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5 tips for boosting your chances of getting personal loans

Click on 5 tips for boosting your chances of getting personal loans
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Author: Ravi Philemon

There’s no universal formula for getting personal loans approved. Requirements such as credit score and minimum income requirement vary by lender, and some non-traditional lenders consider data like free cash flow or education level.

By: Hitesh Khan/

But all financial institutions which give out personal loans have one thing in common – they want to get paid back on time – and this will determine getting personal loans.

This means they approve only borrowers who meet their requirements. Here are five tips to boost your chances of qualifying for personal loans.

1. Clean up your credit before getting personal loans approved

Credit scores are major considerations on personal loan applications. The higher your score, the better your approval chances. A credit score is a number that the lenders consider before they determine if they should approve your application for loans in Singapore.

It is a joint effort between all the major lenders here, where data about consumers’ credit history is pooled together and aggregated. Within the aggregated data, lenders would have access to records that show the number of accounts that you have across different banks, and your payment history.

After crunching the available data, each account holder is then assigned a credit score. This indicates how good or bad of a risk you might be to the lender as a customer. The higher the number (up to 2,000 and AA rating), the better your credit score.

Although the the exact weightage of how your credit score is calculated isn’t public knowledge, the factors that the Credit Bureau of Singapore (CBS) uses in determining your credit score is.

Factors like usage patterns of loan facility (e.g. if you have been making large purchases or transactions lately); your recent credit account activity (The number of credit facilities an account holder has is considered by banks as liabilities as they may perceive that you are over-extending yourself); and your account delinquency data, or how you have fared as a customer (this means where possible, always avoid making late or partial payments for your facilities).

Other factors considered by CBS include your credit account history, or how long you have been a customer (factors like if you have you been a loyal customer of your bank since you received your first credit card from them); how much available credit do you have (your credit score is affected by the number of accounts you have with various banks in Singapore); and enquiry activity of how many organisations have asked about you (having too many enquiries might indicate to banks that you could be taking on more debt than you should).

getting personal loans

image credit: Alpha Stock Images

2. Rebalance your debts and income before getting personal loans approved

Applications for personal loans usually ask for your annual income. This means you can include money earned from part-time or freelance work. So if your income is not up to the mark of the lender, you should think how to supplement your income or to get a raise in your current job.

What’s equally important for getting personal loans is for you to pay down your debts as well.

Boosting your income and lowering your debt improves your debt-to-income ratio, which is the percentage of your monthly debt payments divided by monthly income. A lower debt-to-income ratio shows your lender that your current debt is under control and you can take on more.

3. Be careful of how much you ask for 

Most lenders will usually have a maximum amount an applicant with a certain income level can apply for, but requesting more money than you need to reach your financial goal can be seen as risky by lenders. Also, be mindful that a larger personal loan squeezes your budget, as higher loan payments impact your ability to meet other financial obligations, such as education loans or mortgage payments.

4. Do you need a guarantor for getting personal loans approved?

A guarantor or co-signer to personal loans is a third party in the loan contract. In the event of a default by the borrower the co-signer is legally obliged to repay the loan. So, if your credit scores are in the “fair” range, adding a guarantor with stronger credit and income can increase your chances of approval. But you should have an honest conversation with the prospective guarantor so they fully understand the risks before agreeing.

Best Personal Loans in Singapore (2018)

5. Find the right lender before getting personal loans approved

Most financial institutions and non-traditional lenders disclose their minimum requirements for lending. If you meet a lender’s minimum qualifications and want to see estimated rates and terms, you can pre-qualify for financing. But pre-qualification is not the same as putting in an application for personal loans. You may pre-qualify for a loan and yet your loan application may be rejected once you put in a formal application – and the more formal personal loan applications you put out, the more the impact is on your credit score.

This is one good reason why you need to work with trusted loan specialists like those at iCompareLoan. Our Loan specialists are able to not only pre-qualify you with multiple lenders and compare rates and terms, they are also able to get you the best personal loans which has costs and payments that fit into your budget.

How to Secure a Personal Loan Quickly

Do you want best personal loans but not sure if you qualify? Don’t worry because iCompareLoan loan specialists can set you up on a path that can get you a loan in a quick and seamless manner.

