Posted by
elsdon
13 yrs ago
Nobody knows because nobody is buying anything.. ;) BECAUSE THE MARKET IS TANKING AAAAHHHH
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Wing Hang quoted me Prime -1% for a village house about a month ago
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oh my lord. is that a.. gasp.. 4.x% effective mortgage rate?!?
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That is indeed high.
I was offered P - 2.85% by HSBC around couple of months ago. P = 5, so ie rate of 2.15%
In around late September, it raised its prime-based rates to P - 2.1-2.4% - at least 45bp up..
I was told that the rates offered to an individual applicant will vary according to different factors, eg salary
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Wing Hang's prime is 5.25%. They told me the rate is so high because the property is on an outlying island, it's almost 30 years old and we intended to buy it as an investment rather than live in it. We didn't buy it and are waiting to see what happens in the next few months.
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and also diminishes any rental yield.. with mortgage rates on the rise again, it'll be interesting to see who will continue to hold.
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