Some banks in Singapore suspend fixed-rate home loans as cost of funds rises
Increased volatility and rising hedging costs may be prompting banks to resort to abrupt changes in their interest rate offerings
Add BT as a preferred source
SOME banks in Singapore have suspended fixed-rate home loan packages amid rising interest rates.
While the lenders said they made these moves as fixed-rate packages have become less attractive for clients, mortgage brokers explained that the rising cost of funds may also have prompted these suspensions, especially among the foreign banks.
Since the end of last year, brokers have been advising those concerned with rising rates and who want peace of mind to consider fixed-rate packages, which offer a flat interest rate, usually for up to 3 years.
TRENDING NOW
1 in 5 fresh graduates from autonomous universities still seeking employment: MOM
Can Seatrium build on its robust H1 earnings? UOBKH and DBS analysts have divided views
UOB CEO’s youngest child Grant Wee turns burnout into a wellness business
UOB to sell asset management arm to Allianz Global Investors for S$555 million, sharpen wealth advisory focus