We also can arrange the Best Home Loans in Singapore as our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs.

Whether you are looking for a new home loan or to refinance, our mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the loan. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan  or Personal Finance advice.

If you want to speak to our Panel of Property agents or loan specialists.

If you need refinancing advice, we are here

The post 5 tips for boosting your chances of getting personal loans appeared first on iCompareLoan Resources.

Amazon, derided as a ‘job killer,’ actually boosts local employment and business, Morgan Stanley says

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Amazon, derided as a ‘job killer,’ actually boosts local employment and business, Morgan Stanley says


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Author:

In cities with multiple Amazon fulfillment centers, job creation was “well above the national average.” The e-commerce giant has been “both a net job creator and a catalyst for stronger job growth,” Morgan Stanley found.
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Even the best personal loan will put you on downward spiral if you default

Click on Even the best personal loan will put you on downward spiral if you default
for the source.
Author: Ravi Philemon

Personal loans are a way to use tomorrow’s income today, and unlike other loan products like mortgage loans or education loans, the process involved to apply for best personal loans is relatively simple.

by: Hitesh Khan/

But you must note that the interest rates are much higher than, say, for a car loan. This is because personal loans are unsecured loans, which means that the personal loan is not backed by any asset. The loan amount and interest rate depend on different parameters such as your income, credit history, repayment capacity, and others.

As even the best personal loans come with high interest rates, continuous default will put you on a downward spiral.

Here are some of the lowest personal loan interest rates offered by various banks:

Personal loans are basically unsecured loans which typically from $1,000 – $100,000 with fixed or variable interest rates that can be used to make a large purchase or to consolidate debt. Borrowers can use personal loans for credit card debt consolidation, business expansions, home improvements, medical bills and other major life expenses. Once recent study showed that personal loans are now the fastest growing consumer debt.

best personal loans

image credit: InvestmentZen

The best personal loans typically have a set term of three to five years and generally charge a fixed interest rate.

One report showed that millennials are driving the growth of the personal loan market. The report added that this category of people are rapidly coming into their earnings and credit wheelhouse – and because it takes time to become creditworthy, a higher proportion of millennials end up taking personal loans.

Even the best personal loans can get you into trouble if you get into a loan default. A loan default or loan delinquency is your failure to make loan repayments when they are due. Extended delinquency can result in a loan default. It is the failure to repay the loan as per the terms agreed between you and credit institution.

With loan default, the interests owed on your personal loans snowballs, drastically reducing your credit score and impacting your ability to receive future credit for lives other needs like the best home loans. Besides your personal properties being seized for default, the lending agency will also send a debt collection agency after you. The debt collection agency will try to contact you to repay, and this may include them trying to reach you at your place of work, or at home in full view of all your neighbours.

So, the rule of the thumb is, if you think you are going to default, contact your lender to discuss restructuring your best personal loans.

It is better to contact you lender to restructure rather than face the dire consequences of defaulting on a loan, which includes:

  • Employment difficulties,
  • Having money from seized from your accounts,
  • Legal proceedings, and
  • No access to crucial loans.

If the debt collection agency is not able to collect the delinquent loan, sooner or later it will reach a lawyer’s desk, and a collection attorney may take you to court after issuing a final letter calling upon you to pay your debt. If the debt is deemed valid, the court can issue a judgment against you, ordering you to pay it — and legal fees. Once you go to court, your default becomes a matter of public record.

A court judgment may allow a creditor to put a lien on your property, which means that if you ever sell it you’ll be forced to cover over some or all of that debt. A lender or collector can also ask a judge for an execution order.

Fortunately, you lender can’t go to the police to recover the personal loan extended to you. Personal loan cases are treated as civil cases instead of criminal cases, so the police will take a hands-off approach. But be mindful that if the amount owed to all of your creditors (including credit cards and car loans) is at least $10,000, you can be made bankrupt in Singapore.

The problem however isn’t just being declared bankrupt. The Official Assignee can seize your belongings which in Singapore can include, property, tools of your trade, property held in trust for someone else, and even clothing and furniture.

