1. Engage a mortgage broker
A mortgage/finance broker is an independent mortgage specialist that sources and compare mortgages from multiple lenders to find you the best deals & solutions in town! As active practitioners, they typically also have more info, data, experience, network and volume to help you make better faster smarter cheaper buying decisions.
2. Refinance your mortgage
As your mortgage progresses over the teaser years, rates may have gone up and are no longer as competitive as the latest promotional offers, refinancing your mortgage can easily help you save thousands of dollars per year.
3. Refinance your term insurance
Besides refinancing your mortgage, refinancing your term insurance/mortgage term insurance may also help slash hundreds of dollars off your insurance premium. Save up to 25% off your yearly insurance premium, speak with our insurance partner for a quote today!
4. Send monies via an FX remittance provider
In general, FX remittance providers have less headcount and structural costs like rent for big spacious beautiful bank branches, as such they typically are able to offer more competitive FX spread and cheaper remittance services.
5. Utilize a mortgage offset account to earn higher interest
If you’re someone with substantial deposits or prefer liquidity for flexibility or business needs, taking up a mortgage with deposit offset feature can earn you very substantial savings and reduction in interest cost as every dollar of savings in your offset account earns you the same interest that you pay on your mortgage, effectively netting off the equivalent applicable interest cost on your mortgage.
6. Leverage your CPF monies to earn extra interest
Monies in your CPF Ordinary Account (OA) earns you interest of between 2.50% - 3.50% while interest on your bank home loans cost much lesser of between 1.30% - 1.88%. Instead of using your CPF OA monies to pay down your mortgage and/or take a lesser loan, keeping every additional dollar in your CPF OA account earns you an extra >1% more in interest which can be saved up to be used for subsequent future mortgage repayments on your home loan.
7. Start a second bank account to be used strictly for savings
Keep your savings and spending account separate. Start a separate high-yield deposit account just to be used strictly for savings. Make an effort to save a certain amount or percentage of your monthly paycheck. Even better, pay your savings account first and transfer out how much you can spend to the secondary spending account. The segregation of the spending account away from the savings account will allow quick overview and clarity on how much your left with to spend for the rest of the month every time you make a withdrawal at the ATM machine.