Guys I have been away for a bit because I was enjoying my new car, but I have been bombarded with questions on my Whatsap so I am just going to answer them once and for all here:

1. When you are getting the "ASBF rate quotation" from your banker, don't just ask for the "rate". Bankers are generally dishonest, I know this because I was dishonest as a banker too, so they will quote "4.50%" which is the best rate in town.

2. That rate is for those who got their loans approved before the BR was changed, of which the product owner in the banks would change their [spread] to increase their profit margin

3. For example, RHB had an offer of BR + 1.00%:

a) before RHB BR was still at 3.75%, those who got their loans approved would enjoy an effective rate of 4.75%, which was pretty good at that time

b) Due to the recent OPR changes by BNM, banks would have to changed their BR too, otherwise they would face the scorn of their customers. Usually banks would change their accordingly to the OPR changes

c) the product owners took a few days, but now they have increased their [spread]. Now if you were to go for RHB, their [spread] is +1.15%. To reillustrate:

- before BR changes was announced, their new applicants would be getting BR (RHB) + 1.00%
- after BR changes was announced, their new applicants would be getting BR (RHB) + 1.15%

4. So this means that if you had your loan APPROVED (not pre-approved because what the duck is that?) by the bank, you get to keep your BR + 1.00% which means your effective rate is NOW 4.50%

But if you just got your ASBF approved, your rate would be BR + 1.15%, which means your effective rate is NOW 4.65%. Not bad, but could have been better

5. Conclusion:

a) Padan muka to those who waited till now to apply, I have already told you that this would happen - that the banks' would increase the [spread] of their products.

b) I am sorry to those I wasn't able to help in time to "lock" the + 1.00% rates.

c) And good for those who go on board with me and are not enjoying effective rates of as low as 4.35%

I am the real deal, not some bullshit salesmen who are selling based solely on "best rates". There are tons of things to consider in personal financial planning. I am a bit pissed, that I just took delivery of the car yesterday (check the time stamp), and today my phone is exploding with messages asking me to explain about the rates, that I have already explained over and over again - which I do not mind, save for those product-pushers that are misleading everyone when they quote "4.50%" without breaking down the numbers

Final note: Ask those bankers that told you their rates are "4.50%" or whatever to provide proof in the form of the rate quotation. Get it in writing on your Whatsapp exchange with them - "Yes, sir, your rate is quoted as BR + 1.00%, and the current BR is 3.50%"

When your loan is disbursed and you got your letter offer ask to see it, and check the rate, if it is quoted other than "BR + 1.00" (which is what he promised) then you got ducked.

Anyway, this is the aforementioned car, a BMW G20 3 Series 330i, not an old F30, but the latest 3-series model G20, thanks for all your support:



This post has been edited by wild_card_my: Jan 31 2020, 08:10 PM

Best rate is now, effective rate of 4.45% for refinancing, longest tenure of 35 years till age of 65

Best rate in town:

1. 4.40% effective rate for refinancing to them, 35 years tenure till age of 65
2. 4.50% effective rate for new application, 35 years tenure till age of 65

If you are 25 of younger, you can get lower installments by getting 40-years tenure for a rate of 4.65%

As it is, these rates are without requiring insurances/takaful. Good luck, if you need assistance I would be happy to help

This is HLBB's internal email that was just sent in today. You better be careful against sharing internal banking emails out in the open. No need to promote to this level, I had a feeling you were connected to HLBB and this confirms it

Unless I am mistaken that is, and this is the actual brochure

This post has been edited by wild_card_my: Feb 3 2020, 09:51 PM

IF they are happy to share, then it is on them. I saw the email, but I wasnt allowed to take any pictures or anything, just for my information

Noo you can't. Each depositor is limited to only RM200,000 worth of loan block

No you cannot, your child has to be at least 18 years old. However, you can take it for your wife - where you would be the provider of the income, and the 200,000 units would be deposited into your wife's account, if she hasn't already got an ASBF already

This post has been edited by wild_card_my: Feb 4 2020, 10:58 PM

Unfortunately, no

Try? No need try. Confirm can.

