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:

Types of Interest Rate References      
(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
Construction Phase      
Completed Under-Construction Land and House  
Minimum Build In Requirement      
>40 sqm >50sqm    
Type of Borrower      
Individual Investment Holding Operating Company  
Owner-occupation Investment    
0 - 15% variation      
5 - 35 years      
Minimum Remaing Lease / Age Of Property      
20 - 40 years      
Minimum Loan      
>$200k etc >$300k etc >$500k etc  > $1M etc
Citizens Permanent Residents Foreigners US Tax Residents
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    
Loan Redraw Feature      
Yes No    
Interest Offset      
Yes No    
Dual Currency Switch      
Yes No    
Loan Margin Call/Top Up      
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!