The Big Story: What higher bank mortgage rates mean for home buyers

Catch the latest news reports on The Big Story, The Straits Times’ weekday online news programme.

Singapore’s largest lender DBS Bank has raised the rates on all its home loan packages as of Tuesday night (June 28), according to checks by The Straits Times.

The bank also scrapped its five-year fixed-rate package for Housing Board home owners, which used to offer loans at 2.05 per cent.

The move comes after its peers UOB and OCBC raised the rates on their home loan packages last week, tracking an interest rate hike by the US Federal Reserve earlier this month.

Invest editor Tan Ooi Boon weighs in on what this means for homeowners with existing loans. He also shares tips for those looking to buy their first home.

Separately, the show segment of this year’s National Day Parade is directed by veteran actor Adrian Pang, whose creation will take viewers on a journey through the last two years of Covid-19 and celebrate Singapore’s emergence from the public health crisis.

Pang, 56, who is the co-founder of local theatre company Pangdemonium, will bring his theatre chops to direct The Story Of Us. The show is expected to play to a live audience of about 25,000 to 26,000 people at the Marina Bay floating platform, while being live-streamed to the television screens of millions of others.

More than 2,000 performers have been rehearsing over the last few months for the spectacle.


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