Invest in Singapore property: SINGAPORE BANK WITHDRAWS SOR SIBOR PROMO RATES

Invest in Singapore property: SINGAPORE BANK WITHDRAWS SOR SIBOR PROMO RATES
Contributed by www.PropertyBUYER.com.sg


In the last issue, 1st week of April we spoke of 2 Singapore banks withdrawing promotional rates. See last article (http://www.propertybuyer.com.sg/articles/compare-singapore-home-loans-/singapore-banks-raise-sibor-margins-on-housing-loan-rates/)



By today 16 April 2010, 1 more Singapore bank has removed their promotional rates. The choices of promotional rates SIBOR or SOR packages are shrinking, at least in April, 2010, until better rates comes about in May or if some banks choose to break ranks with the others.



Shortly after the last article which we posted, the tradionally media published a report saying that banks are lowering rates and competing to acquire home loans. And more are about to follow.



This lead some of our customers to come and ask us, "Why are you saying Sibor Sor margins are rising when the traditional media has just mentioned that the banks are reducing rates to compete?"



We found that article and we read it. It was factually correct and in that article it did mention that banks are revising rates in April 2010. However the headline title said banks are reducing rates to compete. The article was probably written early march and only approved for posting in 1st Week of April, 2010.



So we concluded and explained to our customers that the traditional media is at least 2 to 3 weeks behind the internet media.

For Singapore property buyers wanting to buy completed or Building-under-construction (BUC) properties, the cost is potentially getting higher.