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Almost everyone in Singapore will need a mortgage loan to purchase a house. If you choose to buy a private property, you can only get a bank loan but if you buy a Housing and Development Board (HDB) property, you can choose between a HDB loan and bank loan.

Bank loans are structured in such a way that if you fail to refinance regularly, you will miss lots of cost savings and end up spending much more on your housing loan installment but most banks will not reveal this to you. Refinancing your home loan is a great way to refresh your finances to better suit your current lifestyle.

How bank loans work

 Each bank loan package has a spread applied to the interest rate. For example, if it is a SIBOR package, it will have something like sibor+0.8%. After several years, often 2-3 years, the spread increases to even 1.2 percent which is a significant amount on your regular loan installment. Unfortunately, most people do not realize that the rate they are paying currently is just temporary and any increase will make them pay additional hundreds or even thousands more dollars per month.

Advantages of refinancing

The major advantage of refinancing regardless of home equity is lowering the interest rate. Often, as people make advancement in their careers and continues to earn more money, they are able to pay their bills on time which in turn increases their credit score. The increased credit score comes with the ability to obtain loans at relatively low interest rates. A lower interest rate on home loan can have a significant effect on your monthly payments potentially helping you save hundreds of dollars every year.

Ignorance is the major risk of refinancing. Though refinancing can help you to make massive savings, without the basic knowledge, it can actually hurt you by increasing your interest rates instead of lowering them. Below are some tips on refinancing home loans in Singapore that will help you get the best deal at the most affordable price.

The best time to refinance

You should not wait until you notice an increase in your loan installment which happens after an increase in net interest rate spread to refinance. You can refinance even six months before the expiry of your lock in. This is because the minimum notice period for refinancing is three months which means if you wait until the lock in expires, you will be stuck with a high interest rate and increased monthly instalments for at least three months which will cost you thousands of dollars.

In most cases, it is best to refinance with the original lender though it is not a requirement. But for a bank, it is easier to keep a customer than acquire a new want, therefore, they will be willing to offer a better price for borrowers looking to refinance. So, you have a better chance of obtaining a better rate with your original lender.

The different variable rates to choose from

Home loan packages have both variable and fixed rates. The variable rates have different options to choose from which can be quite confusing. The three main types of variable rates include:
· Sibor/ SOR rate
· Bank’s board rate
· Fixed deposit mortgage rate

As mentioned above, home loans have a net interest rate spread. For the variable rates, it is attached to each of the above types. Therefore, it can either be sibor +0.8%, board rate+0.8% or fixed deposit mortgage rate+o.8%.

SIBOR and SOR rates are determined by the Association of Banks in Singapore and are published on financial mediums such as Bloomberg, Reuters and The Business Times. All banks follow the same sibor/sor rate but every financial crisis causes the rate to fluctuate quite badly. For example in 1987, sibor/sor rate was at 8 per cent, in 1998, it reduced to 7 per cent and further reduced to 4 per cent in 2007.

Of all the three types of variable rates, the Bank board is the most not transparent. The bank can change it anytime it pleases then inform you abruptly on the increase in the monthly instalments. There is no way to confirm this rate.

The fixed deposit mortgage rate is relatively new compared to sibor/sor rate or the bank board rate. Most people maybe led to think that this is fixed rate but it not. However, it is less volatile compared to sibor and bank board rate.

Fixed deposit mortgage rate is attached to the fixed deposit rate and is quite transparent as it is published on the website of the particular bank.

Fixed interest rates on home loans only last for a short period

If you choose a home loan with a fixed interest rate, you should know that the rate is not fixed forever. Refinancing regularly is the only way you are going to get a fixed interest rate for a longer term. Most fixed rates will only last for the first 3 years with a few extending to five years. After that, they are automatically converted to variable rates. Therefore, it is better to refinance regularly in order to get a fixed interest rate again.

