For those of us who intend to take up mortgage loans, better fix-up quickly.

It seems all the banks have called for a truce and agree that mortgage rates will not go below an agreed rate. A figure something like BLR - 1.75% is expected, no ZEC

I've heard rumours of this for a while, but paid no attention to it.
Now it seems this will be implemented as of 1/11/09.


What ABM should work on instead ; is to get members bank to work on improving their efficiency and bring down their spread of 3% !

Most banks are prepared to 'lock in' your case for you if you sort out your application within the week or so.

This post has been edited by ??!!: Oct 30 2009, 02:41 PM

whats the rate effective 1 nov?

will this affect for those signed the offer letter prior to nov 1? can bank retracts the offer given and re-offer the new inferior rate?

This post has been edited by sotong168: Nov 1 2009, 10:39 AM

those who sign before ok.. those who apply before 1 nov, hard to tell

i thought there was a news that says that this is not happening?

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Added on November 1, 2009, 11:13 ami think it wun; it is according to the day you apply for the loan

This post has been edited by leongal: Nov 1 2009, 11:13 AM

isnt this price fixing? what on earth is bank negara doing? this is not fair for consumers. yes it has come into effect on 1/nov/09, i heard from a banker.

imagine all shampoo/nasi lemak fixed their price higher, who gains? them....this is against the law in most countries i belief.

Bro.. your wind "kin" or not (real or not)

Y the articles states other wise by the Executive Director of The Association of Banks in Malaysia

No standardisation of mortgage rates, says Association of Banks

http://www.theedgemalaysia.com/personal-fi...n-of-banks.html

There are things needed to be clearified properly before making such claims:

1) OPR - Set by Bank Negara according to country economy situation.

2) BLR - Not set by bank negara, but bank varies them according to OPR, thats y some bank have BLR 5.5% some have 5.55%. You dont see all banks decrease BLR proportional to OPR. When OPR was 3.5%, BLR was 6.75%.. When OPR was 2% (minus 1.5%), BLR was 5.55$ (minus 1.2%), some 5.5% (minus 1.25%).. There is not fix rule by bank negara they the amount of decrease in BLR must follow OPR.

3) Mortgage Rate (BLR+/-X.xx%) - Set by bank to different individual according to their credit profile..

So Bro.. Part (1) is definately control by BN, but between (2) and (3), which one will be fixed??

It's 3). There are rumours that they wouldn't go into price war as it is killing their profits.
Thus the rumours is that there wouldn't be any more -2.2% in the market whereby the lowest would maybe only -1.8%.

The "local big boys" have already agreed to the pricing cartel above. There only a few local and foreign players that are still vehemently protesting.

Frankly, I'm disgusted that "cartels" like this can even come into fruition. It's anti-competitive, and totally against the interests of all consumers & borrowers.

Heard from reliable sources that -1.8% is the proposed standardized boardrate. Upon deviation approval - maximum is -2.0%. Apparently, it will not go lower than that.

I also heard that there are a few tier of rates:

Loan amt less than RM150K = - 1.5%
Btw Rm150K to RM500k = - 1.6% - 1.8%
More than RM500k = max -2.0%

However, for those that bought from developer which offer interest absorption scheme, the rates will remain unchanged as agreed earlier btw developer and its panel banks. Nevertheless, they might revise it. So, better lock in the good rates quickly.

now loan 200k get blr-2.20..

This post has been edited by Raub: Nov 1 2009, 10:01 PM

Eugene,



The statement could be naughty..technically, they don't standardize the rates.
Of course, OPR and BLR will not be touched.
The variable we are talking about, will be the spread.
They don't standardize the rates, but can come to a tacit agreement not to go below a set floor rate(spread)

Let's see what happens in the coming days/weeks

if there is such things, im sure consumer associations and any individual may take a class action(court) against them. hope they wouldnt be so silly.

Economic Recovering?
BLR increasing by days.

house prices increasing by days also..

Maybank had revised their rates last friday, 30th Oct 2009. Today, PBB will revise their rate. On wednesday 4th Nov 2009, OCBC will revise the rate. The rest i dont know...

whats the rate now like?

HLB?!

MBB -1.9% whole tenure, NZMC
EON -1.9% whole tenure, NZMC

the rest i dont know.

CIMB will revise on 6th NOV 2009

(info from banker, also my friend)

ya tats what i heard too, just to add in the list

SCB -1.9% NZMC, not sure is whole tenure or not