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Best OCBC Housing Loan Guide And Trend For 2020

by • May 19, 2020 • Australia property loan, HDB home loan, Refinance Home loanComments (0)837

Since our last OCBC home loan guide that was released in 2018, we received a lot of positive feedback from our readers that it has been useful in helping you make your housing loan choice. For a long time, we have been thinking of revamping that guide to provide you with more updated data points. Finally, (no) thanks to the Covid-19 situation, we now have the time and energy to put together this best OCBC housing loan guide for 2020.

Best OCBC housing loan

Figure 1 – Best OCBC housing loan from OCBC Bank (Photo from WikiMedia)

Here are some of the biggest trends that we have observed for the best OCBC housing loan which you should definitely note down if you are planning to take up a new best OCBC housing loan or refinance your existing housing loan.

Trend 1: Fixed Rate Best OCBC Housing Loan Becoming Increasingly Popular

Over the last 2 years, we observed that OCBC has been increasingly promoting its fixed interest rate housing loan. This could be because of consumers’ preference for fixed rate loan packages rather than the SIBOR as interest rate was on the rise. Perhaps, it was also a switch in strategy on OCBC’s end to try and at least secure your business for the next 2 years. Regardless, the change in strategy is a positive sign for consumers as we no longer have to worry about fluctuating interest rates.

Trend 2: Downward Adjustment In Fixed Interest Rate Housing Loan

According to the data that we have collected, interest rate on best OCBC housing loan is on the downward trend. It started trending upwards from the start of 2018 and reached a peak in 3rd quarter 2019 where the interest rate was as high as 2.88% in the first year. However, it has since came down from the high and is currently hovering in the 1.75% range.

We think that, with the impending recession resulting from lockdowns due to the coronavirus, this downward trend is likely to continue into the near future. Who knows, OCBC might even be offering attractively low interest rates OCBC housing loans as it gets in competition with other local banks to attract more business.

Want to find the best OCBC housing loan rate? Let iCompareLoan help you find it using our loan comparison tool here.

Trend 3: Say Goodbye To OCBC OHR, Welcome Back OCBC’s Mortgage Board Rate

Remember the times when OCBC had its OCBC Home Rate (OHR) to rival DBS’ Fixed Home Rate (FHR)? Well, those days are gone. Today, none of the best OCBC housing loan is pegged to the OHR.

Well, one of the reason could be due to the negative publicity after there were some misconceptions around OCBC OHR. OCBC had to clarify that OHR is a bank-managed rate (aka board rate) and not a formula that is pegged to market savings rate, just like what DBS is doing with its DBS FHR.

