sibor is getting phased out!

[Lightbringer]

7 hours ago, Wind30 said:

ya lar, I not showster, I only buy new property when I am almost finished with paying off my previous loan. 

like lala81 said, I am buaysong and find it unfair. Mas should be doing something to control the spread for old loans when sibor switch to SORA. It should not be let banks dictate whatever spread to give consumers... I just find it is err.... an injustice to consumers.

but after starting this thread, I am surprised the majority don’t feel this way... maybe I am wired different...

I suspect many don't feel the way because they are using this thread to humblebrag and showboat about how market-savvy they are, and how interest rates swings doesn't affects them because aiya a few thousands here and a few thousands there doesn't matter right?

I'm pretty sure MAS is weighing the anti-competitive aspects of their policy execution right now. You could also consider writing in to the Competition Commisison of Singapore to see if they have a view on this (although I'm sure MAS would be consulting them given the widespread implications of this move down the road).

[Showster]

2 hours ago, Lightbringer said:

I agree with you. While the banks always have the right to reprice their loans due to the universally-found review clause in all mortgage contracts, strong competition in the finance market would make one player (or a cartel) strongly weigh the risks of losing market share against the costs (or lower profits) of not doing so. That is what healthy competition is meant to foster in any markets. Why should MAS give the banks a free pass to effectively reprice their loans without facing the consequences which would naturally arise from a competitive market? Those who harp on the universal clause , that SORA is effectively similar to SIBOR or any interbank indexes in nature, or whether banks owe consumers an obligation are missing the forest for the trees.

Let the banks reprice their loans AFTER the rollover to SORA if they wish to do so. MAS should institute a ceiling on the effective interest rates for the floating rate loans pegged to SIBOR after the rollover the SORA to ensure the EIR does not significantly increase. After the cooling period, banks can then start invoking the review clauses to reprice their loans. This is the most equitable execution of a new policy which would protect consumers rights as well as prevent the erosion of fair competition in the marketplace. There will definitely be a few institutions which would be more than willing to stomach their lower or "unsustainable" margins in order to gobble up market share in the aftermath. Consumers affected  by the review would refinance to these lower packages. If these packages prove to be unsustainable, then these same banks have the right to review and reprice their loan again, and the cycle starts afresh. That is how competitive markets work FOR THE INTEREST OF CONSUMERS. 

And for the gongkias who claim they are happy to pay higher interest rates because they want to support banks in tough times - I suggest you donate the differential interest rate to charities where your largess would make more impact to society at large instead.

Thanks for coming back online bro.

Yes, I will be happy to support any “rights” efforts.

Heavens have been extremely kind to me already, I will try to do whatever I can for charities as well.

All my moves have enabled me to pay an ultra low interest rate. Average 10 year rate maybe about 1.2%.

[Showster]

21 hours ago, Wind30 said:

ya lar, I not showster, I only buy new property when I am almost finished with paying off my previous loan. 

like lala81 said, I am buaysong and find it unfair. Mas should be doing something to control the spread for old loans when sibor switch to SORA. It should not be let banks dictate whatever spread to give consumers... I just find it is err.... an injustice to consumers.

but after starting this thread, I am surprised the majority don’t feel this way... maybe I am wired different...

I had to make the move early due to ABSD reason.

The permutation to play with... 

Will have to measure the weight of the ABSD (residential) against commercial / industrial (no ABSD) for the last move.

[Voodooman]

13 hours ago, Showster said:

Thanks for coming back online bro.

Yes, I will be happy to support any “rights” efforts.

Heavens have been extremely kind to me already, I will try to do whatever I can for charities as well.

All my moves have enabled me to pay an ultra low interest rate. Average 10 year rate maybe about 1.2%.

 

[Throttle2]

For those “property investors” people who have to start pressing buttons, wiping foreheads, pacing up and down over a couple of thousand dollars stretched across a period of time long enough for a seed to become a plant, i say go review your life.

you probably keep the clear stickers of your Rolex on while wearing it as well, yeah?  

🤦‍♂️
 

good luck. Huat ah

Edited August 2, 2020 by Throttle2

[Throttle2]

19 hours ago, Lightbringer said:

I suspect many don't feel the way because they are using this thread to humblebrag and showboat about how market-savvy they are, and how interest rates swings doesn't affects them because aiya a few thousands here and a few thousands there doesn't matter right?

I'm pretty sure MAS is weighing the anti-competitive aspects of their policy execution right now. You could also consider writing in to the Competition Commisison of Singapore to see if they have a view on this (although I'm sure MAS would be consulting them given the widespread implications of this move down the road).

