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Thread: 3 Year Fixed Rate Loan

  1. #1
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    Default 3 Year Fixed Rate Loan

    What's the best 3 year fixed rate loan you've heard off in recent weeks?

  2. #2
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    If the DBS Promo 3 year fixed rate package is still available, that should be it..

    1st year - 1.99%
    2nd year - 2.19%
    3rd year - 2.29%

  3. #3
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    OCBC is having a 2 Year variable rate of 1.68%/1.68%/1.68%.

    Risky or not? Anyone heard any reviews on this?

  4. #4
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    Quote Originally Posted by beachball8
    OCBC is having a 2 Year variable rate of 1.68%/1.68%/1.68%.

    Risky or not? Anyone heard any reviews on this?
    ok this is purely personal opinion

    i never ever take a fixed rate housing loan ..

    i have always taken floating rate ..

    is rate going to fly ?? not likely ...even if it is .. then just refinance or ask for repricing .. you can always find another bank willing to lend at slightly better than another, just to clinch the deal ..

    and even if rates go up .. after refinancing , its still lower than fixed rate ..

  5. #5
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    Quote Originally Posted by proud owner
    ok this is purely personal opinion

    i never ever take a fixed rate housing loan ..

    i have always taken floating rate ..

    is rate going to fly ?? not likely ...even if it is .. then just refinance or ask for repricing .. you can always find another bank willing to lend at slightly better than another, just to clinch the deal ..

    and even if rates go up .. after refinancing , its still lower than fixed rate ..
    in this kind of economic climate, I tend to agree with u that it's better to take floating rate which is likely to remain flattish for at least the next 1-2 years....I took the SOR-based floating rate pkg which doesn't come with any lock-in period. I can ask the bank to reprice or refinance with another bank any time the rates get too high....

  6. #6
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    KarenK.... which bank?

  7. #7
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    Quote Originally Posted by beachball8
    OCBC is having a 2 Year variable rate of 1.68%/1.68%/1.68%.

    Risky or not? Anyone heard any reviews on this?
    Anyone got any opinion on this loan?

  8. #8
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    3y fixed ok what, if it's really low fixed like the old DBS package 1.99% for 3yrs. The current one not so attractive already.

    the OCBC 1.68% one is not "fixed" lah. It's from the infamous "board rate". Never heard horror story of "board rate" meh ? Run as fast as you can from it! "board rate" is a totally arbitrary number that is totally at the control of the bank , which can be totally changed any time and at any direction, without even the slightest correlation to the actual funding rate market. Example, Sibor can be treading downwards, but "board rate" can increase 300% overnite. Reason : " other costs". A few yrs back ppl all have no choice. Now thanks to DBS doing national service started the Sibor package, we consumers finally have a fair loan rate system!

  9. #9
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    Quote Originally Posted by beachball8
    KarenK.... which bank?
    mine was a while back......at that time all the local banks (UOB, OCBC, DBS) were offering it and I think Citibank & HSBC too.......

  10. #10
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    Quote Originally Posted by amk
    3y fixed ok what, if it's really low fixed like the old DBS package 1.99% for 3yrs. The current one not so attractive already.

    the OCBC 1.68% one is not "fixed" lah. It's from the infamous "board rate". Never heard horror story of "board rate" meh ? Run as fast as you can from it! "board rate" is a totally arbitrary number that is totally at the control of the bank , which can be totally changed any time and at any direction, without even the slightest correlation to the actual funding rate market. Example, Sibor can be treading downwards, but "board rate" can increase 300% overnite. Reason : " other costs". A few yrs back ppl all have no choice. Now thanks to DBS doing national service started the Sibor package, we consumers finally have a fair loan rate system!
    board rate out of fashion liao lah......the "in" thing nowadays is the SOR-based pkg.....
    (SOR = SIBOR + bank costs)

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