HSBC Singapore have sent letters informing their affected home loan customers on the change in TDMR24
Impact of TDMR24
TDMR24 refers to the bank 24-month fixed deposit rates for Singapore Dollar for amounts from S$5,000 to S$49,999 or such other sum as may be determined by the Bank. HSBC website stated that it is published at www.hsbc.com.sg but after much navigation, no information on their rates was found.
Similar to other banks that revised their mortgages pegged to fixed deposit rates, HSBC has finally made their move. A big move, in our opinion. HSBC will increase TDMR24 from 0.65% pa to 1.4% p.a. with effective on 1 July 2019.
We noted this is the first revision by the bank, so perhaps the huge margin is a catch-up play.
Affected TDMR24 customers should explore other refinancing mortgages.