Why It Makes Sense To Choose A Bank Mortgage Loan

Before you purchase your HDB flat, you will be faced with the dilemma of deciding between a HDB loan or a bank mortgage loan. This article demonstrates why it may make sense to choose a bank mortgage loan.

HDB loan is pegged at 0.1% above the interest rate of CPF Ordinary Account. Therefore, the current interest rate on HDB loan is 2.6%. However, you might be able to save on your interest payment if you choose a bank mortgage loan instead. Based on a comparison result from SingSaver, the interest rate on current bank loans varies from 1.62% to 2.28%. Therefore, if you are looking to borrow a loan amount of $200,000, HSBC’s TDMR-Pegged Package is the cheapest at 1.65%. Using this as a comparison, a home owner would need to pay $907 per month by taking a HDB loan, as compared to $814 per month by taking the HSBC home loan ($200,000 mortgage, 25 year repayment at 2.6% versus 1.65%). Therefore, assuming interest rates for both packages stay constant, a home-owner who took up the HSBC TDMR-Pegged package would have saved approximately $28,000 over the loan tenure.

Banks also tend to reward loyal customers for doing more banking activities with them. By taking a bank mortgage loan, the homeowner will be able to earn higher interest rates on their savings deposited. Some common savings accounts are the DBS Multiplier, Standard Chartered Bonus Saver Account and the Maybank SaveUp Account. The additional interest rate given to your savings is on top of the savings that you may have already incurred as a result of paying lower interest expenses on your home loan.

If you are able to apply a savvy refinancing strategy, you will be able to gain some form of control over the interest rates that you pay on your bank mortgage loans. Some of the strategies include

  • Actively comparing home loans on comparison website such as SingSaver to get the best quote,
  • refinance only after lock-in periods are over to avoid paying any penalties,
  • negotiate with the banks for waivers on items such as legal fees etc.

Therefore, by applying a smart refinancing strategy, you can further maximize the savings on your bank mortgage loan.

Do note that a bank mortgage loan has some slight disadvantages as well. A higher downpayment (20% of purchase value) is required, of which at least 5% must be in the form of cash. Therefore, greater cash outlay will be required when choosing a bank mortgage loan over a HDB loan. However, if your budget meets this cash outflow, then this will not be an issue to you. For such group of prospective home-owners, it makes perfect sense for them to choose a bank mortgage loan.

Here’s an exclusive offer from SingSaver: Apply for a home loan and receive $200 cash upon approval. For more details, click here.

 

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Free Beauty Samples To Request Now

In the money driven world we live in, people value receiving something for free. This is why companies introduce “free beauty samples”. Free beauty samples benefit not only its consumers, but also its manufacturers.

You are given the opportunity to test out products without having to waste your money on a full-sized bottle. These beauty samples come in handy while travelling and while on-the-go. On the other hand, companies directly give the products to you in the hopes that you will like their products. The increasing admiration towards the product may lead to increase in sales.

Singapore is blessed with companies who are more than happy to share their products. Check out these free beauty samples that you can request now:

#1: FOR EXPERIENTIAL ENTHUSIASTS

Website: samplestore.com

As a preschool teacher, we are taught that many people learn best through their experiences. Experiencing a product or a service directly is essential for modern consumers. This is where Sample Store comes in.

Sample Store lets you immerse yourself with up to four samples on a daily basis. You read that right! Get free samples delivered to your doorsteps through SingPost. Start by signing up at samplestore.com and by choosing from their wide product selection. Post product reviews in their website to earn more points and redeem more products.

You are free to explore more than 300 brands, but you can only receive one sample per product in a certain time.

#2: FOR MAKEUP JUNKIES

Website: sephora.sg

Sephora is a place that serves as a haven for makeup addicts. It houses some of the best beauty brands out there! What’s more? Its online store offers free samples upon checkout. Simply comply with the mechanics.

