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Serious Homeowners in shock after DBS, OCBC & UOB hike home loan fixed interest rate
- Thread starter hbk75
- Start date
Singkies wanted property prices to drop. Looks like they got their wish
Price of property remains. Retail maybe hit.
Price of property remains.
It's bodies that you will see drop drop windows of highrise.
Just an advise for those thinking of doing it. Please leave your footwear at the location you launch yourself over. That is one of the clear psychological indications that it's a suicide. Let's make the job of the boys who clean up after you easier eh
excellent news....i will be keeping tabs on sister forum...for more supply of FL in the market.
Some homeowners who opted for a bank loan to finance their mortgage have been left in shock after the three major local banks announced yesterday (Oct 4) that the fixed interest rate for housing loans will be raised to a maximum of 3.85 per cent.
UOB has claimed that more customers were now asking for repricing and refinancing than those who were a year ago, in line with market trends in a rising interest rate environment. DBS and OCBC pointed out that more customers have recently sought stable mortgage rates.
One 34-year-old, who just moved into his new home in April, told Channel 8 News that he opted for a bank’s two-year home loan variable rate package last September when the rate was 1.1 per cent and the fixed rate was 1.3 per cent.
Perhaps regretting the fact that he didn’t opt for Housing Development Board’s (HDB) housing loan, he said:
“Looking back now, I will regret it a little. In fact, we just received information from the bank yesterday, that is, from 1.1% when we first started, it has now risen to 3.3%, which is not what we expected.”
The new homeowner has decided to rent out an extra room to cope with the increased loan repayment cost, for now. He added that he will consider further actions at a later date, given economic conditions and inflation.
MoneyOwl Financial Planning’s Justin Tan advised, “It’s best to limit your monthly debt repayments to 35 per cent or less of your income, so you should be able to handle it no matter how high the interest rate is.”
He added, “If you’re cash-flow tight right now, or your income isn’t stable, then I’d recommend looking at fixed rates.”
HDB homeowners who did not opt for HDB mortgages in the first place, would not be able to do so later. Experts have advised that homeowners who want to feel at ease should seriously consider whether bank interest rates will really serve them well, since they may be lower in the short term but heftier as time goes on.
UOB has claimed that more customers were now asking for repricing and refinancing than those who were a year ago, in line with market trends in a rising interest rate environment. DBS and OCBC pointed out that more customers have recently sought stable mortgage rates.
One 34-year-old, who just moved into his new home in April, told Channel 8 News that he opted for a bank’s two-year home loan variable rate package last September when the rate was 1.1 per cent and the fixed rate was 1.3 per cent.
Perhaps regretting the fact that he didn’t opt for Housing Development Board’s (HDB) housing loan, he said:
“Looking back now, I will regret it a little. In fact, we just received information from the bank yesterday, that is, from 1.1% when we first started, it has now risen to 3.3%, which is not what we expected.”
The new homeowner has decided to rent out an extra room to cope with the increased loan repayment cost, for now. He added that he will consider further actions at a later date, given economic conditions and inflation.
MoneyOwl Financial Planning’s Justin Tan advised, “It’s best to limit your monthly debt repayments to 35 per cent or less of your income, so you should be able to handle it no matter how high the interest rate is.”
He added, “If you’re cash-flow tight right now, or your income isn’t stable, then I’d recommend looking at fixed rates.”
HDB homeowners who did not opt for HDB mortgages in the first place, would not be able to do so later. Experts have advised that homeowners who want to feel at ease should seriously consider whether bank interest rates will really serve them well, since they may be lower in the short term but heftier as time goes on.
What a sad way to live a life in Singapore. You own a new home and now have to take extra measures to pay a sudden increase in price of mortgage. And who runs the country? your incompetent PAP clowns.
What will you do as a Singaporeans? suck thumb and getting your ass screwed cowardly? Good luck man. a coward citizen deserve a coward govt.
You are so powerful ...your Ah Neh tenants willingly pay whatever rent you asked of them.
Moral of the story ...trust the PAP, instead of the banks.
errr... people who are really rich, do not seek mortgage, they pay all in one lump sum.
Good news, looking forward to 5% interest on my fixed deposits, bonds, and CPF OA.
Shock?! Dumb fucks. There were ample warnings more since Fed gave their interest rate hikes plan. Fed rates at 3.25% now and target has now been raised to 4.25%-4.7% with more Fed chiefs calling for more aggressive hikes. Singapore rates will hit at least 4.3% by next year.
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