kalimantan 6 Report post Posted October 22, 2012 I am currently an existing dbs home loan (private pty) and they sent me a letter that there is a revision of interest rate of 2.3210% pa from Nov 15 onwards.Can anyone update me which housing bank loan offers lower than dbs ?Please discuss here openly Share this post Link to post Share on other sites
multi888 1 Report post Posted October 22, 2012 I am currently an existing dbs home loan (private pty) and they sent me a letter that there is a revision of interest rate of 2.3210% pa from Nov 15 onwards.Can anyone update me which housing bank loan offers lower than dbs ?Please discuss here openlyWhy is the interest rate moving upwards? I thought the low interest will last till 2015? Share this post Link to post Share on other sites
therat 18 Report post Posted October 22, 2012 2.3210% is under which type of package? Share this post Link to post Share on other sites
HappyHouse88 0 Report post Posted October 22, 2012 Why is the interest rate moving upwards? I thought the low interest will last till 2015?Sor amd sibor is low. But if ur package frm the bank has a high fixed component after x yrs then your rate will increase. Pls do ur maths and research before committing to any housing loans. Fail to do so may cost u ur future. Share this post Link to post Share on other sites
Wu Jiahong Alvin Ng 1 Report post Posted October 23, 2012 Floating or fix rate u have chosen?? After ur lock in period?? Share this post Link to post Share on other sites
kalimantan 6 Report post Posted October 23, 2012 okay, let me put in more information than mislead ...1. My loan package expiring Nov 2012 period, for last 3 years - fixed at 1.99%on this coming 4th years - which i can re-finance, is charged at 1.75% above 12 month SIBOR.2. Now i need to re-finace, what would be the better options ? Share this post Link to post Share on other sites
bepgof 20 Report post Posted October 23, 2012 okay, let me put in more information than mislead ...1. My loan package expiring Nov 2012 period, for last 3 years - fixed at 1.99%on this coming 4th years - which i can re-finance, is charged at 1.75% above 12 month SIBOR.2. Now i need to re-finace, what would be the better options ?Each has different risk-aversion appetites, meaning each "investor" take on the relationship between "risk", "return", "peace of mind" in different "weight",..., that is why got this efficient frontier curve vs investor utility curve.Like u have $100 to put into 3 investment portfolios: $10:$20:$70, or $50:$40:$10, or $20:$20:$60, etc...- Federal Reserve has committed till 2015 with "low interest"- Banks "switch off tap" when in meltdown- The west has "chiong" to the East- Now is the time for east to go "on stage" and do the performance to the world audience.- With all these, meaning, "we" are pretty "sound" and "safe" in term of global econ performance.So? Share this post Link to post Share on other sites
Batman 0 Report post Posted October 23, 2012 Yeah agree. Its not as if we say what then u do what right?Best is talk to a banker and then u decide from there.Life is about decisions. If I were u, I'd go for the lowest possible interest rates.Lock in or no lock in doesn't matter because if I were to sell eventually, I'd factor in e penalty to my selling price. Share this post Link to post Share on other sites
kalimantan 6 Report post Posted October 23, 2012 hmmm ..i ask for options, but all i get is reading between the lines ..hahaha1. no intention to sell.2. fixed or variable fine.3. i approach the housingloan consultant, and Bank A called me first. It is variable rate of average of 3M combo plus .8 % which equates to about 1.18% (average .0379 + .8) ==> this looks attractive, without penalty of partial payment. Yes there are definitily legal fees, with clawback thing, etc4. Honestly the partial payment thing - how many of us really make partial payment ? For the last few years, very lazy to sell stocks and make partial payment. Might as well, pay everything right ? But seeing liquiity in stocks / funds make you "feel good "...5. Let me see what DBS offers back for existing customers,with refinance package of $500. Share this post Link to post Share on other sites