Historical Best OCBC Housing Loan Table

Interest Rate Type Date Package Name First Year Rate Second Year Rate Third Year Rate Fourth Year Rate Fifth Year Rate
Fixed Rate Feb-20 OCBC Mortgage Rate (MBR 1.91-1.98) – BUC Residential (Under Construction) – No Lock-in 1.91 1.91 1.98 1.98 1.98
Fixed Rate Feb-20 OCBC 3 Years Fixed Rate (MBR Thereafter) – Completed Residential – 3 Years Lock-in – Above 300k 1.82 1.82 1.82 2.2 2.2
Fixed Rate Feb-20 OCBC 2 Years Fixed Rate (MBR Thereafter) – Completed Residential – 2 Years Lock-in – Above 300k 1.8 1.8 2 2.2 2.2
Fixed Rate Feb-20 OCBC 3 Years Fixed Rate (MBR Thereafter) – Completed Residential – 3 Years Lock-in – Above 500k 1.8 1.8 1.8 2.2 2.2
Fixed Rate Feb-20 OCBC 2 Years Fixed Rate (MBR Thereafter) – Completed Residential – 2 Years Lock-in – Above 500k 1.78 1.78 2 2.2 2.2
Fixed Rate Jan-20 OCBC 3 Years Fixed Rate (MBR Thereafter) – Completed Residential – 3 Years Lock-in – Above 1.5m 1.8 1.8 1.8 2.2 2.2
Fixed Rate Jan-20 OCBC 3 Years Fixed Rate (3M SIBOR Thereafter) – Completed Residential – 3 Years Lock-in 1.84 1.84 1.84 3M SIBOR + 0.4 % 3M SIBOR + 0.5 %
Fixed Rate Nov-19 OCBC Mortgage Rate (MBR) – Completed Residential – 2 Years Lock-in 1.86 1.86 1.98 2.1 2.1
Fixed Rate Sep-19 OCBC Mortgage Rate (MBR) – Completed Residential – 1 Year Lock-in  ( For Private loan above 300k only) 1.86 1.86 1.98 2.05 2.2
Fixed Rate Sep-19 OCBC 2 Years Fixed Rate (3M SIBOR Thereafter) – Completed Residential – 2 Years Lock-in 1.82 1.82 3M SIBOR + 0.35 % 3M SIBOR + 0.4 % 3M SIBOR + 0.5 %
Fixed Rate Sep-19 OCBC Mortgage Rate (MBR 1.95-1.95) – BUC Residential (Under Construction) – No Lock-in 1.95 1.95 1.95 1.95 1.98
Fixed Rate Aug-19 OCBC 2 Years Fixed Rate (MBR Thereafter) – Completed Residential – 2 Years Lock-in – Above 1.5m 1.75 1.75 2 2.2 2.2
Fixed Rate Aug-19 2 Years Fixed Rate  – Completed Property – HL 1m and above only (Subject to approval) 1.81 1.81 3M SIBOR + 0.35 % 3M SIBOR + 0.4 % 3M SIBOR + 0.5 %
Fixed Rate Aug-19 OCBC 2 Years Fixed Rate (3M SIBOR Thereafter) – Completed Residential – 2 Years Lock-in 1.98 2.08 3M SIBOR + 0.35 % 3M SIBOR + 0.4 % 3M SIBOR + 0.5 %
Fixed Rate Aug-19 OCBC 2 Years Fixed Rate (3M SIBOR Thereafter) – Completed Residential – 2 Years Lock-in 2.03 2.03 3M SIBOR + 0.35 % 3M SIBOR + 0.4 % 3M SIBOR + 0.5 %
Fixed Rate Jul-19 OCBC Mortgage Rate (MBR) – BUC Residential (Under Construction) – No Lock-in for above 300k 2.04 2.04 2.04 2.04 2.04
Fixed Rate Jul-19 OCBC 2 Years Fixed Rate (MBR Thereafter) – Completed Residential – 2 Years Lock-in 1.98 2.08 2.15 2.2 2.2
Floating Rate Jun-19 OCBC 3M Singapore Interbank Rate (SIBOR) – BUC Residential (Under Construction) – No Lock in 3M SIBOR + 0.2 % 3M SIBOR + 0.2 % 3M SIBOR + 0.35 % 3M SIBOR + 0.4 % 3M SIBOR + 0.5 %
Floating Rate Jun-19 OCBC 1M Singapore Interbank Rate (SIBOR) – BUC Residential (Under Construction) – No Lock-in for above 300k 1M SIBOR + 0.3 % 1M SIBOR + 0.3 % 1M SIBOR + 0.35 % 1M SIBOR + 0.4 % 1M SIBOR + 0.5 %
Fixed Rate Jun-19 OCBC 1 Year 2.34% Fixed Rate – Completed Residential – 1 Year Lock In 2.34 3M SIBOR + 0.3 % 3M SIBOR + 0.4 % 3M SIBOR + 0.5 % 1M SIBOR + 0.5 %
Floating Rate May-19 OCBC 1M/6M COMBO Singapore Interbank Rate (SIBOR) – Completed Residential – 2 Years Lock-in below 500k 1M SIBOR + 0.3 % 1M SIBOR + 0.4 % 1M SIBOR + 0.5 % 1M SIBOR + 0.5 % 1M SIBOR + 0.5 %
Fixed Rate May-19 OCBC 1 Year Fixed Rate (MBR Thereafter) – Completed Residential – 1 Year Lock-in 2.15 2.2 2.2 2.2 2.2
Floating Rate May-19 OCBC 3M Singapore Interbank Rate (SIBOR) – Completed Residential – 1 Year Lock-in 3M SIBOR + 0.2 % 3M SIBOR + 0.2 % 3M SIBOR + 0.35 % 3M SIBOR + 0.4 % 3M SIBOR + 0.5 %
