Government grant if any would involve tons of document submission also any form of grant fom government would also requires majority of singaporean ownership in terms of shareholdings.


The simplest way is to look for investors.

Cheers...

submijons:

My wife has started a Montessori School, but we don't have enough capital to expand. Is there any programs for minority/woman owned businesses or anything else that would help her out?
thanks

I think we are in the same suitation, so far I have bought her 1 Rolex, 2 LV and 1 Gucci. Was thinking of Prada next.

markfch:

DW ever mentioned to me that she rated me an 'A' as a father but 'C-' as a husband. Everything I do, I do it for ds. Occasionally my conscious will prick me and that's when I'll try to do something for dw.

Recently I bought a $2k branded bag for dw and I felt the pinch, though I tried not to show it. But I'm sure if I were do the same for ds, I would feel very very happy. I'm not sure if it's a hainanese thing cos my father is also like that.

Anyone else is guilty of the same sin?

30plus:

A few things:


1. Will you sell your house in near future? Subsidy is subject to 3 year claw back. You may have more penalty because of the new lock in period.

REPLY : Will not be selling, we will be keeping both. As discuused with the Mrs. if one day our kids decide to kick us out of the house we move back to the HDB. But for the meantime we will be renting out the flat to help pay for the mortage on the HDB.

2. You can not expect the floating rate stays so low for next few years.

REPLY: We plan to pay off the loan on the HDB when at the end of the 3 years. Actually we can afford to pay off the loan now but after much consideration we decided to keep the cash in the event of emergency.. Medical, Unemployment, Death...etc

3. Double check with your old bank to see which date you can pay back. You may attract unnecessary penalty. Some banks are quite strict on that.

REPLY: I have email confirmation from my current bank there is no penalty so long as we give them 3 months notice, the notice can be served immediately so long as the start of the new mortage does not fall within the lock-in period.

We just recently completed our renovation we decided on getting a main con. The reason why we selected the main con was because we knew exactly what we wanted to be done for the house.


Thanking our lucky stars we were fortunate enough to have a partner that contributed ideas.

Dont rush into the renovation, try not to have tight schedule to conmplete the renovation also plan for enough time for fault retification no matter how small it maybe, discuss with your better half and do some brain storming plus going to friends or relatives house to get ideas also help alot.

Let me know if you need any advice.

Just got quote from DBS and Hong Leong, interest rate is rather attractive and with the subsidy it does help especially when i express my disbelief on the legal charges which is about $2500 before the subsidy.


With the refinance I am slightly still ahead, every penny counts as we just bought another house.

Cheers.

30plus:

To be frank, you may be stuck. Main reason is that your loan quantum is small. Banks are more interested in loans at least 300K. Banks give better deal for even larger loan. You can not refinance more (leverage up) because of HDB regulation.

If you refinance to fixed rate package, it will be about 2%. Your saving may just cover legal fee.

If you refinance to floating rate package, it will be about 1-1.5% now. But everyone says interest rate will go up, although they have been saying for long time.

The good thing is that you should be quite happy because you have only a little bit outstanding loan.

Hi 30plus,


Thank you for the reply, I have asked my current bank for a reprice but it seems their rate is not that fantastic and they dont seem to be interested to negotiate. Will start to look for other banks.

Cheers.
TW

30plus:

Interbank rate = SIBOR, it is floating
SOR is another type of floating rate
Quite difficult to explain in detail. Roughly speaking, SOR is more volatile. Historically, it is higher than SIBOR but currently it is much lower.

You have 2 options:
1. Ask your current bank to re-price
2. Refinance to another bank

Typically, there is repricing fee - a few hundred dollars. To refinance, there is another round of legal fee about 2K+. Most refinance bank will subsidize legal fee but will subject to a limit (0.4-0.5%) and there will be 3 year lock in.

So, you can ask around and see what is your best option.

On-Plus,


You are on the right track, keep it up.

PS - You are not alone

TW

on_plus_kiasu:

Hi all,

Thanks for the advice and motivation. I am currently doing almost everything that all of you recommend. I am seriously committed to be debt free. So far, I am trying to get a better deal in clearing my debts.
I'm working 2 jobs ( don't tell my boss) to increase my income to pay off my debts. I am trying to get help from my insurance agent to see if i can get at least 6 months off paying the insurance, so i can use that money to pay my debts. I haven't been on a holiday for 1.5 years. I don't want to incur anymore debt and once i get my bonus, i'll use it to settle my girl's school fees for the year so i have one less thing to pay monthly. Things are looking up this rabbit year so I hope it wil stay that way or get even better. Thanks to all of you for the advice, motivation and support. Have a good holiday and Happy Chinese New Year to ALL.


:celebrate:

Hi All,


I would appreciate some advice regarding the home loan, got very confused reading about SOR & SIBOR & Inter Bank Rate.

I am currently using UOB for my home loan it is a fixed rate loan for 3 years and ending in May this year, the new rate if I were to continue with them is at 2.6% and still have to incur a $500 admin fee.

Current loan blance amount by May should be about $185k.

Your advice or comments is appreciated.