From 8 December 2022 (inclusive of this date), please note that Singapore Dollar Time Deposit (“SGD TD”) interest rates (per annum) will be revised as below:

The Mortgage 9-month, 36-month and 48-month FDR base rates will be adjusted accordingly. As these rates are linked to your FDR mortgage loan packages, a revision in the SGD TD rates will change the interest rates of your FDR mortgage loans. All other features, as well as the terms and conditions relating to each mortgage loan, will remain unchanged.

What to expect

Once the new interest rate is effective, clients with FDR mortgage loan should receive a letter in December 2022 with details of:

• The revised interest rate;
• Revised monthly instalment amount; and
• Payment due date for the revised monthly instalment.

If you are already on eStatements, you will receive an eAdvice with these details via Online Banking instead. For more information, please refer to our FAQs below.

Frequently asked questions

1. Why is my mortgage FDR being revised?

We review our interest rates on a regular basis based on prevailing market rate changes and adjust the SGD Time Deposit (TD) board rates across various tenures accordingly. The SGD TD board rate is linked to your FDR mortgage loan package, hence the revision in your mortgage loan rate.

2. When will this change be effective?

The change in our SGD TD rates and the corresponding change to our mortgage FDR will be effective from 8 December 2022 (inclusive of this date).

If you have an existing FDR mortgage loan, you should receive an eAdvice notice on ‘Mortgage Rate Change’ via Online Banking if you are subscribed to eStatements. Otherwise a letter with further details of your revised monthly instalment will be sent to you in December 2022.

If your current mortgage loan with us is not based on the FDR but your future interest is, you will receive a separate letter notifying you when your new monthly instalment will take effect.

3. I have an existing FDR mortgage loan with the Bank. How will this change impact me?

The increase in FDR will impact your monthly instalment, depending on your mortgage loan package.

For reference, the table below illustrates the estimated increase in amount for the monthly instalment of a mortgage loan of S$500,000 over a period of 20 years (all amounts rounded up to the nearest dollar).

(Please note that this is for illustration purpose only, actual amount may vary)

Rest assured that our rates remain competitive with industry standards.

4. My mortgage loan is not currently based on the FDR, but my future interest rates are. How will my monthly instalment be affected?

There is no immediate impact to your loan or monthly instalment. However, your future loan interest rates will be adjusted based on the revised FDR and your monthly instalments then will be computed accordingly.

5. I have submitted a notice for loan redemption. Why did I receive a letter notifying me of the change?

We thought it would be useful for you to note on the revision of our interest rates. If you have served notice to redeem your loan, you may ignore the notification and no further action is required from you.

6. I have submitted a pricing change request to a different package. Why did I receive a letter notifying me of the change?

You are receiving this letter as your new pricing package has yet to take effect and your current pricing package is still under FDR. You may ignore this letter when your new pricing package takes effect as per the terms under the Supplemental Facility Letter that you have accepted. No further action is required from you.