HDB loan vs. Bank loan

The main reason why most people prefer HDB loans first is the down payment. Banks have an LTV (Loan to Value) ratio of 80% while HDB has a LTV of 90%. This means that if you are looking to buy a flat valued at $600,000, HDB will lend you up to 540,000 while the bank can only lend you $480,000.

However, HDB loan have a higher interest rate of 2.6 per cent which has not changed for a long time hence convenience if you are looking for more stability. The interest rate of bank loans on the other hand is determined by the bank spread as well as the index.

In most cases, the index used is SIBOR (Singapore Interbank Offered Rate). In rare cases, the bank can use SOR (Swap Offer Rate) which fluctuates depending on the strength of the dollar. You can also get an offer to use bank board rate in which the bank the decided what the rate will be.

Typically, the interest rate on bank’s home loan has been about 1.7-1.9% since 2008 meaning that people with private properties have paid lower rates than HDB borrowers for close to nine years. A lower interest rate translates to lower monthly instalments.

For this reason, you may want to switch from HDB loan to bank loan which is possible but you cannot switch back from a bank loan to a HDB loan.

Switching from HD loan to Bank loan is especially advisable if you are left with about 5-10 years to clear your loan as you do not have to worry much about the fluctuating interest rate since the loan will end soon.

The cost of refinancing your home loan

Refinancing is not free but the cost varies depending on individual circumstances. For example, if your loan amount if high, the bank can give cash subsidies or rebates to cover part of the fee. Some of the common refinance cost include:
· Application fees
This is the fee you are charged to when applying for the new home loan.

· Valuation fees
A valuation fee is charged by the new lender to cover the cost of valuing the property that you offering as security.

· Legal fees
You can also get charged an attorney fee for conducting the closing for lender.

· Land registration fees
These fee is charged to remove the existing mortgage from the previous lender and register the new mortgage to the new lender.

· Discharge fees
This is an administration fee paid to the current lender to clear the existing loan as well as prepare the existing documents.

· Ongoing fees
Some lenders may charge an ongoing fee which ranges from $0 -$750 per annum.

· Title insurance fee
Title insurance is intended to guard against any errors or problems with the transfer with title.

· Break fees
If you refinance your home loan during a fixed rate period, you will be hit with a contract break fee which compensates the current lender for any loss of profits due to your decision to break the contract. Break fee may or may not be charged depending on the existing interest rate movements.

In most cases subsidies and cash rebates can cover the refinancing cost leaving you to pay only a few hundred dollars. All the fee can also be paid by CPF if you have enough money in your ordinary account.

Nothing feels better than planning for a trip to a new place that promises all sorts of fun and experiences. However, in this haze, it is easy to overlook some crucial factors in your planning. Moreover, without a clue about where to visit, where to stay and the best means to get there, your trip can turn chaotic even before its commencement.

We are pretty much familiar with the offerings from Singapore and Kuala Lumpur that are the cities that are deemed more exciting but little did we know Johor Bahru is basically a hidden gem that one should not miss. This lovely city brings together a touch of both modern and traditional urban jungles. That said, often when you travel to Singapore, you should take some moment and explore Johor Bahru that will guarantee you a memorable memory with your loved ones.

First stop: Legoland

You can start your journey with the direct express bus from Singapore to Legoland where you can easily book your ticket from http://www.easybook.com/en-sg/bus/booking/singapore-to-legoland/. The first of its kind in Asia, the theme park has more than 70 hands-on rides, slides, shows and attractions.

It has a wonderful kids water theme park specially designed to allow kids have unlimited and unforgettable fun. It’s also home to the famous LEGO City and LEGO Kingdom. Besides that, the other attractions include Miniland, Land of Adventure, Joker Soaker, LEGO wave pool and many more.

Second stop: Johor Bahru Old Chinese Temple

Probably the oldest temple in Johor Bahru, this old Chinese temple dates back to the 19th century and was established as a way of honoring 5 deities that held much significance to Chinese society. Its peculiarity is unmistakable with its characteristic red and white colors.

