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dolphinz

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Posts posted by dolphinz

  2. Posted

    No such thing as "average" reno cost - the variances are simply too wide, different ppls having different appetite, unless u narrow down some parameters further aact to gender, demographic, age range, income range, district, age of property, psf, discount factors for value of money over the years... wow so many.

    Pls read note 5-"illustrative purpose only", meaning agar agar, not accurate. Why bank doesn't want to provide "actual" because the "actual" is too urgly, the "rubber" phrase - "illustrative purpose" "allows" bank to publish much lower figures and make it big big to attract client, then come with a small small footnotes...... Let me work out the "actual" figure for you.

    Effective interest rate is the "yearly" compunded rate. "Nominal rate" can be 3-monthly,6-monthly, or daily compounded! Nominal rate also express as % pa which is very super misleading in finance!

    Based on 5.74% effective rate, 5 yr, flat rate package (same as car loan calculation), $30,000. Monthly instalment is $643.5 (NOT $571)for 60 instalments!Total interest payable is $8,610 spread over 5 years. Don't forget money has future value.

    The monthly rest package is very similar to mortgage loan payment calculation, in short called PMT, based on 5yr, $30,000, efr=5.74%, monthly payment is $576.36.

    In corporate finance, there is a topic call "cost of capital structures" - meaning to find out the COSTS of raise $ via share issuing, or to borrow from banks, or through debt issue....For personal finance management, i teach u a concept, call "cost of borrowing/lending"

    Remember 1. Paying $8610 over 5yr = paying $1722/yrly=$143.5 mnthly.

    Remember 2. If put $30k into bank to earn, say 2% efr, $600/yrly, $50/mnthly

    So, if u take up the loan and put yr $ into bank:

    You will be paying interest difference of 143.5-50=$93.5/monthly for NOTHING for 60 months.

    Use that $30K u have! Apply golder rule of - "bite the bullet and tighten the belt" and save save save - I'm sure nothing will go wrong - a good choice in life!. Notion play hard and party hard - bad taste in life - expect someone to take care of you later on?

  3. Posted

    Hi, everyone!

    What is the average renovation costs of a new standard 5-room flat these days?

    Well, I have about S$50 K savings but am considering to keep for rainy days instead of using up for my renovations, what do you think?

    I've checked on the RHB Reno Loan here: http://www.rhbbank.com.sg/personal/loans/RL%20rate.pdf

    For S$30,000 @5.38% p.a., I just need to pay $571 over 5years...that's more affordable rather than to part with my S$50K emergency savings, don't you think so?

    What's Furnishing Loan?

    Please feel free to share :)

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