 

Interest rate swings affects me leh .  my deposits get less than $1,200 in interest per month now. 

Damn, i used to get $2k+++ per month .  😪😪  thats one month’s worth in difference of wanton mee!! Ok!!

Feel better?

Edited August 2, 2020 by Throttle2

[Lightbringer]

17 hours ago, Showster said:

Thanks for coming back online bro.

Yes, I will be happy to support any “rights” efforts.

Heavens have been extremely kind to me already, I will try to do whatever I can for charities as well.

All my moves have enabled me to pay an ultra low interest rate. Average 10 year rate maybe about 1.2%.

Two thumbs up! it's never about how much money we have, but how we put to use what we have. 

[Jamesc]

Why people worry about getting into dept?

During the bad times interest rates always go down right?

We should worry about the good times. In the good times interest rates go up.

But as long as we get a Publican US president we will always get a recession.

Its the damn Democrats with their itchy fingers that keep fixing the economy.

Blueie kaypohs.

[Jamesc]

I don't know why people worry about Sibor or SOR.

To me its not the name its the number.

If Biden wins and does a trade deal with China.

US and China trade will increase there is prosperity and the economy improve and interest rates go up.

So low 1% SOR or high 3% Sibor is better?

At the end of the day its how much you pay

and not what is the name that is important right?

Edited August 2, 2020 by Jamesc

[Lightbringer]

1 hour ago, Throttle2 said:

 

Interest rate swings affects me leh .  my deposits get less than $1,200 in interest per month now. 

Damn, i used to get $2k+++ per month .  😪😪  thats one month’s worth in difference of wanton mee!! Ok!!

Feel better?

Looks like you're the same old insecure, childish prick who constantly seeks validation by making every issue about yourself or finding an opportunity to hint about how wealthy you are and untouched by the worries of the "common folks".

We get it. You've got money, lots of it. You've done a good job reminding everybody about it conspicuously year after year. I'm just surprised you're still going at it after so long - looks like the self-validation you are seeking isn't so readily coming eh?

However, the way you constantly couch value in terms of money, and brag about how "aiya, pay a few thousands more only, no big deal" it is to you, simply reveals your own insecurities, inability to empathise, and a general ugliness in your character.

Just to help you out here - the discussion here is about consumer rights, ethics and policy execution. It was never about affordability, stress from potentially higher payments or overextending, or all that self-projection you've been throwing around. It is about how policy execution has a wide-ranging impact on many consumers. It is about understanding that everybody have different circumstances and some are less lucky or fortunate as others, and they deserve protection from unfair business practices instead of suffering from the contempt of more fortunate people like yourself.

But all these just flew over your head because you just saw another opportunity to rub people noses into how all these are "silly worries" which only affects people who are not as wealthy or cash rich as you, right? And sneering and being contemptful to those who you deem to be less worthy because they have less resources than you and have made some suboptimal decisions and hence could be more negatively affected by certain changes, make you feel better about your lot in life doesn't it?

Do me a favour, don't even bother engaging me with your trolling because I really have no interest in how rich you are.... I don't know you, you don't know me, yet you seem to desperate to remind people whom you dont know and neither know you, about your wealth. I hope you find the peace you seek and the self-validation you crave one day. Meanwhile, you should spend your time chattering about Rolexs, Cigars and other wealth-signalling topics with your like-minded kakis, and leave the discussion of real-world issues to those who are genuinely interested in the topic at hand, alright?

Run along now.

Edited August 2, 2020 by Lightbringer

[Throttle2]

21 minutes ago, Lightbringer said:

Looks like you're the same old insecure, childish prick who constantly seeks validation by making every issue about yourself or finding an opportunity to hint about how wealthy you are and untouched by the worries of the "common folks".

We get it. You've got money, lots of it. You've done a good job reminding everybody about it conspicuously year after year. I'm just surprised you're still going at it after so long - looks like the self-validation you are seeking isn't so readily coming eh?

However, the way you constantly couch value in terms of money, and brag about how "aiya, pay a few thousands more only, no big deal" it is to you, simply reveals your own insecurities, inability to empathise, and a general ugliness in your character.

Just to help you out here - the discussion here is about consumer rights, ethics and policy execution. It was never about affordability, stress from potentially higher payments or overextending, or all that self-projection you've been throwing around. It is about how policy execution has a wide-ranging impact on many consumers. It is about understanding that everybody have different circumstances and some are less lucky or fortunate as others, and they deserve protection from unfair business practices instead of suffering from the contempt of more fortunate people like yourself.

