Mortgage Interest Rates

[Christickler]

Hey Guys,

Anyone got a link on-line to a site where I can get a updated indication of HK mortgage interest rates?

I am looking at buying a property for HK$2,020,000 & am interested to get an idea of what the monthly repayment would be based on a 90% mortgage.

Cheers,

Chris

[drumbrake]

Use the mortgage calculator on HSBC

[goldenhair]

I just got a mortgage at 2.05 percent. Hibor mortgages can be lower - but riskier.

If you get the price below 2,000,000 you don't have to pay stamp duty.

[Christickler]

Have tried that - but need to know the interest rate & average length of term to get the final monthly repayment!

Cant find rates anywhere on HSBC site!

[navybeans]

That's not true and a common misconception. You pay $200 in stamp duty for property worth up to $2 million and 5% for the amount above that. In Christickler's case, total stamp duty will be $200 + $1,000 = $1,200.

[drumbrake]

Prime rate at HSBC is 5%. You should be able to get a rate of P-2.5 or P-3, meaning a rate of 2-2.5%. Tenor is 20-25 years. Remember that the prime rate will go up in the future (now it is very low), so you will see mortgage repayments increase.

[beachball]

Prime rate at HSBC is 5%. You should be able to get a rate of P-2.5 or P-3, meaning a rate of 2-2.5%. Tenor is 20-25 years. Remember that the prime rate will go up in the future (now it is very low), so you will see mortgage repayments increase.

No, repayments will not increase, only the interest charge will be higher.

[PDLM]

Eh? If the interest rate goes up then either the monthly mortgage payment increase or the term increases. It cannot be any other way.

[PDLM]

That's not true and a common misconception. You pay $200 in stamp duty for property worth up to $2 million and 5% for the amount above that. In Christickler's case, total stamp duty will be $200 + $1,000 = $1,200.

Wrong! The current stamp duty rates are here: GovHK: Stamp Duty Rates

[pin]

Wrong! The current stamp duty rates are here: GovHK: Stamp Duty Rates

BTW, probably a small thing, you also have to pay HK$100 stamp duty on the assignment of sale as well.