Refinance home loan
Premiums will be payable to QBE GIHK upon enrolment of the Plan. QBE GIHK would provide Hang Seng commission and performance bonus as remuneration for distribution of the Plan. The existing staff remuneration policy on sales offered by Hang Seng takes into account various aspects of the staff performance instead of focusing solely on the sales amount. The Fire Protection Plan (“the Plan”) are underwritten by QBE GIHK which is authorised and regulated in Hong Kong by the Insurance Authority.
The refinance cashback offer is not available in conjunction with the New Purchase Buyer $1,000 Rebate, with separate T&Cs and eligibility requirements applying for both offers. $2,500 cashback available on eligible new home and investment property purchases, as well as refinancing from other lenders where the loan amount is $250,000 or more and the LVR is 80% or less. Up to $3,288 cashback available when you refinance from a financial institution other than HSBC Bank Australia, based on an application received in full by 31 August 2022 and settled by 31 October 2022. The offer is only available once per customer and a minimum refinance amount of $250,000 applies.
Paying points lowers your interest rate relative to the interest rate you could get with a zero-point loan at the same lender. A loan with one point should have a lower interest rate than a loan with zero points, assuming both loans are offered by the same lender and are the same kind of loan. For example, the loans are both fixed-rate or both adjustable-rate, and they both have the same loan term, loan type, same down payment amount, etc. The same kind of loan with the same lender with two points should have an even lower interest rate than a loan with one point.
Purchasing the three discount points would cost you $3,000 in exchange for a savings of $39 per month. You will need to keep the house for 72 months, or six years, to break even on the point purchase. Because a 30-year loan lasts 360 months, purchasing points is a wise move in this instance if you plan to live in your new home for a long time. If, on the other hand, you plan to stay for only a few years, you may wish to purchase fewer points or none at all. There are numerous calculators available on the Internet to assist you in determining the appropriate amount of discount points to purchase based on the length of time you plan to own the home.
A $200,000 loan might cost $3,000 (or 1.5%) to originate & process. This can be expressed either in Dollars or as 1.5 origination points. Applications are subject to approval, fees and charges apply. Non-residents, businesses, trusts and other non-natural persons are also excluded. Cashback on mortgages is popular with first time buyers, who put the cashback towards buying furniture, as these types of buyers often do not have any surplus funds after paying the deposit on their new home.
The longer you stick with the same loan, the more money you’ll save with discount points. Adjustable-rate 轉按回贈 loan work the same as with a fixed-rate one. The only difference is that your mortgage will adjust after 5 or 7 years, so it’s crucial to know how long it will take to make buying points worth the investment. For example, let’s say you take out a $200, year fixed-rate mortgage at 4.125%. Your lender offers you an interest rate of 3.75% if you purchase 1.75 mortgage points.
If you pay a high enough mortgage rate, instead of you paying fees, the lender pays you a rebate. In short, the lender gives you money that you can apply to other closing costs and fees. Points, or discount points, work similarly to a mortgage rebate but in reverse. Instead of receiving cash back and lower closing costs, you pay more cash upfront to get a lower interest rate. Points may be a better option for someone flush with cash who prefers a lower rate than initially offered. This amount reduces your out-of-pocket amount paid toward closing costs.