Here are the basic rules that you must follow:

a. Add a saple to your bag at checkout.
b. Only one sample may be added to each order.
c. Samples are available while supplies last.
d. If a sample goes out of stock, Sephora will provide a substitute.
e. Samples are not available during sale periods.

Image Credits: pixabay.com

The current samples circulating the website include products from Make Up Forever, Kat Von D, Hourglass, Becca, and Fresh. You may receive samples of bigger sizes and of higher values by availing the Premium Sample. You can add a Premium Sample when your total bill ranks up to S$120 (i.e., before shipping and after applying the discounts).

#3: FOR HARDWORKING EYES

Website: kao.com

KAO corporation has a variety of products ranging from a sanitary napkin to a steam eye mask. The latter is an interesting one!

It goes without saying that eye strain is common in our screen-dependant society. What better way to refreshen your hardworking eyes that by receiving a free “hot” eye mask. Simply request a sample by completing a questionnaire. It is a rather lengthly form compared to the ones available on this list. Furthemore, they are releasing limited samples.

Here are the other terms and conditions:

a. Sample consists of 1 piece of Steam Eye Mask.
b. Each residential address is limited to one sample request.
c. Please allow 4-5 weeks for delivery of the sample.
d. Entries with incomplete addresses will be deemed invalid.
e. This free sample request is only available for applicants residing in Singapore.

#4: FOR DELICATE SKIN

Website: cetaphil.com.sg

Having sensitive skin is an issue that I had to tackle throughout my life. I lean towards gentle cleansers and organic soaps. Countless hours where spent on testing products that may or may not work for my skin. Not to mention, the prices these products are tagged with. In the course of my determined search, I found an affordable product that I completely swear by. It is none other than Cetaphil.

Cetaphil offers a broad selection of skin care products for babies and adults. Thus, you choose the right product to suit your skin type (e.g., Oily Skin Cleanser for oily skin). Receive a Cetaphil Gentle Skin Cleanser by answering a quick online form. 

Now, let us move on to your baby’s regimen. Cetaphil baby is specially formulated for your beloved’s delicate skin. These products are dermatologically tested to help your child maintain a smooth skin and a healthy hair. Receive a Cetaphil Baby Skincare by answering a quick online form.

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5 Budget-Friendly Tips For A Starbucks Addict

It is time for a reality check!

There is a huge difference between being late due to family emergencies and being late because you were queuing at Starbucks. Your constant trips to your “coffee haven” can drain your wallet. So, how do you keep your thirst for the daily coffee grind? With clever planning, of course! Try these tried-and-tested hacks to satisfy your coffee addiction:

#1: SHARING IS CARING

While I was chatting away with a friend of mine, our conversation drifted to her pleasant date. She and her mom shared a Venti cup after countless hours of shopping. You see, splitting a Venti cup is cheaper than purchasing two Tall or two Grande cups. Let us take the “Frappuccino” as an example. A Venti frap costs about S$7.60 while, a Tall frap costs about S$6. Splitting the bill with a friend can help you save up to S$2.20 each! Isn’t that what friendship is for?

Image Credits: pixabay.com

If you are planning to kill time in Starbucks, it is better to opt for the largest size available. Situations such as working on a school project with your classmate or finishing a business proposal call for this strategy!

#2: REAP THE REWARDS

One of the quickest ways to enjoy discounts and freebies is by joining the Starbucks Rewards Program. Upon entering, you will be eligible earn a star for every dollar spent. These stars equate to specific benefits such as a free slice of cake or a free drink. To get started, you must acquire a gift card. Register it thru the Starbucks website or thru the mobile app.

Use the app to stay updated with the latest promotions. What I like most about this loyalty program is the value given to one’s birthday month (i.e., by giving a free slice of cake, a free drink, or a free drink upgrade). Furthermore, you can get a personalized gold card. It is an ultimate Starbucks addict collectible, if you ask me!

#3: BRING A CONTAINER

An easy way to save at least 50 cents on your next order is by bringing your own container! Take out your favorite mug, tumbler, or water bottle from the shelf. Then, confidently offer your own container to the Starbucks barista.

