OCBC Singapore announced recently their 36-month FDMR mortgage rates will increase in August 2018. We looked at their history.
History of OCBC 36M FDMR
OCBC defines 36M FDMR as the 36-month fixed deposit rate for OCBC Bank individual customers for amounts within S$5,000 to S$20,000 or such other sum as may be determined by them. During the launch of home loans pegged to this rate in Nov 2015, FDMR36 was at 0.65%. This rate was retired around Sept 2017. It will increase to 0.95% on 2 August 2018. Higher monthly instalment will commence from October 2018. We understand not all customers on FDMR36-linked mortgages are affected. Hmm, this could mean the bank differentiate batches of FDMR36 even though this rate was marketed as a single version.
Concerned OCBC customers should review their FDMR-linked mortgages with the current refinancing loans.