In fact, if you even try to take vacation, you will need the OA’s permission or you can be fined up to $10,000 and/or jailed for up to 2 years.

How to Secure a Personal Loan Quickly

Do you want best personal loans but not sure if you qualify? Don’t worry because iCompareLoan loan specialists can set you up on a path that can get you a loan in a quick and seamless manner.

We also can arrange the Best Home Loans in Singapore as our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs.

Whether you are looking for a new home loan or to refinance, our mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the loan. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan  or Personal Finance advice.

If you want to speak to our Panel of Property agents or loan specialists.

If you need refinancing advice, we are here

The post Even the best personal loan will put you on downward spiral if you default appeared first on iCompareLoan Resources.

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Woodlands Regional Centre White site released by URA

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Author: Ravi Philemon

The Urban Redevelopment Authority (URA) has released the first White site in Woodlands Regional Centre for sale today under the Reserve List of the 2nd half 2018 Government Land Sales (GLS) Programme.

Planned to be seamlessly connected to the existing Woodlands MRT station, this 2.75ha mixed-use site can potentially generate some 115,000 m2 of gross floor area (GFA) for office, residential, retail and entertainment uses and become a distinctive development in Woodlands Regional Centre.

Woodlands Regional Centre – key commercial hub in the North

Comprising 100 hectares of land, Woodlands Regional Centre will be developed into a sizeable commercial hub and bring jobs closer to homes in the North region.

Over the next 15 years, Woodlands Regional Centre will become home to new spaces for industry, research and development, learning and innovation.

Rapid Transit System ‘Go-Ahead’ to add buzz to prospects of Woodlands

It is well connected to other parts of Singapore via the existing North-South Line (NSL) and the upcoming Thomson-East Coast Line (TEL).

Woodlands Regional Centre, which comprises the two complementary precincts of Woodlands Central and Woodlands North Coast, will provide attractive and accessible commercial facilities and amenities to support many businesses in the northern part of Singapore. This will include the upcoming high density agri-tech hub in Sungei Kadut and the surrounding food manufacturing cluster.

Woodlands Central will be transformed into a bustling commercial and community node with a mix of office, retail, residential and attractive public spaces for live, work and play. New public spaces planned for the precinct can be enjoyed by more than 27,000 households in the vicinity. Woodlands Central will also serve as a community gathering point for the residents in Woodlands and the rest of the North region.

In addition, the mixed-use business cluster in Woodlands North Coast, including future industrial and business park spaces, is envisioned to provide flexible work spaces that encourage experimentation and innovation and are geared towards the needs of both SMEs and MNCs.

When fully developed, Woodlands Regional Centre will have about 700,000m2 of commercial space and offer approximately 100,000 new jobs.

Private residential units to increase substantially with new releases from GLS programme

White Site at Woodlands Central

SWoodlands Regional Centretrategically located above the upcoming Woodlands TEL station, the White site will enjoy direct connection to both the TEL and the NSL lines. The sale of this site will help catalyse the continued development of Woodlands Regional Centre.

At least 45,000 m2 of the maximum permissible GFA of the development will be set aside for office use. The remaining GFA can be for additional office, retail, entertainment and residential uses. These should offer a range of housing and lifestyle options well integrated with attractive landscaped public plazas and gathering spaces that will further enhance the vibrancy and street level experience of Woodlands Central.

The new development will have a direct basement connection to the future Woodlands TEL station, providing shoppers and commuters with easy access to the Thomson-East Coast MRT Line that can bring them to the Central Business District, Marina Bay and the shopping, dining and entertainment options at Orchard Road.

URA said that through a comprehensive network of pedestrian links and cycling paths, the future development will be seamlessly connected to the surrounding amenities and other developments within Woodlands Regional Centre.

Details of White Site at Woodlands Avenue 2

Location Woodlands Avenue 2

 

Site Area Plot 1: 21,055.7 m2 (Land Parcel)(1)

Plot 2: 6,450.3 m2 (Land Parcel)(1)

Plot 3: 746.2 m2 (Air space stratum)(2)

Land Use Zoning White site

 

White Site
Maximum Permissible Gross Floor Area

 

115,747 m2
Allowable Development

 

Mixed-use development with:

 

a) At least 45,000 m2 of the maximum permissible GFA for office use;

b) A maximum GFA of 33,000 m2 for commercial uses (exclude office and commercial school)

 

The remaining GFA can be developed for additional office, commercial school, serviced apartments and/or residential flats.

