$150 Gift Card To Offset Your Costs
Refinance Free With Big Savings
Not only is refinancing almost free in terms of transaction costs (see below), we aim to help you save two years’ worth of interests over a 30-year interest rate cycle. That could work out to be $30,000 for an average private property loan.
Our starting point is always to get you to call your current bank (8 major lenders listed below) for the best repricing quote, so we can do the comparison. Repricing bank has every opportunity to retain their clients – there may not always be a need to move. This is the beauty of free market competition which benefits consumers in the digital economy. If we can’t show you any savings or make a strategic recommendation (in view of the cycle), we’ll ask you to stay put too.
| DBS Home Loan | 6333-0033 |
| OCBC Home Loan | (1800) 363-3333 |
| UOB Home Loan | (1800) 388-2121 |
| SCB | (1800) 747-7000 |
| HSBC | (1800) 472-2669 |
| CITIBANK Home Loan | 6238-8838 |
| MAYBANK | (1800) 629-2265 |
| CIMB | 6333-7777 |
No doubt there may be some work involved in refinancing but the huge savings over the long run will certainly make it worth that 15 minutes of your time. Plus, we’ll show you how it’s a walk in the park when you tap into our entire eco-system of bankers, lawyers, financial advisors, etc.
Why make the banks richer when you can potentially pay off your mortgage two years earlier? We’ll show you how we propose to do that.
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 to refinancing, there are always two costs involved: Legal fees and valuation fees.
Legal fee: $1,800/1,600 (for condo/hdb)
Valuation fee: $400/200 (for condo/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 $550 for condo units and even higher for landed properties. Still, most banks will be able to get valuation at around $400 for typical condo sizes.
Total costs for private homeowner = $1,800+400 = $2,200
Total costs for hdb homeowner = $1,600+200 = $1,800
(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 ($1650-1800 for hdb) when you switch your loan over. And when you refinance through us, we add a $150 FairPrice gift card 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 offer this token gift as a gesture of appreciation for you coming through us for the loan instead of going to the banks direct – for the same package. It helps to offset some of your valuation fees, and make it almost zero transaction costs for switching banks as you can see below the total benefit covers most of the costs involved.
Total maximum benefits for average homeowner = $2,000+150 = $2,150
(when you refinance through us here at MortgageWise)
*min loan of $500,000
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