Getting S$0.50 off your bills may seem minuscule at the moment but, these savings add up. Furthermore, you are helping save the environment by conserving the resources.

#4: ASK FOR TEA

I am not a heavy caffeine drinker. This is why I prefer drinking tea over coffee. Have you ever considered exchanging tea with a friend? Purchase two different tea bags and ask for hot water. In most cases, you may refill a cup for at least three times to savor its flavor. Do not worry about asking the staff for a refill as it is free!

Image Credits: pixabay.com

For tea connoisseurs, it is best to avoid steeping your tea twice. Stick to your drink preference instead of wasting money.

#5: MAKE YOUR OWN

Whether you want to believe it or not, you can make your own iced latte while saving money in the process. Order a triple espresso over ice and head over to the condiment bar. Fill up the rest of your cup with the complimentary milk. Voila! You just made your own iced latte!

Lastly, you can make your own Chai Tea Latte. Instead of spending S$5.70 for a Tall-sized Chai Tea Latte, you may ask for a hot Chai Tea (about S$4.20 for a Tall cup). Fill half of the cup with steamed milk. Not only will this recipe save you a dollar but, it will also contain lesser calories than the Chai Tea Latte.

Sources: 1 & 2

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“Your Financial GPS” – Your Personalised Digital Financial Advisor Planner at Your Fingertips

Many of us know the importance of personal financial planning, but do not know how or where to get started. Some of us are hesitant to approach a financial consultant for advice, in fear of being pressurized to commit to a financial product. Some of us may seek out advice or recommendations from our friends, family members, and colleagues, but the advice may not always be suited to our personal needs. Many of us are put off, or even intimidated, by hearing all the unfamiliar financial jargon.

These are just a few of the many difficulties that we encounter in personal financial planning. What if we could remove these challenges and get free, easy to understand, and personalised financial advisory at our fingertips?

Introducing Your Financial GPS

Here’s introducing NAV -Your Financial GPS, a digital financial advisor that helps people like you and me navigate through personal financial planning effortlessly. Your Financial GPS makes the principles of personal finance easy to understand using the acronym ‘SAIL’, which stands for Saving, Assurance, Invest and Life Goals. Starting with Life Goals as the destination for our journey, the other ‘SAIL’ components act as the mainsail, lifebuoy and hull of the boat to help us move towards our destination. For the boat to weather through storms and successfully reach its destination, all ‘SAIL’ components must be looked after, and well-balanced. Thus, this helps to simplify the process of financial planning for many.

Your Financial GPS At A Glance

Your Financial GPS is available to all DBS and POSB customers through the DBS/POSB iBanking and digibank app. When you log into your DBS/POSB iBanking or digibank app, you will see a tab for Financial GPS, which provides a personalized snapshot of your financial health. Your Financial GPS allows you to check your monthly spending across different categories, set budgets, and provides personalized insights based on your saving and spending information.

As a digital financial advisor, Your Financial GPS also provides a snapshot of your current SAIL status. It provides insights on the areas in which you can work on, and suggestions on how to work on these areas to achieve your life goals.

For me, personalizing Your Financial GPS for myself was a breeze. Most of my spending was linked to my DBS Live Fresh card, which was automatically categorized into different categories under spending. For spending that I have incurred using cash or on other banks’ credit cards, I could easily add in the amount as expenses so that Your Financial GPS has a comprehensive picture of my total finances.

I also set up my first Life Goal, which was to pay off my home down-payment of $300,000 by age 40. Your Financial GPS immediately calculated the amount of money which I would need to set aside monthly to achieve this goal. This helped me realise how unrealistic my goal was, which was similar to key insights of how many do not know how much they need for their goals. This was one of the insights that DBS had learnt from its intense and rigorous research to understand customers’ financial planning needs. Besides that, Your Financial GPS also came up with a list of suggestions tailored to my life goals, one of which was very relevant advice on how to avoid common mistakes as a first-time home buyer.  

