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Zechariah W McAlister-Choong

30 Sep 2020

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There has been a lot of negative press reports on CIMB raising the floor rates from 0.1 to 0.9% for their SIBOR home loan packages. This is a dangerous practice which has never happened before. Any advice?

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Peter Lin

30 Sep 2020

Brand Comms Lead at Mortgage Master

A bit late to the party but just thought I'd link the Mortgage Master article on the CIMB interest floor rate here: https://www.mortgagemaster.com.sg/blog/post/int...

tl;dr:

Will other banks follow suit and increase their interest rate floor?

At this point in time, we don't think so. The backlash from the April announcement was so swift that no other bank will want to risk negative PR, especially as the COVID-19 pandemic continues to affect livelihoods.

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