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Thread: Increased of Interest Rate

  1. #1

    Default Increased of Interest Rate

    Hi all, would like to seek advice about the refinancing, thanks in advance.

    I received an letter from OCBC informing me that the 36-month S$ Time Deposit Rate will be increased from 0.65% (1.65%) to 0.95% (1.95%) on 2 Aug 2018 for the mm condo I purchased in Oct-2016. And after calling the bank, they gave me the following option without any additional fee, so now should i do refinancing and if yes, which option to choose?
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  2. #2
    Join Date
    May 2012
    Posts
    3,952

    Default

    Find a mortgage specialist to source refinance opportunities from other banks.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  3. #3
    Join Date
    Oct 2012
    Posts
    1,160

    Default

    If u plan for local bank i think dbs is the lowest interest rate. I got mine 2yrs fixed rate at 1.65%. Ocbc is the highest out of 3 local banks. If not get a mortgage specialist.

  4. #4

    Default

    May i know to engage a mortage specialist? And can i change bank?
    Last edited by leafe; 7th July 2018 at 04:57 AM. Reason: Add in info

  5. #5
    Join Date
    May 2012
    Posts
    3,952

    Default

    Quote Originally Posted by leafe View Post
    May i know to engage a mortage specialist? And can i change bank?
    I have had great experience with Redbricks. PM me if you need a specific number and person to contact.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  6. #6
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    8,038

  7. #7

    Default

    Hi Bro Arcachon

    Have been checking around for repricing and term loan but it seems bankers like not very interested.. maybe many people out there looking for loans now?

  8. #8
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    8,038

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    Quote Originally Posted by Werther View Post
    Hi Bro Arcachon

    Have been checking around for repricing and term loan but it seems bankers like not very interested.. maybe many people out there looking for loans now?
    Yes, many many at showflat also en bloc create a lot of money (money printing)

  9. #9

    Default

    All the banks are increasing their rates tis year.. and many more to come. Like what they say ... most people use mortgage brokers these days. You can also try my broker at https://www.MortgageWise.sg/ They give away $250 Tangs voucher now if you refinance above a certain amt..

  10. #10

    Default

    All the wealth or cheap money has to come to an end someday and we are just getting close. QE cannot go on and on as someone will need to pay for it. There is never really any free money floating in the capital system quoting my LSE econ professor many years ago. Someone is paying for it and will take it back. All the leverage has been given for 10 years are chips that needed to be cashed in for the next 10 years. Question is, what have you done with this leverage in the past decade and counting?

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