• There will be no fees or hidden costs chargeable.
  • Obtain all financial institutions mortgage loan rates and packages at one stop without the hassle of visiting the institutions individually. Compare, Understand, then Commit.
  • Un-bias and neutral recommendations and analysis for best suitable loan package.
  • Understanding of all fine print, terms and conditions as well as critical clauses before committing to a loan.
  • No. You will enjoy the same loan packages and benefits by applying through Mortgage Plus.
  • There will be no fees or hidden costs.
  • SIBOR stands for Singapore Interbank Offer Rates. It is the rate in which banks lend funds to one another.
  • SIBOR is a key component used by banks in setting their mortgage rates. When it falls, so do variable or SIBOR-linked rates. When SIBOR rises, rates increases.
  • SIBOR is a publicly disclosed rate. It can be obtained from Business Times or MAS website.

As mentioned in question 1b)

  • Compare – Our consultant will contact you in regards to the various loan packages and promotions from different financial institutions for comparison. Click here for an enquiry or to make an appointment.
  • Understand – You will be given advice and recommendations by our consultant on the various loan packages and therefore be able to choose the one which is most suitable for you based on your individual needs and requirements.
  • Commit – Prepare the documents required and our consultant will forward the documents to the financial institution of your choice. Once the loan application is approved, the banker will meet you to explain and sign the Letter of Offer.
  • Application form filled up and signed by all applicants
  • Latest 3 months computerised payslips or NOA – Notice of Assessment (Latest 2 years)
  • CPF Statement of Account (Latest)
  • CPF Contribution History (Latest 12 months)
  • Photocopy of I/C (front & back) or Passport (for foreigners)

Additional Documents

For new purchase

  1. OTP – Option To Purchase
  2. HDB Valuation Report (For purchase of HDB flat)

For refinancing

  1. Latest 06 months bank loan statement of property to be refinanced
  2. CPF Statement of Withdrawal for property (For Term Loan & OD facilities)

CPF documents can be printed out at www.cpf.gov.sg using Singpass.

  • You are paying a high interest rate for your current mortgage loan and refinancing the property will mean savings in interest and lower monthly instalments.
  • Lower your monthly instalment by extending your loan tenure or save interest by shortening it.
  • Switch to a loan package which gives you the flexibility of paying off part of or the entire loan anytime (no lock-in period).
  • Obtain a Term Loan or Overdraft facility if in need of cash.
  • Switch to a fixed rate loan package to enjoy stability and consistency in your monthly repayment.
  • Subject your mortgage loan to more transparency by switching to a loan package that is benchmarked against a publicly available financial indicator instead of a bank’s board rate. E.g. SIBOR rate, SOR rate, CPF OA rate…etc.

 

As mentioned in question 1, there will be no fees chargeable by Mortgage Plus. Other costs include:

a) Legal fees (For both new purchase and refinancing). This fee is paid to lawyers handling your conveyancing matters and varies between different law firms and also different transactions. Financial institutions usually offer legal fee subsidy, amount varies accordingly to the loan package chosen as well as the loan amount, subjected to a claw-back period. Recommendation of law firms by our consultants can be made upon request.

b) Stamp duty (For new purchase). This fee is a form of government tax and is calculated in the following format:

1st $180,000 is taxable 1%
2nd $180,000 is taxable 2%
Thereafter is taxable 3%

c) Penalty fee (For refinancing). This fee is paid to your existing bank if you refinance your current loan out or sell your property while it is still under contract (lock-in period). However some banks do offer a penalty subsidy to a certain amount (pay the penalty for you) but subjected to a claw-back period.

d) Valuation Fee. A valuation is needed whenever you purchase or refinance a property. The cost needed to do the valuation is usually absorbed by the financial institution, other than a new purchase of a HDB flat where the client needs to apply to HDB to do the valuation report.

  • Depending on the financial institution you choose, there will be a panel of lawyers for your selection. Our consultants will advice you on the best possible choice.
  • You can appoint your own lawyer, but subjected to the financial institution’s consent.