DBS NAV Hub: Free Personalized Financial Consultations 

Want to do even more for your personal finance? Book an appointment with the dedicated NAV Crew at the DBS NAV Hub for a free personalized financial consultation. During the private one-on-one session, the crew will help you to assess your financial health and answer any money-related questions you might have. You will receive a free report on your financial health, with absolutely no product or sales pitches involved.  

Ready to Sail?  

Here are three ways how: 

Your Financial GPS
DBS Nav Hub
DBS Nav Website
Available on DBS/POSB iBanking
and Digibank

Click to download the DBS
Digibank SG app on iTunes or on Google Play

Free personalized financial consultation

45 Tras Street
Singapore 078984

Click here to book an appointment

  • Resources on personal financial planning
  • Get updated on NAV classes

Click here to visit the NAV website

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Work in Romania as a foreigner

The Romanian job market might be difficult for expats that want to work here. The salaries in Romania are pretty low and the competition is very high. Still, if they manage to find a job here, non EU citizens must have a valid work permit, while the EU citizens need to apply for a residence permit. Usually, the employer should take care of all details regarding the application for the work permits, since it is strictly related to the specific job. Moreover, for a company to be able to employ a foreigner, it needs to first demonstrate that there are no fit candidates from EU that can fill in the role, since EU candidates have priority.

Romania has an increasing economic potential, still, there are a lot of large areas that are dedicated to agriculture or undeveloped. On the other hand, the tourism has increased consistently since Romania has a natural beauty and lots of cultural attractions making this industry interesting for investors and development. The most popular domains in which expats can work are the energy and resources industries, but also the manufacturing and industrial sectors. Also, in the services sector the country offers a great potential of new jobs, since there is a high and growing demand for qualified expats with experience in: retail, finance and business services. Moreover, the human resources sector is growing as well, as a lot of HR agencies are looking to hire for executive positions for multinationals and lager companies, such as Dacia, Rompetrol, Romstal, Birdefender, Mobexpert or Petrom. Romania’s main export partner is Germany, importing rubber tyres, car parts, insulated wire or even cars.

For those expats that don’t want to work a corporation there are a lot of NGO choices or even teaching. No matter the industry, most expats works in Bucharest. As experience demands, most companies require fluency in French, German, English or Italian, and IT certificates. On the other hand, the factor that makes it hard for expats to find jobs here is that most companies prefer to hire local citizens, instead of having to deal with the entire process of hiring foreign citizens and obtaining work permits for them. Therefore, the Romanian Government tries to find new ways to attract foreign business owners to establish a branch or subsidiary here and invest into the Eastern European economy. Ever since the communist regime has ended, Romania has had a sustained economic growth that has also continued after 2007, when Romania joined the European Union. In the past few years, even though the country was affected by the global economic recession, it managed to keep modest levels of growth.

Therefore, Romania has a lot to offer for expats looking to work in the country. When an expat outside EU finds a job here and the company manages to prove that there was no EU candidate fit for this position, the company must also prove that the candidate has the necessary experience and qualifications for the job. In order to obtain him a work permit, the employer must attach to the file the resume, criminal clearance, medical checks and reference letters from the candidate. The process of getting the work permit can take around 45 days. After the employer obtains the work permit and gives it to the expat, he must apply for a long-term visa at the embassy from their country.

After getting to Romania, non-EU expats must get a CIF (fiscal identity code) by registering at the Romanian Ministry of Finance. In order to submit their request, they will need to present a copy of the employment contract, alongside their work permit, visa, passport and a proof of residence. The long-term visa and CIF are needed in order to obtain a stay permit from the General Inspectorate for Immigration, and it must be done 30 days before the long term visa expires. In addition, the expats will need to provide medical clearance, proof of residence, identification and salary.

In conclusion, non-EU expats have to go through a more complex process of getting their rights to work in Romania than EU expats. It is highly recommended to get legal advice if you encounter any unclear things, in order to be sure that everything is according to the Romanian law regarding your employment.

 

 

 

 

 

 

 

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