Let’s show you the costs vs benefit and why it’s almost free when you refinance through us.
What You Pay
Costs
For those new, there are always two costs when it comes to refinancing: Legal fees and valuation fees.
Legal fee: $1,800/1,600 (for private/hdb)
Valuation fee: $500/200 (for private/hdb)
The fees above serves as a guide on the average costs for outstanding loan balances of below $3m and for private properties valued usually at no more than $1.5m or smaller than 1300 sqft. Note valuation fees can range between $350 to $600 for most condo units and higher for most landed units.
Total costs for average homeowner = $1,800+500 = $2,300
(Legal fees can be paid via CPF in some cases so cash outlay is reduced)
What You Get
Benefits
Most banks eager for your business will offer a legal subsidy or cash rebate of up to $2,000 if you move your loan over. And when you refinance through us, we add a $150 gift card (Fairprice) subject to min loan of $500,000:
Legal subsidy/rebate: $1,800-2,000 (from bank)
Valuation fee offset: $150* Fairprice gift card (from us)
We give a token gift of $150, not in cash, but in form of Fairprice gift card which helps to offset some of your transaction costs, subject to min loan $500,000. The new bank will also give you a legal subsidy or cash rebate depending on your outstanding loan amount (usually not less than $500,000), provided you stay with them for not less than 3 years (clawback period).
Total maximum benefits for average homeowner = $2,000+150 = $2,150
(when you refinance through us here at MortgageWise)
*see terms and conditions at end of this page
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Terms And Conditions (Refinancing Valuation Fee Offset)
- This valuation fee offset is not in cash, but in the form of a stored value gift card which is determined and may be changed by MortgageWise from time to time.
- This valuation fee offset is only for refinancing of residential property in Singapore only and subject to a minimum loan of $500,000.
- This gift card will only be delivered upon we getting payment of the referral fee from the bank which usually takes one to three months depending on the lender.
- Our partner law firm will accord a special rate of $1,800 all-in legal fee for refinancing but it must be a STANDARD residential property refinancing transaction up to a loan of $3m, be it private condominium or HDB. It does not include non-standard items like but not limited to applying for use of CPF for the first time, courier charges for clients based outside Singapore, de-coupling of property involving refinancing, etc. Certain banks may also be excluded from time to time.
- Client would need to take his or her home loan with MortgageWise being indicated as the referral party and appoint the partner law firm recommended by MortgageWise to act in the refinance. The bank must also be paying a distributor (or referral) fee in full to MortgageWise for the package that the client has chosen.
- The terms, mechanics, and administration of this refinancing privilege will be solely determined by MortgageWise and its partners who reserve their rights to decide in any dispute whatsoever.