 

Strata Sub-division Apart from any GFA for residential flats, the rest of the GFA in the development is to be contained in not more than 8 strata lots.

 

Maximum Building Height Plot 1

Low-rise zone: Maximum 5-storey and subject to the Land Transport Authority’s (LTA) loading requirements for areas above Woodlands TEL station

 

High-rise zone: 90m AMSL

 

Plot 2

90m / 100m AMSL(3) and subject to LTA’s loading requirements for areas above Woodlands TEL station

 

Lease Period 99 years

 

(1) Subject to cadastral survey

(2) Estimated horizontal cross-sectional area and subject to cadastral survey

(3) AMSL means Above Mean Sea Level

(source: URA)

How to Secure the Best Commercial Loans Quickly

iCompareLoan is the best loans portal for commercial-property-seekers, buyers, investors and real estate agents alike in Singapore. On iCompareLoan, you will be able to find all the latest news and views, informational guides, bank lending rates and property buying trends, and research data and analysis.

Whether you are looking to buy, sell or refinance apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and best home loans trends to facilitate your property buying decisions.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

Our trademarked Home Loan Report is a Singapore’s first one-of-a-kind analysis platform that provides latest updates of detailed loan packages and helps property agents, financial advisors and mortgage brokers analyse home loan packages for their clients and give unbiased home loan/commercial loan analysis for their property buyers and home owners. Our distinguished Panel of Property Agents who are users of our Home Loan report can give the best all-rounded advise to real estate seekers.

All the services of our mortgage consultants are ABSOLUTELY FREE, which means it’s all worth it to secure a loan through us.

Whether it is best home loans, best commercial loans or refinancing of existing loans or SME loans, CONTACT US TODAY!

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Savills Research: Residential property demand moderated by cooling measures

Click on Savills Research: Residential property demand moderated by cooling measures
for the source.
Author: Ravi Philemon

The revised 12% ABSD for Singaporeans buying their second residential property and the 20% ABSD on foreign buyers dealt the private residential market a one-two punch, said a research report by Savills Singapore.

Although Savills believes that both developers’ and buyers’ resilience would hold out against the latest measures, it said that after five months the market is beginning to develop characteristics that differentiate it from previous cyclical epochs.

“Government measures and the tsunami of collective sales from May 2016 to July 2018 have, in our opinion, been the generating sets of this new topology, which we are only just beginning to get a glimpse of. We believe that some (there are others) of the new market characteristics which have revealed themselves are:

  • Developers adopting a 5 July pricing strategy for RCR projects;
  • Buying continuing past maiden launch;
  • Losing the stepping up of prices at sequential launches.

Given that this is just a residential brief, we will not be showing the full slate of statistics to support the abovementioned characteristics. We will merely summarize what we have quantitatively found from a sample of projects that were launched from 6 July onwards.”

residential propertySavills said developers adopting 5 July pricing strategy for RCR residential property projects

“Prior to 6 July, our in-house developed model showed that developers were pricing towards the right tail of the price per sq ft (psf) distribution. In two instances, one in Q2/2018 and another on 5 July 2018, new launch prices were closing in or exceeding the second positive standard error.

However, since the measures came into effect, developers have been pricing their new launches around the mean of our model, albeit slightly towards the right of the mean. This was the case for The Tre Ver and Jadescape. For Parc Esta, the average price of S$1,680 psf was slightly to the left of our mean.

The results from the first month of launches for these projects show that if there are no confounding effects, say competition from launches in the vicinity that the subject property cannot clearly differentiate itself from, healthy take-up rates were achieved. Jadescape and Parc Esta achieved 27.1% and 23.5% sales respectively in the first month or first weekend of launch. From the sample of developments that we analyzed, we believe that prices of new launches are generally in line with our mean statistic.

However, this may not imply that prices are flat because many of the recent launches in the RCR tended to take reference from Park Colonial, which not only had over 270 caveats registered on the eve of the cooling measures but was done at prices significantly higher than our model’s mean price.

