Here’s How Singaporeans Can Better Plan Their Finances When It Comes to Their Homes

Singapore — Owning a home that you can call your own is certainly exciting, but it is also one of the biggest purchases you will probably make in your lifetime. What’s more important to bear in mind, however, is that it’s not a journey that ends the moment you get your house keys.

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Proposed SIBOR revamp may lead to more fluctuation in home loan rates: Analysts

Singapore — The proposal to enhance the benchmark, which is used as reference for mortgages, was announced last week. Analysts said these changes, if implemented, will cause the benchmark to be more sensitive to market conditions.

Source: http://www.channelnewsasia.com/news/videos/proposed-sibor-revamp-may-lead-to-more-fluctuation-in-home-loan-9493204

When to Refinance Your Home Loan in Singapore

By Joanne Poh (via moneysmart.sg)

Singapore — Your home loan is probably the single biggest financial commitment you’ll ever take on, and one you could spend the next few decades paying for. Given the magnitude, you obviously want to ensure you lighten the load as much as possible. That’s why it’s so important to be aware of when it’s time to refinance your home loan.

It can save you thousands of dollars over the years, raise your capital gains on resale and basically make your expensive home purchase a bit less expensive.

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What is the Cost of Refinancing in Singapore and is it Worth It?

By Lynette Goh, via moneysmart.sg

SINGAPORE — So you’ve just seen how much you’re paying this month on your home loan, and you’re seriously considering switching to another bank with the lower interest rates… Except you don’t know if refinancing is a good choice. Will it really be able to save you money in the long-term? Is the cost of refinancing really worth it? Here are some costs you will encounter when refinancing your home loan:

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UOB, HSBC join mortgage war with 3-year fixed-rate packages

DBS no longer sole provider in three-year fixed-rate space; BOC’s package has varying yearly rates; OCBC conspicuous by its absence

SINGAPORE — Banks in Singapore have started a mortgage war, spurred by the lower interest rate for a longer duration, to the delight of the legions of home buyers who are pouring back to a buoyant residential market.

Last week, both United Overseas Bank (UOB) and HSBC launched three-year fixed-rate home-loan packages which until now had been mainly the preserve of DBS Bank, the nation’s largest housing-loan provider. Bank of China (BOC) also has a three-year fixed-rate package but with varying yearly interest rates.

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Nearly 80% more Singapore homes put up for auction last year by banks and distressed owners

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SINGAPORE – The economic slowdown and the tough leasing market led to a jump in the number of residential properties put up for auction last year, said property research house DTZ.

Listings for mortgagee sale – which is when a bank puts a property up for auction when its owner cannot service the home loan – almost doubled to 87 units from 47 in 2014.

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More facing problems refinancing homes due to TDSR

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Home owners looking to refinance their properties are finding it increasingly difficult to do so against the backdrop of falling property prices, stringent definitions of what constitutes income and the tedious paperwork involved.

SINGAPORE – Home owners looking to refinance their properties are finding it increasingly difficult to do so against the backdrop of falling property prices, stringent definitions of what constitutes income and the tedious paperwork involved.

Conservative property valuations also mean that only smaller loan amounts can be refinanced. With rising interest rates, more home owners are opting to switch from floating to fixed rates, or re-price to lower rates before the Sibor (Singapore interbank offered rate) spikes to a painful level.

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