OCBC OHR? Anyone else misled?

[alpha29]

Why try re-pricing when there are banks paying your legal fees to refinance? (Note: Interest rates can be as low as 1.76%.)

The market for fixed rates (currently lower than floating) as follow and subjected to approval and waiver:-
1.76% (2 years fixed - $2m and above)
1.78% (2 years fixed - $1m and above)
1.80% (2 years fixed – $500k - below $1m to enjoy free legal fees for refinancing only)
2.00% (5 years fixed with partial prepayment allowed)

Repricing because there is usually a min loan sum for legal fees waiver, which is more than my sum amount.

 

[alpha29]

It's a bad experience though. Loans have been dropping, but ocbc couldn't care to review the ohr rates (since it's no longer available). But the loan is really misleading. I too thought I got a great deal.

 

[alpha29]

I have repriced. Though the lock in period is 2 years, there will be claw back of $2k legal fees until the end of 3rd year for my case. Therefore I chose to reprice after 2 years.

In my contract, there is a clause to allow for 1 free repricing during the 2-year lock-in period. U dun have this clause? I didn't activate it earlier as the ocbc loan packages dun seem attractive.

 

[Unbiasedsg_]

Repricing because there is usually a min loan sum for legal fees waiver, which is more than my sum amount.

Yes, it depends some bank can be quite lenient when it comes to cash rebates which you can use to offset your legal fees (e.g. 0.4% of the loan amount).

However, most are based on min. $500k for private and $300k for HDB though.

 

[Unbiasedsg_]

It's a bad experience though. Loans have been dropping, but ocbc couldn't care to review the ohr rates (since it's no longer available). But the loan is really misleading. I too thought I got a great deal.

Board rates pegged mortgage loan can be very painful especially when your loan amount is small, leaving lesser bargain chip when your locked in is up or when you try to a re-pricing.

I opined the next best thing to do if your loan amount is small is to stick to SIBOR based package or fixed rates package.

 

[koster]

In my contract, there is a clause to allow for 1 free repricing during the 2-year lock-in period. U dun have this clause? I didn't activate it earlier as the ocbc loan packages dun seem attractive.

Yes, I have that clause too but only took the plunge when the rate was a bit more favourable and when Fed stopped reducing the rate.

 

[alt2015]

Hi, my home loan lock in is over. I read the agreememt, stated need to give 3 mths notice ... Like tat if now I source for loan , won’t need 3 mths . How to go abot ?

 

[Unbiasedsg_]

Hi, my home loan lock in is over. I read the agreememt, stated need to give 3 mths notice ... Like tat if now I source for loan , won’t need 3 mths . How to go abot ?

Whether lock in or not, you still to serve 3 months notice.
Best case scenario is to look around 3 months prior the locked in period and then ask the law firm to time it and serve the notice (3 months before the locked in is over) so that you can port over to the other bank (lock in is over.)

 

[alt2015]

Whether lock in or not, you still to serve 3 months notice.
Best case scenario is to look around 3 months prior the locked in period and then ask the law firm to time it and serve the notice (3 months before the locked in is over) so that you can port over to the other bank (lock in is over.)

My loan already three yrs. lock oin was 2 yrs

 

[OCBC Bank]

My loan already three yrs. lock oin was 2 yrs

Hi alt2015

Lock-in period usually means you won't be able to reprice or make any repayments to the home loan

You can once the lock-in period is over. But for any full repayment requests, the Bank will require a 3 month's written notice

Would you like us to look into your loan details to confirm this? Just drop us a PM

^Sh

 

[Unbiasedsg_]

My loan already three yrs. lock oin was 2 yrs

Time to look around bro. If your loan is above $500k, a lot of bank offer cash rebates which can cover your legal fees. You can also call OCBC or PM them see what they can offer.