bepgof 20 Report post Posted October 24, 2012 (edited) Wife prefers "secured" type of financial committments: fd, endorsement, fixed int rate mortgage loan, to her everything "should be" measurable, managable, controllable kind of philosophy, lesser returns never mind, pay more also never mind, important think is "risk factor", as we are living in a world with vast of uncertainties whereby Feng Shiu strategies offered by fsms, at most times, are inappropriate, without taking details into consideration. Fire always start from small.I prefer to demonstrate what I've learned(competency), whether knowledge or skills, then apply them to "test water" to see if these really work. Learn, try, result and repeat till a day i feel "tire". I don't believe in so called "luck" component in life.Bro, signs of tireness have surfaced on me. No one is a losser or winner till end of journey. Apply what I know is the most enjoyable parts in the processes, thus far.Look at "big picture" first then "zoom in" and "zoom out" make possible.Remind me of TaiJi originator, first learn "strokes" and "patterns", then practice and practice and blend them in all together in mind , till a day there be "no strokes and no patterns" in mind, then it is time to go downhill to help the general public.Fixed, variable, sor, sibor, prime, tenure, outstanding amount, earning power, terms and conditions, etc are "strokes and patterns", be able to back to basic, after all these "wars", can then be conferred as "master". You already have the "stroke" in mind to counteract the uncertainty, why still ask? Edited October 24, 2012 by bepgof Share this post Link to post Share on other sites
HappyHouse88 0 Report post Posted October 24, 2012 hmmm ..i ask for options, but all i get is reading between the lines ..hahaha1. no intention to sell.2. fixed or variable fine.3. i approach the housingloan consultant, and Bank A called me first. It is variable rate of average of 3M combo plus .8 % which equates to about 1.18% (average .0379 + .8) ==> this looks attractive, without penalty of partial payment. Yes there are definitily legal fees, with clawback thing, etc4. Honestly the partial payment thing - how many of us really make partial payment ? For the last few years, very lazy to sell stocks and make partial payment. Might as well, pay everything right ? But seeing liquiity in stocks / funds make you "feel good "...5. Let me see what DBS offers back for existing customers,with refinance package of $500.is bank A , ANZ ? i took up their pkg earlier.. their variable rate is .7% + combo throughout the tenure... the good part is not only the low interest rate but also that it's throughout the tenure.. so unless there is a major change in the interest rate again.. no need to consider refinance... Share this post Link to post Share on other sites
kalimantan 6 Report post Posted October 24, 2012 is bank A , ANZ ? i took up their pkg earlier.. their variable rate is .7% + combo throughout the tenure... the good part is not only the low interest rate but also that it's throughout the tenure.. so unless there is a major change in the interest rate again.. no need to consider refinance...yes, it is ANZ. Did you get .7% by default or you put in 150k in the anz bank ? Share this post Link to post Share on other sites
HappyHouse88 0 Report post Posted October 24, 2012 (edited) yes, it is ANZ. Did you get .7% by default or you put in 150k in the anz bank ?default was .75 , and yes, we deposited 150k to qualified as priority to get the extra 0.05%.. difference is only $500 per year for 1 million loan,not much i would say.. but nothing to lose meh.. so just do it lor..after loan is granted.. you may close acct. aniway.. their stepup deposit now is 1.6% p.a. nothing to lose if you have 150k to spare.the best part of the deal.. is probably the fact that i dun need to re-finance.. lucky i take up ANZ.. else i will have fork out more cash when i due to re-finance,say 3 yrs, because we are 36 yrs with 30 yr loan.. my $$ sit in fixed dep also better than pay up loan.. .5% saving.. ha ha ha.. Edited October 24, 2012 by HappyHouse88 Share this post Link to post Share on other sites
kalimantan 6 Report post Posted October 25, 2012 Hi Happyhouse88, how much did you borrow ?Honestly i rather put 150k into the market, then open and close account. my house left 11 years of loan.nowadays bank will no longer subsidise lawyer's fee, which is why all loans mean you pay lawyer fees separately on average of $2500.Well dbs came back to me, and also give me a .75 rate, except it is lock-in for 2 years (variable sibor) Share this post Link to post Share on other sites
HappyHouse88 0 Report post Posted October 25, 2012 (edited) me ? ... i maxed my loan, borrowed close to 1mil.. then sit on cash and cpf (2.5% interest mah).... but that's 50% of the property loan in fixed dep and CPF .. to wait for interest rate go up , then do partial repayment..think our strategy is different.. you pay early , sit on a smaller loan. For me ,i put them in "safe" deposit. this $$ cannot touch. *scratching hands*i only play to excess in the stock mkt.** just to add, i very KS one. i put in local bank and not foreign bank.** cos i also scare bank close shop.you can consider dbs lah.. but hor..if later rules change and you need to pay more for re-financing after X years.. or worse, bank thinks that no one will do re-financing because of the cost.. 3 yrs later charge you high high.. and you LL.. for me i may rather pay abit and change to ANZ where the 0.8 is fixed.. like that no need to worry bank change 2/3 yrs time. Edited October 25, 2012 by HappyHouse88 Share this post Link to post Share on other sites