First go to ASNB branch to try open ASB account

Dont go to the banks, bankers can be abit noobish when it comes to non-Bumi Muslims, they are not trained enough since banks and bankers are only agents to ASNB products

Many people had a rate cut. For RHB the rate for new applicants are 4.65% so you slightly beat them. Congratulations

What? No. That is nonsense and you should stop believing any words that came from that person's mouth unless he was misquoted

Plenty of people have ASB with loan, and invested their cash in ASB2/3

Well, I would not blame Reonix91 for this misinformation then. That blame lies on his (retail) banker. In my opinion bankers are not trustworthy because they are primarily trained to sell, and not to consult. They would rather have you be stupid than to know your stuff. It is not unimaginable that they would tell you mistruths because they have other products to sell you based on their KPI

One example would be their unit trusts sales KPI, and upon hearing that you have cash to invest and have already maxed out your ASB loan, he devised a plan to cross-sell the bank's unit trust products

All this bullcrap about forcing their customers to sign up the MRTA or Takaful against their customers better judgement is all because of the bankers and their KPI set by their overlords - the banks themselves

Sekian, my rant against bankers. I was one of them, and never liked them.

This post has been edited by wild_card_my: Feb 8 2020, 08:28 AM

Hahahaha takut commission kene tarik la tu.

I feel for them, but they should not stoop that low to the point that it affects the clients' financial planning

Correct.

keep in mind that HLBB's offer has a 0.5% stamp duty fees on top of the financing amount iself. And if you want to finance this fee into the loan, you would add another RM5 to it thus your financing amount would be would be RM200,000 + RM1,000 + RM5 = RM201,005


Check your LOs, it should be emailed to you

This post has been edited by wild_card_my: Feb 10 2020, 07:20 PM

Refinancing? HLBB.
New application for long-term, or someone older than 30 and would unlikely to refinance? HLBB
New application for a lad younger than 30 years old? RHB

Everything else? There's me to contact. hehehe

Yes, definitely discuss it in the open.

There is no such thing though, the best rate is easy to find out. Just ask around, but always make sure that the bankers know what their BR (specific to their own bank) + [spread] where the spread is fixed throughout the tenure of the loan

There are still dumbass bankers who go around and claim their rates to be 4.45%, which was only for a short while before their BR was revised downwards and their spread was increased. Then people still go around and claim that this bank has the best rate in town

When you get your loan approved and disbursed, and you check the online account and found that your rate is 4.70%, then you bising2 to the banker and he will just cuci tangan.

Check your [spread]!

Definitely. The most important rate to you is the effective rates, not spread nor BR.

The problem is that malicious bankers would talk about the past rates before the [spread] was revised upwards. Sure, your friend might be getting 4.45% with the bank, but since you are too late, your rate is now only 4.70%. This is the problem when consumers are not informed of how the floating rates work

I would say ASBF is much more effective in the long term, as long as your rates are not too uncompetitive with the market rate. Not to mention that it is possible to get good rates if you had kept your financing for the long term too. For example, my clients that took HLBB a year ago are enjoying 4.35% EIR which is lower than anything in the market now (with the lowest also being HLBB hahaha)

Like I said, check your [spread]!

Correct. This is very good for people who are 30 and below. Previously with RHB, only those who are 25 and below can go all the way to 40 years

Now 30 and below and do it too. Rates may be a little higher than competition, but you need to balance it out

ASB2 financing is still unavailable as of this moment

Not, you would need to cancel the financing first, get your surrender value for the takaful, then only reapply without takaful. In general, once you sign up any financing with Takaful certificate, the certificate is absolute-assigned to the bank. The bank becomes the owner of the policy despite the fact that you paid for it, and would not allow its cancellation until the financing is fully settled

For the aforementioned bank, here is the rate breakdown

+ Above RM100k with takaful, 4.75% p.a.
+ Above RM100k w/o takaful, 4.80% p.a.

Anything lower than RM100k financing, add 0.20% to the above rate

This post has been edited by wild_card_my: Feb 25 2020, 07:58 AM

It depends on your objective. If you are looking at it from the forced savings point of view, now would be a good time? If you are trying to time the market, well you can't because its distribution rates are announced only once a year

That's speculation right there. Suppose the investment is yielding good returns, with a margin above the current loan interest rates of about 4.6% p.a., would you say that you are giving good or bad advice? My job is just to facilitate, but you seem to be going above and beyond by speculating.

The slowing economy is affecting all investments, including FD. But as it is, ASB gave higher returns than FD in general and even EPF (conventional/syariah). It is your call, as per any investments, there would be some risk vs reward considerations.