In short, for subsequent launches in microlocations that had not seen any major new offerings for years, but where the developer was still benchmarking against Park Colonial, prices were still higher against the background sale prices in those micro-locations.

The time needed to allow for this adjustment in new launch prices across the island means that there will continue to be some mild positive momentum to prices for one to two quarters after the cooling measures have taken effect…”

The report also noted that buying continues for residential property past maiden launch weekend

“In the aftermath of the implementation of the TDSR framework in June 2013, not only were sales at the initial weekend launch lower, but the rate of sales slowed to almost negligible in the months after that maiden launch.

This time round, we see continued sales at projects like Riverfront Residences, The Tre Ver, Jadescape, The Affinity at Serangoon, The Tapestry and Stirling Residences. We believe that continuing sales may be indicative of the psychological momentum of buyers.”

Condo buyers seem to be streaming back to the property market

Losing the stepping up of prices at sequential launches of residential property

“This effect was observed not in those Q3/2018 launches but for those done in November. In prior cycles, the norm was for developers to price subsequent launches higher. However, after the July cooling measures, developers appeared to adopt a more cautious stance and moved away from the old practice. We see that at play at Whistler Grand.

Although the median price achieved on the weekend of its launch was almost similar to Twin View’s (a neighboring project) launch price in May 2018, it was nevertheless placed significantly to the left of our model’s mean price. That strategy paid off because the developer managed to sell over 22% of the total number of units in the first weekend of
launch…

Although we believe that the market is still resilient against the backdrop of cooling measures, there are challenges ahead.”

Private residential properties prices increased marginally in Q3, URA statistics

Savills research report said that demand for residential property exists so long as pricing is in line with the attributes of the development and consumer sentiment remains strong. It added that developers will have to price the residential property with greater finesse, taking into account commission rates as well.

“Price  undercutting may not generate the required sales levels because the cooling measures have affected the rate of sales, which is not necessarily price sensitive.

For instance, we are finding more HDB dwellers, who hitherto had not considered moving to private properties, now considering that option. However, it takes time, rather than a consideration of how high private residential prices are, for these households to make that decision to sell their HDB flats.

Ultimately, it now comes down to whether developers of large projects have the steely resolve to hold their ground and not give in to the noises generated by those in the negative quarters.”

How to Secure a Home Loan Quickly

Are you planning to upgrade from HDB to private residential property property but ensure of funds availability for purchase? Don’t worry because iCompareLoan mortgage brokers can set you up on a path that can get you a home loan in a quick and seamless manner.

Our brokers can help you secure luxury property as we have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for best home loans or to find the best rates for your refinancing needs, our Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

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There are credit cards which will give you a credit limit even if you don’t earn 30K

Click on There are credit cards which will give you a credit limit even if you don’t earn 30K
for the source.
Author: Ravi Philemon

Applicants of credit cards will in most instances need to be above 21 years, earn a gross annual income of S$30,000 if they are Singaporeans, or S$45,000 if they are foreigners. But there are certain exceptions.

By: Phoenix Lee/

The Monetary Authority of Singapore (MAS) has set the minimum annual income requirements for credit card at $30,000 for individuals below 55 years old. In setting the eligibility at this level of income, the MAS balances several objectives.

The aim of this regulation for holders of credit cards is to provide eligible individuals with a convenient mode of payment and access to short-term credit when they need it, while encouraging prudent borrowing and lending practices.

Build a Good Credit for Your Dream Home

To minimise the risk of cardholders borrowing beyond their means, the maximum amount of credit that each financial institution can extend to a borrower is capped at four times his monthly income. This limit applies regardless of the number of credit cards a borrower has with the same financial institution.

Further, there is an industry-wide borrowing limit on the amount of unsecured credit that all financial institutions can provide to the same borrower. The limit will be progressively tightened to 12 times the cardholder’s monthly income by June 2019.

In addition, financial institutions are required to conduct fresh credit bureau and income checks on borrowers, when they receive applications for new unsecured credit facilities or credit limit increases. They must also conduct such checks where there are signs of potential debt problems. These checks will help financial institutions to decide whether to extend credit to the borrower, or make adjustments to any existing credit granted.