But all these just flew over your head because you just saw another opportunity to rub people noses into how all these are "silly worries" which only affects people who are not as wealthy or cash rich as you, right? And sneering and being contemptful to those who you deem to be less worthy because they have less resources than you and have made some suboptimal decisions and hence could be more negatively affected by certain changes, make you feel better about your lot in life doesn't it?

Do me a favour, don't even bother engaging me with your trolling because I really have no interest in how rich you are.... I don't know you, you don't know me, yet you seem to desperate to remind people whom you dont know and neither know you, about your wealth. I hope you find the peace you seek and the self-validation you crave one day. Meanwhile, you should spend your time chattering about Rolexs, Cigars and other wealth-signalling topics with your like-minded kakis, and leave the discussion of real-world issues to those who are genuinely interested in the topic at hand, alright?

Run along now.

 

LanJiao lah, Sourpuss, ever still so political, pulling the same high and mighty punches. Only always reading what you want to read.  

Wake up from your own self righteous track, And see who will be in a thread like this.

people who worry about daily livelihood, hand to mouth folks or people who are trying to get up that wealth ladder with their investments?

Consumer rights, ethics, policy execution are just nice words to cover up the reality of things.  

Exactly you dont know me, and i dont know you but a person who calls himself Lightbringer,  talking about insecurities? Oh Yeah

Go on, go on.

[Throttle2]

Oh yah, and learn to use the Ignore function like all of us.

[Showster]

53 minutes ago, Lightbringer said:

Looks like you're the same old insecure, childish prick who constantly seeks validation by making every issue about yourself or finding an opportunity to hint about how wealthy you are and untouched by the worries of the "common folks".

We get it. You've got money, lots of it. You've done a good job reminding everybody about it conspicuously year after year. I'm just surprised you're still going at it after so long - looks like the self-validation you are seeking isn't so readily coming eh?

However, the way you constantly couch value in terms of money, and brag about how "aiya, pay a few thousands more only, no big deal" it is to you, simply reveals your own insecurities, inability to empathise, and a general ugliness in your character.

Just to help you out here - the discussion here is about consumer rights, ethics and policy execution. It was never about affordability, stress from potentially higher payments or overextending, or all that self-projection you've been throwing around. It is about how policy execution has a wide-ranging impact on many consumers. It is about understanding that everybody have different circumstances and some are less lucky or fortunate as others, and they deserve protection from unfair business practices instead of suffering from the contempt of more fortunate people like yourself.

But all these just flew over your head because you just saw another opportunity to rub people noses into how all these are "silly worries" which only affects people who are not as wealthy or cash rich as you, right? And sneering and being contemptful to those who you deem to be less worthy because they have less resources than you and have made some suboptimal decisions and hence could be more negatively affected by certain changes, make you feel better about your lot in life doesn't it?

Do me a favour, don't even bother engaging me with your trolling because I really have no interest in how rich you are.... I don't know you, you don't know me, yet you seem to desperate to remind people whom you dont know and neither know you, about your wealth. I hope you find the peace you seek and the self-validation you crave one day. Meanwhile, you should spend your time chattering about Rolexs, Cigars and other wealth-signalling topics with your like-minded kakis, and leave the discussion of real-world issues to those who are genuinely interested in the topic at hand, alright?

Run along now.

You are the man! 

 

[Angcheek]

On 7/31/2020 at 11:47 PM, Yewheng said:

Come to think of it.. Elon musk is hiring full time AI programmer.. So he is accelerating towards AI.. Perhaps after covid-19.. The next big thing we need to watch out for is AI that soon to be in the mix. 

The AI he want to achieve is extremely difficult. What they have now is not even close to what they wanted to do. Still a long way to go in my opinion 

[Angcheek]

cool down Gentlemen .🍻 have a cold drink . 

✌😄  

[Angcheek]

A very nice song and meaning  song 😍    i loved this song since young . Pls enjoy 

[Throttle2]

7 hours ago, Angcheek said:

A very nice song and meaning  song 😍    i loved this song since young . Pls enjoy 

Quite nice, the guzheng and rhythm but my cantonese no good, dont know what she singing.  My chinese not so good either so can only read some words.  Kumsia Angcheek ...muayhahaha

[ToyotaShuttle]

On 7/31/2020 at 9:06 AM, Showster said:

So for my second minor mortgage, I chose 1.5% for 5 years to help support banks during the lull and perhaps buffer against sudden rises 3 years down the road. Sibor can also go up then

You richer than the banks? 😁