There are 3 beautifully designed prayer halls in the temple and on top of that, you will find a small museum in the temple premises. On display are idols of various gods, photos of the temple and many temple antiques.

Third stop: Jalan Wong Ah Fook

Named after one of the founder of Johor Bahru, this is one of the busiest main streets in Johor Bahru. Your food-hunting quest will never get better when there are plentiful of shops, cafes, restaurants and food stalls lining along the street. One must visit Hiap Joo Bakery and Biscuit factory to try on their banana cakes.

The short walk from the City Square will expose you to amazing delicacies, desserts and local recipes all at a pocket-friendly price. Don’t get hungry on your expedition, pass through Jalan Wong Ah Fook and have a food moment to remember.

Fourth stop: Istana Besar

Istana Besar aka Grand Palace is the royal residence of the King of Johor. The palace is a fine amalgamation of Anglo-Malay architecture with a dome roof colored blue and overlooking the skyline. The palace also houses the Royal Abu Bakar Museum. On display are royal heirloom, rare artefacts and records of the history of the state's royal family.

Fifth stop: Angry Birds Theme Park

As the name suggests, Angry Birds Theme Park has a lot of interesting games and zones designed around the popular game Angry Birds. The park has taken into consideration that not every person may be amused by the theme and as such has put in place other activities and attractions around the park such as restaurants and bars.

Sixth stop: City Square and JBCC Mall

Johor Bahru is expanding rapidly and what comes with the expansion are the numerous shopping areas for all types of products. City Square and the new JBCC Mall have always been the shopping heaven for Singaporean shoppers with the search of bargains and great food. Walking in to City Square from the Johor Custom, you can find the best nyonya kuih stall. The variety of the kuih will get you hyped and excited with the abundance of delicious food you are getting in the trip.

A 2-day visit to Johor Bahru can feel like a few minutes, which is why it is proper to have a good idea of exactly where to travel and how to get there. With these guidelines, you can be sure to have a smooth and wonderful 2-day trip experience.

Singapore is one of the top tourist destinations in the world. Its blend of different cultures, iconic colonial buildings, modern high-rises and street markets will is enchanting and surely will fascinate the travelers. These entire great attractions aside, this multicultural city has emerged as one of the top food destinations. One of the expressions that have been used to describe Singapore is “a foodie paradise” and this has helped enhance the city’s reputation as the place to go for those who love to eat.

The best thing is that you don’t need to go into a fancy restaurant to find these food varieties. Being that eating is Singapore’s national past time, the places to eat this food vary from high-end restaurants to hawker or street-food stalls. For as little as $3 you can get a taste of the best food that Singapore has to offer.

If you are getting ready to get on a bus to Singapore, here is a list of 15 foods that have stood the test of time that you must try:

(1) Bak Kut Teh

source: https://cinnamonsin.wordpress.com/2011/09/02/founder-bak-kut-teh-restaurant/

This is one of the most iconic dishes in Singapore. It is prepared with simmering meaty pork ribs in a liquid mixture of herbs and spices of garlic, white pepper and salt. Bak kut teh is consumed along with strong tea in the belief that this will help dissolve the grease in the soup.

(2) Hainanese chicken rice

source: http://www.seriouseats.com/recipes/2013/08/hainanese-chicken-rice-set-recipe.html

This dish was adapted from the early Chinese immigrants who came from Hainan province in the southern parts of China. Considered one of Singapore’s national dishes, the chicken is prepared by immersing the chicken in boiling water and then then dunking it in an ice bath before slicing it. The hot water that has some of the skimmed chicken fat is used along with garlic and ginger to prepare the chicken.

(3) Hokkien Prawn Mee

source: http://www.sgfoodonfoot.com/2014/02/xiao-di-fried-prawn-noodle-serangoon.html

Not to be confused with Hokkien Char Mee, this is a mixture of rice noodles and egg noodles fried in a fragrant stock that has prawns, fried pork fat, fish cake and squid. In some cases, pork strips are added to enhance the flavour.it is served along with some lime juice and sambal chilli to give you that extra zing.

