A MoneySmart Mortgage Specialist will be contacting you to help you secure the best home loan in town.
A MoneySmart Mortgage Specialist will be contacting you to help you secure the best home loan in town.
A MoneySmart Mortgage Specialist will be contacting you to help you secure the best home loan in town.
Sorry, there seems to be something wrong in our system that has prevented your booking making it to us.
You can try again in a few minutes, or maybe come back in a couple hours if this has happened for a second time.
SIBOR & SOR Rates are no longer offered by banks
SORA Rate Packages
These are interest rates that fluctuate based on forward-looking future transactions.
Interest Rate Year 1
from
Board Rate Packages
These are interest rates that change based on the bank’s internal decisions.
Interest Rate Year 1
from
Fixed Deposit Rate Packages
These are interest rates that fluctuate based on the bank's fixed deposit rates.
Interest Rate Year 1
from
Our mortgage specialists can help you save time and money with their comprehensive knowledge on mortgage. Just book a call or send a WhatsApp message to make your home loan journey easier.
Our mortgage specialists can help you save time and money with their comprehensive knowledge on mortgage. Just book a call or send a WhatsApp message to make your home loan journey easier.
Understanding the difference between SIBOR and SOR is relatively easy. Basically, SIBOR is the average rate at which Singapore banks loan from one another. SOR, on the other hand, is another interbank lending rate that’s based on the cost of swapping USD and SGD. What this means is that SOR can vary drastically, depending on how the US economy is doing.
Most consumers who take up SOR packages are consumers with higher risk profiles, and wish to take advantage of the SOR’s ability to drop (albeit unpredictable) to levels way below the SIBOR while also being able to confidently ride through the period when it’s above the SIBOR.
Sometimes referred to as variable or adjustable rate, floating rate housing loans change depending on how often you want your interest rate to be refreshed, as well as your risk appetite. Here are the different types of floating rates that you can compare.
First is the SIBOR. This type of rate changes everyday, and you can choose to have your interest rate refreshed on a monthly or quarterly basis.
The next type is board rate. Since the benchmark used for this rate is internally determined by banks, it’s less transparent than SIBOR and usually changes on a quarterly basis.
Fixed deposit home rates (FDHR) is the other floating-type home loan that’s linked to a bank’s fixed deposit account interest rate. So, if their interest rates go up, so do the home loan interest rates. You can say that it’s similar to board rate, but it’s published and therefore seen as slightly more transparent than board rate.
Lastly, SOR, another type of floating rate which will eventually transition to SORA in the coming years, is based on the foreign exchange rate with the US dollar.