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Product Manager at ValueChampion

Will

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Product Manager at ValueChampion

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Will

  • Answers (3)
  • Questions (0)
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Property

Loans

Home Loan

Is the loan for rebuilding of residential home considered a home loan?
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Will
Level 2. Rookie
Answered 1d ago
Hi! There are few different options depending on your exact circumstances. Home Loans for Buildings Under Construction (BUC) for smaller scale projects, you might consider a Renovation Loan (or a Renovation Loan + a personal loan, as reno loans are typically capped at S$30k). Hope this helps!
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Loans

DBS

Education

Refinancing

Interest Rates

Since the interest rates are lower now, is there any way I can refinance my DBS student loan?
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Will
Level 2. Rookie
Answered 2w ago
I reached out to DBS and was told that they do not allow for student loan refinancing. Hope that provides some clarity. Those that have lost their jobs due to COVID-19 may want to consider deferring their education loan payments.
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Loans

Refinancing

Payments

Property

Home Loan

Interest Rates

I have a one million dollar 17 year residential property loan at 2.20% fixed for 2 years which I have served for 11 months. Is it worthwhile to refinance for 30 years at 1.9%?
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Will
Level 2. Rookie
Answered 3w ago
It is a good time to refinance as rates are currently quite low. As I'm sure you're aware, refinancing at that lower rate should save you $130/mo and $1,500/year However, without knowing every detail about your current loan and refinancing offers, I would point you to some other considerations: - Can you do better than 1.9%? (as I write this, yes!) o Check out ValueChampion‚Äôs page which features the best current refinancing rates https://www.valuechampion.sg/best-home-loan-refinancing-singapore - How long will your new rate be fixed? What is the rate structure following this period? - Refinancing fees can be significant, I suggest enquiring with your current bank/new bank In general, refinancing can save homeowners a lot of money, but it can also be complicated depending on your circumstances. If you are interested, our home loan broker partner helps walk you through the nitty gritty. Click the ‚ÄúCheck Rates‚ÄĚ button on our page to get personalised assistance.
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Level 2. Rookie
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