My bank increase interest rates, what can I do?

[Dennis Ng]

Someone asked at another forum:

my Housing Loan is charging me 3.5% interest rate currently, however, the Bank is increasing interest rate to 4.25% next month, what can I do?

My comments:
if you are taking a Housing Loan, if your existing bank increase your interest rates, one option you can do is to consider refinancing with another bank that charges lower interest rates.

By doing so, you can cut down interest expenses by thousands of dollars to tens of thousands of dollars.

As a general guide, for a $400,000 loan, by refinancing if you manage to cut down interest rates by 1%, your interest savings for 3 years could work out to more than S$10,000!!!

Many people hesitate to refinance as they feel it is quite troublesome to do so.

The truth is refinancing can be very simple and hassle free since we provide a one-stop service for comparing ALL Housing Loan packages in Singapore and help with all the procedure, and it cost NOTHING since we don't charge a fee at all.

Do not pay high interest on your Housing Loan any longer. Just call us at 6737 8801 or email us at info@HousingLoanSG.com and we can help you to cut down interest expense by easily S$10,000 or more!

There is nothing to lose and everything to gain to engage our service, since we don't charge a fee at all.