Just wondering as I'm finalising mortgage, what current and best rates are.

For 1CR, there is a 'special' package offered by BOC and CCB. Basically

Interest: i) Prime rate: P-2.5 (P=5.25%) or 2.75%
ii) Hibor: Hibor+1% (Hibor <0.5%) or 1.5% (capped at P-2%)

Cancellation Fees (or early redemption): 2% (year 1), 1.5% (year 2), 1% (year 3).

These are higher than HK (esp Cancellation fees), but was told this was already a special offer !! Or is this do with fact me not Macau resident (but surely, if HKD and Hibor, what has this to do with it)

Anyone with commeents ??

Not sure about the situation for 1CR, But 6 months ago when One Grantai Morgages were being organised, the developer negotiated special deals with the banks, particularly BOC, rate of P-2.857%, cancellation fee was I believe 1% for 2 years.

So the deal is a little bit better than 1CR, I guess the reason being the developers were willing to help and involved in that situation. Not sure you guys can form a group, either to pursuade the developer to negatiate a better deal, or so that the group has more leverage when negotiating with banks.

In any event, I think MOF back a few months ago organised their loan at HIBOR +2.4%, so what you geet would still be better than what the large fund got which is unusual in itself.

What I have foundis interest rate they charge Macau and non resident is usually the same, but the potential max for non Macau resident is 70%, for Macau residents, it could be more.

Remember, even different branches of the same bank can be competitors, so no harm to speak to other branchs as well.

Best of luck.

For 1CR
When is the next payment due for 1CR?
And the original buyers which % have they paid so far?

When is the next payment due for 1CR?
And the original buyers which % have they paid so far?

Various schemes, I think from 30% to full payment. I think the 30% was also broken to various schemes (maybe later payment, or maybe just 10% ??).
Anyway, delivery should be in September (tho some say maybe later), I think approx at same time mall opens

^^^^
Thanks OneGrantai !!!
:cheers:

Have noted original launch included P-3 by some local banks, and Hibor+0.6%.
Banks have upped Hibor since it is so low now.
I think smaller banks more agressive.

Also cross-referenced in HK. It seems HSBC and BoC now both charge penalties, which was shock for me as they didn't charge much in past, with BoC HK slightly better terms than one mentioned above. I have heard they are being aggressive lending, but are trying to tie people in for longer.

Guess they are trying to make as much money now their previous banking methods have created thin margins and losses (sub-prime, minibonds, now narrow interest margins).

You are right, the traditional retail banks can not for now make much on alternative products but the good old morgages, for the reason, despite all the talk about interest rate increase in the future (which I believe should, afterall 2.5% morgage rate is so low, post inflation, it's negative), rate should stay historically low for some time.

IN this environment, hope everyone has more staying power so that one is around when the next wave arrives,

happy surfing.

Just wondering as I'm finalising mortgage, what current and best rates are.

For 1CR, there is a 'special' package offered by BOC and CCB. Basically

Interest: i) Prime rate: P-2.5 (P=5.25%) or 2.75%
ii) Hibor: Hibor+1% (Hibor <0.5%) or 1.5% (capped at P-2%)

Cancellation Fees (or early redemption): 2% (year 1), 1.5% (year 2), 1% (year 3).

These are higher than HK (esp Cancellation fees), but was told this was already a special offer !! Or is this do with fact me not Macau resident (but surely, if HKD and Hibor, what has this to do with it)

Anyone with commeents ??

I also shop around for my mortgage for 1CR. After some bargaining, my offer from BOC :
Interest:Prime rate: P-2.5
Hibor: Hibor+1% (capped at P-2.25%)
Early redemption fee : 2% (year 1), 1% (year 2), 0 (year 3).

From CCB :
Interest:prime rate(P-2.5%)or hibor + 1%(capped at P-2.25) same as BOC
Early redemption fee : 1.5% (year 1), 1% (year 2), 0.5 (year 3).

I don't know if this is their best offer. But do BARGAIN with them.
Good luck & let us know.
I have not commit my financing with either one of them.

^^^^
Tks. Most usefull. Will let you know results.

Schemes tout they will bear interest cost for 6 months as drawdown on loan immediate.
This I don't understand, as delivery not due yet (til Sep/Oct for 1CR), and that purchasers didn't need to pay cash til then.
So basically, this 'benefit' in this 'special' package more for developers who get money 3 months or so early.

However, it was mentioned that when this special package was negotiated, market was unstable/lower, so the 'benefit' for applicants was that it would fix financing in case market went further down.