I've checked for you, you don't have to worry about the 2.5% that is witheld as the new bank will take over everything from your current one.

The only issue is the penalty if you have not completed the 3 yrs from full drawdown. Currently the best refinance rate from our 8 panel banks is BLR - 2.4% which is approx 4.1% nett. It this is lower compared to your current loan it may be worthwhile looking into especially in the long run..even 2% less could mean RM100+k savings for a 250k loan.

Hi exshinge,

It depends on each individual case so what happens is your application will be forwarded to all 8 banks and within 3 days they have to come back to us (NYLife) with their offers. As each individual case is different from another, in some cases there may be more than 1 bank which offers the same rate, and some with higher legal fee, some lower, some nil so you have the advantage to select the best option. To us the client needs are the priority so we don't advocate whether Maybank is better, Hong Kong Bank or Citybank etc.

Instead of you going to all the banks and submitting 8 applications to find out the rates and fees as well as your question on the 2.5%, here you only submit once and all 8 banks replies within 3 days for you to select. The advantage of having 8 banks to compete for 1 customer is that you will definately receive the best offer available.

In most cases the new bank will take over the 2.5% and the only fee u have to pay is your penalty. If you wish to find out the exact details the only way is to submit your application which is f.o.c , and you will receive an answer within 3 days and make your decisions then. Do pm me if u want the details of application.

This post has been edited by DannyOP: Nov 27 2008, 04:58 AM

Hi exhinge,

The 2.5% will be taken over by the new bank. Also just been given an update, the lowest rate is now BLR - 2.5% at BLR 6.5% so effective rate is now 4% flat. I suggest that you put in your request first with the relavant documents, then decide later whether you wish to accept the offer or not when the banks reply.