC asap as the interest rate has increased to 2.4% recently. Loan quantum is close to $1m. Can you please pm your contact details to discuss? Thanks.
pegs19 is offline   Reply With Quote
Old 07-02-2019, 04:50 PM   #2542
Junior Member
 
Join Date: Apr 2010
Posts: 1
Hi Unbiased, interested to discuss with you on refinancing options. Appreciate if you can PM with contact number. Thanks!
skylinekmh is offline   Reply With Quote
Old 07-02-2019, 06:26 PM   #2543
Member
 
Unbiasedsg_'s Avatar
 
Join Date: Dec 2018
Posts: 103
Hi,
skylinekmh
pegs19
__eMo__

Do check your inbox, I've PM you guys the contact details to further discuss on your situation.
Unbiasedsg_ is offline   Reply With Quote
Old 10-02-2019, 04:53 PM   #2544
Senior Member
 
kaypohmeow's Avatar
 
Join Date: Jan 2015
Posts: 921
About to take up a bank loan very soon. Following are the offers from bank:

OCBC- MBR + 0.4%, 1.95%

DBS - FHR8 + 1.275%, 1.95%

Which is a better offer? Or should I say which one higher chance will up their rate?
kaypohmeow is offline   Reply With Quote
Old 11-02-2019, 12:36 PM   #2545
Junior Member
 
Join Date: Sep 2001
Posts: 2
Hi,
skylinekmh
pegs19
__eMo__

Do check your inbox, I've PM you guys the contact details to further discuss on your situation.
Hi

Can PM me as well?

Thanks!
valiantinus is offline   Reply With Quote
Old 11-02-2019, 02:15 PM   #2546
Junior Member
 
Join Date: Mar 2016
Posts: 49
Hi guys, seeking opinion here. Recently my OCBC mortgage loan have increased from 1.6+% to 2.3%. The rate hike really a pain.. I realized that I do have a one time free conversion to other loan package within the same bank. Should I exercise this option yet?
DerekTsang is offline   Reply With Quote
Old 11-02-2019, 03:42 PM   #2547
Supremacy Member
 
Join Date: May 2008
Posts: 5,272
Hi able to PM me thanks

Hi,
skylinekmh
pegs19
__eMo__

Do check your inbox, I've PM you guys the contact details to further discuss on your situation.
flashover is offline   Reply With Quote
Old 11-02-2019, 04:28 PM   #2548
Member
 
Join Date: Nov 2004
Posts: 379
I am interested as well, pm me too.
infernolord is offline   Reply With Quote
Old 11-02-2019, 10:35 PM   #2549
Junior Member
 
Join Date: Feb 2018
Posts: 14
I'm surprised that your mortgage broker did not assist you to put up a waiver for the 1.88% fixed 2 years package.

Just sharing the experience for several HWZ members which experienced huge interest rate hikes recently. We managed to get 1.88% fixed 2 years for ALL of them.

We are not the "generalists" type of brokers. We endeavour to get the best deal for our clients, period. Most of the time, if the quantum is sizeable, we will fight hard to put the necessary waivers to get the privilege banking rates that are available to the selected few.
Yes, it's quite true that when your quantum is small. The rates may not be as attractive compared to loans above $800k onwards. I believe the rates you mentioned is HSBC for the floating rate, and yes generally it's quite true that rates are awesome during the locked in period. Banks operate closely like telco companies. They want to lock you in another 2 years by offering cheap phones or even free phones so that there's recurring business. On the hand, other bank there are hungry for your business, may even offer full legal subsides.
I'm also surprised why leh...
harveyss is offline   Reply With Quote
Old 11-02-2019, 10:54 PM   #2550
Member
 
Unbiasedsg_'s Avatar
 
Join Date: Dec 2018
Posts: 103
Hi guys, seeking opinion here. Recently my OCBC mortgage loan have increased from 1.6+% to 2.3%. The rate hike really a pain.. I realized that I do have a one time free conversion to other loan package within the same bank. Should I exercise this option yet?
What is the package under? Fixed interest rate or Board rate?
How much is your loan quantum?
Unbiasedsg_ is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On