Hi TS Pac Lease, I have question regard top up vs re-finance

Details:
1) Property cost at RM370k (2012 value) and haven't done any valuation yet since then.
2) Effective Rate - BLR - 2.4% = 4.25%
3) Loan amount : RM252k
4) Outstanding loan : RM44k
5) Monthly repayment : Rm2.2k (roughly left 1 year + can finish as sometime i pay extra)

What's the pro of Top-Up if compare to refinance?

Judging that i might just wan to loan maybe 70k~100k for 5 years.

Kenak reject for Top-Up cause my overall CC utilisation too high

Anyway to increase success rate ?

You mean each CC cannot exceed 80% of total credit limit (as i have multiple CC and few of them utilised the balance transfer 0% before which should have exceed )

Ouch... guess need to re-check everything again before re-apply then.

Thanks

Bank Harimau very hard

Limit 15k since i first day has CC in this bank from 2010
Front Front back back applied limit increase i think 8 times d.

CC utilisation because mostly balance transfer 0% those


Bank Harimau initially give me 15k when i started working that time already where my salary was 1.5k / month.

After another year later i bought my first house where as afterward whenever i request increase CCL, never approved.

But other banks just keep sending me msg and instantly approved, lolz ...

Actually compare CC cash out (example 3.29% p.a. yesterday standard chartered called) vs re-finance (example 3.85% p.a.) at amount of RM30k.

Which one is better ?

Hmm ... so fixed rate CC cash out example make it clear

Fixed Rate : 2.99% p.a.
Loan : RM50,000
Tenure : 5 years
Total : RM57,475
Monthly payment : RM957.92

But if using refinance i think will have cheaper interest portion overall ?
If the interest charge per month



Add-on: However, like others mentioned, these amount exclude legal fee, processing fee, valuation fee, admin charges.

So still CC win ?

This post has been edited by TongCN: Aug 14 2024, 01:28 PM

True, but those are short term

Somehow might wanna have a long term plan now for cash
Park additional cash split into investment example REIT and pray can out perform the interest charges ?

Except right now i cant go for top-up / refinance method as CC overspent

But the RM5,047 (Effective rate) method not yet include those fees, right ?

What's this ?

Oh, like the the Standard Chartered Mortgage One but only for certain location
Dunno can have some exclusion for outside those zone

https://www.sc.com/my/loans/mortgageone/
https://av.sc.com/my/content/docs/my-scbmb-...ges-booklet.pdf

True. Probably wait for low interest rate offer

Hopefully has 1.99% (dreaming but might happen) or ranging 2.59% ~ 2.89%

So in the end i through this Maybank relief : https://www.maybank2u.com.my/maybank2u/mala...ief_scheme.page

And apply to pull my current outstanding from 2 years left to 5 years and lower down my monthly instalment.

The bank give me same rate still and the monthly instalment lower down by 65%
Original 2,200
New one 760

After done some calculation, the interest macam add-on extra 1.5k overall.