But there is an alternative to apply for a secured credit card if minimum income requirement is not met. Some banks will allow you to apply for a secured credit card without meeting the minimum income requirement if you are between 21 to 70 years of age and maintain a Singapore Dollars Fixed Deposit Account with a minimum of $10,000 placement,

The $30,000 minimum income requirement is a regulatory requirement, but some credit cards provide a lifeline for those who can’t meet this stringent requirement.

There are actually three such credit cards which are available to the general public:

  1. Standard Chartered’s Manhattan Card.
  2. Bank of China’s F1RST Card.
  3. Diners Club’s International Ace Credit Card (which has the lowest minimum income requirement of all – $16,000/year.

These are the various eligibility criteria for applying to these credit cards:

STANDARD CHARTERED’s MANHATTEN CARD:
>18 to 32 years old
>Minimum Annual Income: $18,000 and above

BOC’s F1RST:
>Students (min. 18 years old)
>No minimum income required
>Singapore Citizens, Permanent Residents or Foreigners

>Working Adults (min. 21 years old)
>Minimum annual income of S$18,000
>Singapore Citizens or Permanent Residents

DINER’S CLUB INTERNATIONAL ACE CREDIT CARD
>Min. income: S$16,000p.a (except for students & NSFs)
>Applicants must be Singaporeans or PRs & age 18-65 years old.
>For applicants age below 21, Parent’s / Guardian’s consent is required

It’s hard to say which credit card among the three is the best, but Diners Club has the lowest annual fee ($28).

credit cards

And if you charge $2,000 to the card over the course of a year (average of $167/month, excluding AXS terminal payments) you can get enough Club Rewards points to get a fee waiver — there are no mysterious fee waiver criteria.

Diners Club is not as widely accepted, although that’s probably a very good thing when you’re just looking to build a credit history. Diners Club is the only credit card accepted for CPF top ups.

BOC’s F1RST Card has a ridiculous annual fee (S$190), although it’s waived for the first two years (instead of a one year waiver). It offers the best rebate (0.5%) among these cards.

The Manhattan $500 Card has a slightly higher annual fee than Diners, but unlike the Diners Ace you’ll never be able to claw back the annual fee via points or rebates. So you’re at Standard Chartered’s (or BOC’s) mercy whether they’ll waive the fee or not. It is best to go with the Diners Ace in this category, in part because the annual fee waiver rules are transparent and achievable.

In this case the limited acceptance is a feature not a bug and you should be paying it off automatically every month anyway. This card is just to build a credit history. And it happens to have the lowest income requirement ($16,000/year instead of $18,000).

CIMB had a similar its $500 credit card, but it was discontinued in 2017. That one was a gem with no annual fees to worry about, ever, for life. For those of you who grabbed the CIMB Classic MasterCard while it was available, you can hang onto it. If nothing else it’ll be useful for CIMB merchant promotions in Singapore, and it does not cost anything to keep in your wallet.

How much of your income should you spend on housing?

How to Secure a Personal Loan Quickly

Do you want a personal loan but not sure if you qualify? Don’t worry because iCompareLoan loan specialists can set you up on a path that can get you a loan in a quick and seamless manner.

We also can arrange the Best Home Loans in Singapore as our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs.

Whether you are looking for a new home loan or to refinance, our mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the loan. And the good thing is that all their services are free of charge. So it’s all worth it to secure a loan through them.

For advice on a new home loan  or Personal Finance advice.

If you want to speak to our Panel of Property agents.

If you need refinancing advice, we are here

The post There are credit cards which will give you a credit limit even if you don’t earn 30K appeared first on iCompareLoan Resources.

Richard Fisher: ‘Horrifically bad’ education system biggest economic threat

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Richard Fisher: ‘Horrifically bad’ education system biggest economic threat


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Author:

Richard Fisher says America’s “horrifically bad” primary and secondary education system is the biggest long-term threat to the U.S. economy – especially as other countries like China put an emphasis on education.
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Australian commercial property acquired by UOL for $153 million

Click on Australian commercial property acquired by UOL for $153 million
for the source.
Author: Ravi Philemon

Australian commercial property acquired by UOL Group in attempt to diversify in new market.

