🔑 Key Highlights:
- Local banks are offering competitive mortgage rates, with OCBC and UOB being the most competitive.
- The lowest 2-year fixed rate is 2.5%, while the lowest 3-year fixed rate is 2.4% for bigger loan amounts.
- Some banks are offering free conversion after 1 year or 2 years, which can be beneficial for those who want to re-price their loan.
- The SORA rate is still hovering around 3%, which may impact mortgage rates.
- Market sentiment is expecting a 0.25% cut in interest rates, but some experts predict a 0.5 basis point cut.
💡 Main Discussion Points:
- Mortgage rates: Forum members are discussing the various mortgage rates offered by local banks, with some expressing satisfaction with their current rates while others are considering re-pricing or re-financing.
- Bank competitiveness: OCBC and UOB are seen as the most competitive banks in terms of mortgage rates, with some members praising their offers.
- Free conversion clauses: Some members are discussing the importance of free conversion clauses, which allow borrowers to re-price their loan without penalty after a certain period.
- SORA rate impact: The SORA rate is still relatively high, and some members are concerned about its impact on mortgage rates.
📋 Important Details:
- When re-pricing or re-financing, consider the loan package that offers the lowest interest rate and the most flexible terms.
- Check if the bank offers a free conversion clause, which can save you money in the long run.
- If you’re considering selling your property, look for a loan package that waives the penalty fee due to sale during the lock-in period.
- Some banks may offer better rates depending on loan quantum and other factors, so it’s essential to compare offers.
💭 Community Insights:
- Forum members are sharing their personal experiences with mortgage rates and offering advice to others.
- Some members are expressing concerns about the high SORA rate and its potential impact on mortgage rates.
- Others are optimistic about the prospect of lower interest rates in the near future.
⚠️ Things to Note:
- Be cautious when re-pricing or re-financing, as some banks may offer lower rates but with less favorable terms.
- Always read the fine print and ask about any potential penalties or fees associated with the loan package.
- Keep an eye on market trends and adjust your strategy accordingly.
Specifically for Singaporean readers:
- When considering a new launch property, look for loan packages that offer a waiver of cancellation fee due to sale.
- For those who are re-pricing or re-financing, check if the bank offers a free conversion clause.
- If you’re selling your property, consider the penalty fee due to sale during the lock-in period.
Note: The HardwareZone forum discussions are based on individual experiences and opinions. It’s essential to consult with a financial advisor or mortgage expert to get personalized advice on mortgage rates and loan packages.