• Do HDB Owners Actually Know What the Home Protection Scheme Even Does and Is It Good Enough

    Fortunately for HDB flat owners, we’ve got the Home Protection Scheme. Wait, wait, wait… what exactly is this Home Protection Scheme? The Home Protection Scheme (HPS) is a mortgage-reducing term insurance that protects you and your family should you die or suffer total permanent disability before the housing loan is fully …

  • How Much Are Singaporeans Spending on Renovating Their Homes?

    Last month, local company Absolook Interior Design received international attention when they released photos of their project inspired by Marvel’s The Avengers movie franchise. Though the actual cost was never disclosed, it’s undoubtedly one of the more expensive interiors in a Singapore apartment, especially one in an …

  • 3 Reasons You Shouldn’t Pay Off Your Home Loan Early

    For many people, being chained to a property loan is like being in prison. Forget about quitting your job or going on an unpaid sabbatical, because there are home loan repayments to be made for almost the rest of your life. Why wouldn’t you want to free yourself from the burden of making loan repayments forever? Try …

  • Here’s What You Need To Know Before Using the compareFIRST Insurance Platform

    The recently-introduced compareFIRST platform, launched as a collaborative effort by the Consumers Association of Singapore (CASE), MAS, the Life Insurance Association, Singapore and MoneySENSE has broken new boundaries in the life insurance space with an online comparison portal that allows users to compare insurance policies …

  • Is Leasing a Car the Answer to all Your Problems?

    “Why the COE prices go up?” Yes, it’s true, COE prices have gone up again in March, despite last month’s drop in premiums. I’m not going to lie to you, the benefit of leasing a car may not be immediately obvious. For example, buying a new Toyota Altis today would cost you about $120,000, with COE. If you take a car loan …

  • 5 Reasons Why You’d Be Silly To Ignore Commercial Property in 2015

    Let’s say you’ve squirrelled away a hefty sum of money and have been thinking of plonking it down on a property investment. Uncles at your local coffeeshop have been filling your head with all manner of praises for property investment, and how it appreciates over time and the monthly payments for the loan are more than …

  • The MoneySmart Guide to Education Loans

    There are also education loans available from banks and other financial institutions that make it easier to repay your fees over a longer period of time. Generally, you have to be between 21 years old and 60 years of age to apply for an education loan. Applicants under the age of 21 will need to have a guarantor, while …

  • DBS Home Loans – The Fixed Deposit Home Rate (FHR) and What it Means for You

    This board rate hopes to become a viable alternative to the Singapore Interbank Offered Rate (SIBOR). Based on the take up rate of DBS home loan packages pegged to the FHR since its introduction in June this year, it seems to have worked. What is FHR based on? The current formula for calculating the FHR is to average …

  • Buying a Lake Life EC Unit? Here Are 3 Things You Should Know Before Choosing Your Home Loan

    If you were one of the lucky few that secured a unit at Lake Life over the weekend, you may have really lucked out on a bang for buck property purchase. With property prices continuing to drop and fears of oversupply in the market, as EC launches face off with BTOs and other private properties, the Lake Life developers …

  • 6 Critical Things About Your Money Every Singaporean Needs to Understand Right Now

    Needless to say, money is damn important in Singapore. When it comes to property in Singapore, not understanding your home loan AND what you need to do to get a home loan can lead to confusion and major disappointment at not being able to get that Housing and Development Board (HDB) flat or private property you want.

  • 5 Things to Consider Before Taking Up an Education Loan

    Don’t choose an education loan the way Singaporeans choose what tertiary courses to enrol in—by choosing the hardest one to get into. Just because a bank tells you’ll be approved for an education loan doesn’t necessarily mean taking it up is a good idea.

  • The MoneySmart Guide to Education Loans

    Now that you’re older, you might, in a move that would surely have shocked your 8-year-old self, actually want to prolong your days as a student—and even be willing to pay good money for it with the help of an education loan. If you’re enrolling at a local public institution (like NUS, NTU and the like), your school probably …

  • What is the TRUE Cost of Owning a Car in Singapore? You Don’t Want to Know…

    The hideously inflated cost of owning a car is meant to discourage the vast majority of Singaporeans from owning a car. Well, officially prices are at Kaiju-like levels to prevent Singapore’s roads from becoming too overly congested (and to get you to take public transport). You buy the car with a 50% down payment and …

  • 3 Things That You Can Do To Make Your Life Much Easier When It Comes To Refinancing

    Home loan refinancing is one of those things that people know they should look into but as with many important things but less ‘urgent’ things in life, it often gets lost in the hum of everyday life. This is especially so since our mortgages have been in place for some time, usually for a few years, and the amounts are …

  • The 3 Absolute Worst Things You’re Wasting Money On

    Huge Down Payment: Expect to pay a 40% down payment on a 5-year car loan if your vehicle’s Open Market Value (OMV) is less than $20,000 and a 50% down payment if the OMV is more. Value Depreciates Greatly: Expect the value of your car to depreciate at a rate of 10% its value every year, that’s because the Monetary Authority …

  • Think CPF Will Cover Your Home Loan? You’ll Rethink That Idea After Reading This

    You can use your OA to service your monthly mortgage repayments for any of the following property types: A Build-to-Order (BTO) flat from the Housing Development Board (HDB) But do you really know how much of your OA you can use? Well, that depends on whether you used a bank loan for purchase a resale flat or a private …

  • A Former Banker Reveals 3 Fatal Home Loan Mistakes People Always Make

    You don’t get the differences between banks, the distinction between one and three month SIBOR, or why loan payments fluctuate like the borders on China’s maps. However, a banker might sometimes offer you a third option: an Internal Board Rate (IBR), often just called a “board rate”. Using the IBR means your home loan …

  • Here’s How You Can Get Cash Out of Your Private Property Without Selling It

    Thankfully, “cash-out” refinancing isn’t as traumatic as having to cash out from a Resorts World Sentosa (RWS) poker table. In fact, cash-out refinancing can provide you with thousands of dollars that you already have safely locked up! Not in your bank, but in your most valuable asset – your home. What Is Cash-Out Refinancing?  …

  • Only 15% of Home Buyers Qualify For The Loan They Need. Why Is It So Hard?

    According to a Straits Times report, the number of people who have been able to get a home loan since the implementation of the Total Debt Servicing Ratio (TDSR) regulations last year has dropped dramatically. What’s The Big Deal About TDSR? The new regulations that were put in place at the end of June 2013 take into account …

  • Well, politics aside, people all over the world have a strong interest in seeing the U.S. Federal Reserve in economic recovery mode – including Singaporeans. The question is, will the SIBOR interest rate really rise as slowly as experts suggest? Because it was the 0% U.S. Fed interest rate that kept Singapore’s home loan …

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