UOL Group Limited announced on 6 Dec that it had acquired an Australian commercial property at 72 Christie Street, St Leonards, Sydney for A$154,519,044 (approximately S$153 million). The size and scale of the lobby of 72 Christie Street was said to be evident with double height void and balcony areas. All floors have outstanding levels of natural light. Levels 4,5,6 have large terrace balconies with city views.

The commercial Australian property is an A-grade, eight-storey office building with basement car parking for 228 vehicles; it sits on a 2,815 sqm site. The Australian commercial property was touted as a truly unique commercial building offering a campus style office environment with floorplates up to 1,562m² and large terrace style balcony areas.

72 Christie Street was marketed as being an excellent opportunity to ‘brand your company’, with building naming and sky signage rights available. The modern complex features two street frontages and multiple pedestrian access points. The building currently offers a vertical connection between levels 3 & 4 and includes a quality existing fitout with a creative look and feel.

Located within a short walk to St Leonards Railway & Forum complex, the Australian commercial property benefits from immediate pedestrian access to a multitude of retail facilities and transport links including the Crows Nest café and restaurant precinct.

Australian commercial property

image credit: Real Commercial

The Australian commercial property is only 2km from North Sydney CBD, 10km From the Sydney CBD and 18km from the Sydney Airport.

Transport access for staff is well serviced given the property is within a 5 minute walk to the St Leonards Forum transport facility including bus and rail services.

UOL acquired the Australian commercial property through its indirect wholly-owned subsidiary, Success Venture (CS) Pty Ltd (“SVCS”). SVCS entered into a sale and purchase agreement (“SPA”) with Proprium Capital Partners (Australia) Pty Ltd as trustee for the Linford Hold Trust to acquire all interest in the Australian commercial property. UOL said that its acquisition of the Australian commercial property was subject to the usual post-completion adjustments.

SVCS is incorporated in Australia, and is 100% owned by UOL Investments (Australia) Pte. Ltd., the Company’s wholly-owned subsidiary incorporated in Singapore. SVCS’s principal activity is that of property investment.

Commercial property landlords may be recalibrating rents and occupancy levels

The Australian commercial property is 100 per cent tenanted with the lease expiring in 2028.

UOL said that the Purchase Price was arrived at on a willing-buyer and willing-seller basis taking into consideration various commercial factors, including the location and potential of the Property and prevailing market conditions.

A deposit being ten per cent (10%) of the Purchase Price was paid on signing of the SPA. The balance of the Purchase Price will be payable on completion, which is currently scheduled for 20 December 2018, subject to satisfaction of conditions.

UOL said that the acquisition would be financed by internal resources and external borrowings and is not expected to have a material impact on the Group’s net tangible assets or earnings per share for the financial year ending 31 December 2018. UOL added that the acquisition of the Australian commercial property is in line with the Group’s plan to diversify its presence in Australia and to strengthen recurring income streams.

The Australian commercial property located at 72 Christie Street, St Leonards, Sydney Australia, NSW 2065 has got a freehold tenure. The site area is approximately 2,815 sq m. The Australian commercial property is a 8-storey office building with 4-storey basement parking. Net Lettable Area for the property is approximately 11,259 sq m.

The property has 300 – 3,000sqm of A Grade Office Space with Large Terrace Balconies with City views. It also has 220 security car spaces and interconnective stairs between floors with existing high quality fitout. The building last traded at A$76 million in 2017. This sale was reportedly at an initial yield of 8.5%.

UOL said that none of the Directors of the Company or any of the controlling shareholders of the Company represented on the Board of the Company has any interest, direct or indirect, in the acquisition of the Property.

Some Singaporeans’ Australian properties were forced sold by Australian Taxation Office

DBS Equity Research said that UOL’s acquisition of the Australian commercial property marked the beginning for the firm’s expansion and diversification in the new market. Noting that the acquisition was in accordance to UOL’s target to boost its recurring income amidst the weakening of sentiments on Singapore property, DBS Equity Research said:

“Although UOL is one of the proxies to Singapore property, we believe the company may be less impacted as being the earliest to land bank at a lower price would offer more room in pricing its properties. In addition, upward trends in office rents and hotel RevPAR bode well for UOL’s office and hotel investment properties.”

