Is housing loan refinancing the only method to solve your housing loan problems? 

Hi, my name is Ka Hoe, and I’m the founder of J Advisory. So recently, I conducted 2 Debt Management Workshop (now renamed to Debt-Free Code workshop) and this was one of the biggest learning that many participants have shared. I just wanna take some time to share this with you in case you do not know. Many people have always heard of this saying before, you know. How do I save more interest? Or how do I save more repayment on my housing loan and naturally, your friends, your family, your relative, whoever is it will say that do a refinancing of your housing loan. Is that true? Well, I would like you to share or try this method before you go into refinancing. 

Why look for another method? 

It’s because refinancing has a lot of costs going to changing the loan. So in case you do not know what refinancing means, it’s basically let’s say you are having a loan with Bank A and suddenly Bank B offers a much lower interest rate. So you basically change your loan from Bank A to Bank B to enjoy the better interest rate because at the end of the day, whatever little amount of interest that you’re saving, basically helps you to save a very big portion of interest payment. 

The strategy 

Now a lot of people when they hear of this strategy which I call a Debt Review, they will be very sort of shocked, you know. Like hey, how come you didn’t tell me this earlier and this is one of the simplest and easiest strategies that everybody should know of and how it goes is like this. Say for example before you actually decide to move from Bank A to Bank B to refinance your property, go and talk to your banker in Bank A. Tell them that actually you’re in consideration to move to Bank B because they are offering such a low interest rate and ask them to do a debt review for you. Basically, to review your overall account, how is it been conducting whether you’ve been a good paymaster? Can you sort of match the interest compared to the other bank or even better if you can reduce the interest lower. Because the banks are profit making companies. So if you are a good paymaster, a good customer, they would do whatever it takes to retain you. 

Does it work? 

So based on my experience and those people that have practiced this before. They actually get an interest reduction on their loan, on their overall loan. So in the sense that saving interest and they happy because you don’t have to incur the cost of refinancing, which directly you would have a cost on the lawyer fee, then you have a cost on loan stamp duty which can come up to a few thousands ringgit depending on how much the amount that you want to refinance. So if you like to find out, you know, what is the cost, let me see if I can find the calculator and I’ll share it in this post. And in case, some of your friends, who still do not know of this strategy, please by all means, share this video with them. This can literally save them thousands of ringgit right? See you guys. If you are keen to come with me into our (now renamed to Debt-Free Code workshop), the next one is on 22nd May (Update 25/10/2021 – we have enhanced our workshop to be on-demand, so you can learn at your own pace). I’ll see you then.