Fixed Rate Apr-19 OCBC 2 Years Fixed Rate (MBR Thereafter) – Completed Residential – 2 Years Lock-in 2.03 2.03 2.15 2.2 2.2
Floating Rate Mar-19 OCBC 1M/6M COMBO Singapore Interbank Rate (SIBOR) – Completed Residential – 2 Years Lock-in for for above 500k 1M SIBOR + 0.3 % 1M SIBOR + 0.3 % 1M SIBOR + 0.35 % 1M SIBOR + 0.5 % 1M SIBOR + 0.5 %
Floating Rate Mar-19 OCBC 1M or 3M Singapore Interbank Rate (SIBOR) – BUC Residential (Under Construction) – No Lock-in for 300k to below 1.2m 1M SIBOR + 0.35 % 1M SIBOR + 0.35 % 1M SIBOR + 0.35 % 1M SIBOR + 0.4 % 1M SIBOR + 0.5 %
Fixed Rate Mar-19 OCBC 3 Years 2.50% Fixed Rate – Completed HDB – 3 Years Lock In (deviated series) 2.5 2.5 2.5 2.5 2.5
Floating Rate Feb-19 <Promo Special> OCBC 1M / 3M / 6M Singapore Interbank Rate – Completed Residential – No Lock In 1M SIBOR + 0.35 % 1M SIBOR + 0.35 % 1M SIBOR + 0.35 % 1M SIBOR + 0.4 % 1M SIBOR + 0.5 %
Fixed Rate Feb-19 OCBC 3 Years 2.88% Fixed Rate – Completed Residential – 3 Years Lock In 2.88 2.88 2.88 2.88 2.88
Floating Rate Oct-18 OCBC 1M or 3M or 6M Singapore Interbank Rate (SIBOR) – BUC Residential – No Lock In 1M SIBOR + 0.2 % 1M SIBOR + 0.25 % 1M SIBOR + 0.35 % 1M SIBOR + 0.4 % 1M SIBOR + 0.5 %
Floating Rate Oct-18 OCBC 6 month Singapore Interbank Rate (SIBOR) – Completed Residential – No Lock In 6M SIBOR + 0.35 % 6M SIBOR + 0.45 % 6M SIBOR + 0.5 % 6M SIBOR + 0.6 % 6M SIBOR + 0.6 %
Fixed Rate Oct-18 OCBC Mortgage Rate (MBR) – BUC Residential – No Lock In 2.3 2.3 2.3 2.5 2.5
Fixed Rate Sep-18 OCBC Mortgage Rate (MBR) – Completed Residential – No Lock In 2.35 2.4 2.4 2.5 2.5
Fixed Rate Sep-18 OCBC 2 Years 2.58% Fixed Rate – Completed Residential – 2 Years Lock In 2.58 2.58 2.58 2.58 2.58
Fixed Rate Sep-18 OCBC Mortgage Rate – Residential BUC – Ending 9th Oct 2018 1.75 1.75 1.75 1.75 1.75
Fixed Rate Jun-18 OCBC Home Rate Package – Completed Properties 1.75 1.8 1.85 1.9 1.9
Fixed Rate Jun-18 OCBC Home Rate – Properties Under Construction 1.6 1.6 1.6 1.6 1.8
Floating Rate May-18 OCBC 1M or 3M Singapore Interbank Rate (SIBOR) – Completed Residential – No Lock In 1M SIBOR + 0.35 % 1M SIBOR + 0.45 % 1M SIBOR + 0.5 % 1M SIBOR + 0.6 % 1M SIBOR + 0.6 %
Fixed Rate Apr-18 Fixed 2 Years Lock-In OCBC Home Rate – Completed Property 2.18 2.18 2.25 2.25 2.25
Floating Rate Feb-18 1M SIBOR NO Lock-In – Building Under Construction 1M SIBOR + 0.6 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 %
Floating Rate Feb-18 1M SIBOR – Completed Property 1M SIBOR + 0.6 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 %
Floating Rate Feb-18 1M SIBOR NO Lock-In – Building Under Construction 1M SIBOR + 0.6 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 %
Floating Rate Feb-18 1M SIBOR NO Lock-In – Building Under Construction 1M SIBOR + 0.6 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 %
Floating Rate Jan-18 1M SIBOR NO Lock-In – Building Under Construction 1M SIBOR + 0.6 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 % 1M SIBOR + 0.7 %
Fixed Rate Jan-18 OCBC Home Rate Package – 1.5% – 2 Years Lock-in – Completed Properties – Deviated 1.5 1.5 1.7 1.8 1.8
Fixed Rate Jan-18 OCBC Home Rate Package – Completed Properties – Deviated 1.55 1.55 1.7 1.8 1.8

Table 1 – OCBC Housing Loan historical rates since 2018

Let us know if this best OCBC housing loan guide has helped you in finding more attractive deals for your home loan. This will give us the motivation to build similar guides in the future! You can check the latest OCBC housing loans here.

Or read about the Best Home Loans from the various banks.

Best Home Loans Singapore 2019

 

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