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Park View Mansions reduces price by 70 million in second en bloc attempt

Click on Park View Mansions reduces price by 70 million in second en bloc attempt
for the source.
Author: Ravi Philemon

Park View Mansions will relaunch its collective sale tender at a 22 per cent lower reserve price of $250 million on 12 December.

Sole marketing agent Huttons Asia in making the announcement said more than 80 per cent of the 160 owners have agreed to the lower reserve price. The 99-year leasehold, 160-unit Park View Mansion along Yuan Ching Road was initially put up for collective sale with an asking price of $320 million in March 2018.

The land rate with a reserve of $320 million works out to $1,183 psf per plot ratio (ppr), after factoring in $157 million of estimated differential premium and lease upgrading premium. With a 22 per cent reduction to the reserve price the new price translates to a land rate of approximately $969 psf per plot ratio after taking into account an estimated differential premium and lease upgrading premium of $140.8m.

Park View Mansions

Image credit: Huttons Asia – View of Jurong Lake from Park View Mansions

Owners of Park View Mansions are expected to receive $1.44 million to $1.6 million each from the sale.

Huttons Asia said that Park View Mansions has an allowable gross plot ratio of 2.1 which could yield up to 440 dwelling units based on a 915 sqft average unit size.

Huttons Asia head of investment sales Terence Lian said: “The site presents an excellent redevelopment opportunity for developers as it is located right next to Jurong Lake Gardens. This is a rare piece of land which offers a seamless connection to the gardens and provides a natural environment, hence enhancing the well-being of residents.”

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Angela Lim, deputy head of investment sales at Huttons Asia, in noting that the amount of housing stock in the Jurong East area has not changed since the 4th Quarter of 2016, said the last private development in the area was the 710-unit Lake Grande by MCL Land.

Saying this project was sold out in less than three years, she added: “Hence Park View Gardens is an opportune choice for developers to replenish their land bank to match the growing and pent up demand in the Jurong area”.

Located next to Jurong Lake Gardens, the 191,974 sq ft site is zoned for residential use with a gross plot ratio of 2.1 under the 2014 Master Plan. The redevelopment can therefore have a gross floor area of 403,145 sq ft. The site could yield 325 to 455 units, assuming each unit is sized between 860 sq ft and 1,200 sq ft.

The tender for Park View Mansions will close on 18 January 2019 at 12 p.m.

En Bloc Sales Process Singapore – A Definitive Step-by-step Guide

The lowering of the reserve price for Park View Mansions makes it the latest case of owners dialling down their expectations in lieu of a quieter en bloc market, but the site holds much promise as it is within the Jurong Lake District.

There is now some 160 hectares of land that is yet to be developed within the 360-hectare Jurong Lake district. More than 40 per cent of the mixed-use business area is set aside for residential purposes. Developments for the Jurong Lake District are centered around the Jurong East MRT station. With established businesses around the MRT station – like the International business park, IMM (a major shopping mall), along with other new shopping malls, a hospital, educational hubs, high rise offices and residential units – Jurong Lake District is looking very credible as a regional centre even without the HSR project.

Jurong Gateway is also most likely to be the  crown jewel in the Jurong Lake District vicinity. With a catchment consumer base of Jurong East HDB dwellers and the Lakeside village (a designated dining place) the Jurong Lake District is likely to be developed fast and find success quickly.According to the URA’s Masterplan, most of the developments will be centred around Jurong Gateway for a start.

Good tenants at Lakeside village may bring people closer to enjoying the lakeside. Lakeside village is connected via bridges to Japanese Garden and Chinese Garden, bringing lakeside enjoyment to the residents staying nearby.

Jurong Lake District project which includes developments along Yuan Ching Road are yet to be developed, but once this area develops with waterfront hotels, it would revitalize the area and possibly lead the Jurong Lake District to become a reality much sooner – in 5 – 7 years time. Some HDB flats around Ho Ching road area in the Jurong Lake District are built in 1972 and are ripe for selective en-bloc redevelopment, at 42 years old.

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Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

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