(4) Tau Huay

source: https://hazwanifyp.wordpress.com/chinese-foods/

This is a Chinese dessert made using beancurd tofu that has been sweetened with some sugar syrup. Its traditional version is soft and soaks in the syrup to be taken together. Sometimes soya bean milk or grass jelly is added as well. You can either eat it hot or cold.

(5) Biryani

This dish has a heavy Indian Muslim influence. The fried rice dish is made using long grain rice. It is flavoured using cloves, nutmeg, cinnamon and bay leaves. The biryani can be beef, chicken or fish biryani depending on the meat used.

(6) Nasi Lemak

This very versatile rice dish used to be considered as a breakfast item but people now take it for lunch or dinner too. The rice has a sweet fragrance due to the coconut cream used to steam it. There are different variations of Nasi Lemak and they offer a wide variety of ingredients such as drumsticks, fried chicken, sotong balls and luncheon meat.

(7) Roti Prata

This South-Indian bread is very popular in Singapore. It is made by frying thinly flattened dough that has been flavoured with ghee. Usually served with mutton curry or fish, roti prata never disappoints. While the classic variations were either plain or mixed with egg, menus now have eccentric variations including chocolate, cheese which has turned rotti prata into a dessert.

(8) Rojak

Rojak is a fruit and vegetable salad made by mixing dough fritters, beancurd puffs, pineapple, radish, cucumber, bean sprouts and roast peanuts with prawn paste sauce to come up with a harmoniously tasty blend. Its ingredients are a reflection of the cultural diversity that Singapore has to offer.

(9) Char kway teow

This noodle dish is very popular in Singapore. In fact Singaporeans consider it a national favourite. It is a combination of flat rice noodles and a sweet dark sauce. Stir-fried at very high temperature with fish cake, egg and Chinese sausages, the original intention was always to load the dish with fats as labourers needed a cheaper source of energy.

(10) Chai tow kway (Carrot cake)

This is a popular Singapore dish that can be found at almost every food place in the city. It differs from your typical Western carrot cake that has been made with orange carrots. Singaporean carrot cake actually has no carrots at all. It is made using rice flour and daikon radish which are fried in pork lard and eggs.

(11) Wanton Mee

This combination of wanton dumplings, some boiled vegetables, yellow egg noodles and small slices of char siu. The dish is best served in a hot broth together with shrimp wontons the texture and tangliness of the egg noodles is what makes this such a refreshing dish.

(12) Durian

This is considered as the national fruit of Singapore. While a foreigner is likely to be turned off by its strong smell, locals adore its flesh and they use it to make cakes, desserts, tarts or even shakes. Nowadays there are many newer popular strains that have an even stronger fragrance.

(13) Duck rice

The best places to find good ducks are the shops that specialize in duck rice only. The dish combines plain white rice together with roasted duck and flavoured with braised sauce. There is a different version that uses braised duck meat with yam rice with some eggs, peanuts tau pok on the side. While the two versions have different taste profiles, they are both equally yummy.

(14) Curry puffs

These are a favourite midday snack for many people in Singapore. It is simply a miniature pie that has been filled with curry. The pastry shell is baked in the semi-circular in shape. Most of the times, the fillings are chicken curry and potato. But there are other variants that can also be used such as chilly crab or tuna curry.

(15) Popiah

This fresh spring roll is very popular in Singapore. The ingredients are rolled up using a thin wheat crepe that is paper-like. Hoisin, a sweet sauce, is smeared on the laid out wheat crepe before the fillings are added. Most of the times, ingredients in a Popiah include boiled eggs, lettuce, Chinese sausage, small prawns, lettuce and filled with turnip strips and cooked carrot.

There you have it, 15 must have local delicacies in Singapore. Besides completing your trip with the abundance of top destinations, you must not forget to indulge in these delicious local treats! Then, only you can claim to have completed your Singapore trip!