Are mortgage rates the only thing to compare and review?

comparing popcorn and drinks

Simply comparing only the numerical value of an interest rate package is like comparing 2 bags of fruits based on price without consideration of its content and weight.

Lets take a look at the comparison matrix for some of the other factors & features for consideration:

Interest Rate Reference:      
(1) Board Rate (2) Board Rate (3) Board Rate  
(Fixed Deposit Pegged - 12/18/24/36 months) (Uniform) (Multiple Variant)  
(4) SIBOR / SOR (5) Fixed Rate (6) Cost of fund  
(1/3/6/12 months) (1 -5 years) (1/3 months)  
       
Lock In /Tie In Period:      
Yes No    
       
Cancellation / Prepayment Penalty:       
0.75% - 2.00%      
       
Average Teaser Rate:      
1 - 5 years average      
       
Perpetual Throughout Rate:      
Yes No    
       
Bank Subsidies:      
Yes No    
       
Max financing quantum:      
50% - 80%      
       
Property Type:      
Residential (HDB / EC / Private Property) Commercial Industrial  International
       
Property Type:      
Completed Under-Construction Land and House  
       
Minimum Build In Requirement:      
>40 sqm >50sqm    
       
Type of Borrower:      
Individual Investment Holding Operating Company  
       
Usage:      
Owner-occupation Investment    
       
Valuation:      
0 - 15% variation      
       
Tenure:      
5 - 35 years      
       
Minimum remaing lease / Age of property:      
20 - 40 years      
       
Minimum loan:      
>$200k etc >$300k etc >$500k etc  > $1M etc
       
Eligibility:      
Citizens Permanent Residents Foreigners US Tax Residents
       
Location:      
Selected locations / zoning / states Country wide    
       
Mortgage Repayment:      
Principal + Interest Half Principal + Interest  Interest Only  
       
Interest Amortization      
Daily Rest Monthly Rest Reducing Balance Straight Line / Linear
       
Interest Availability Period      
3 - 6 months      
       
Additional Equity Term Loan:      
Yes No    
       
Max LTV/LVR for Equity Term Loan:      
70% 75% 80%  
       
Debt Servicing Ratio Exemptions      
Yes No    
       
Redraw:      
Yes No    
       
Interest Offset:      
Yes No    
       
Dual Currency Switch      
Yes No    
       
Margin Call      
Yes, 5% buffer Yes, 10% buffer  Unlikely  
       
Processing fee:      
Yes No    
       
Annual recurring fees:      
Yes No    

As Singapore’s independent mortgage specialist broker since 2010, we provide impartial unbiased advice to help you secure the best financing deals in town. Speak with us today!