MortgageOne™ Bonus - Frequently Asked Questions
1. |
What are the key benefits of MortgageOne™ Bonus? |
|
| • | It allows you to link your deposit account, i.e. current, savings and Fixed Deposit to your loan account for easy and convenient account management all under one roof. | |
| • | You also able to link other family members’ deposit accounts, i.e. your spouse’s, parents’, siblings or those of your children’s above 18 years old. | |
| • | You and your family will earn bonus credit of top of normal interest that will be used to offset your loan. | |
2. |
How does MortgageOne™ Bonus work? |
|
| • | MortgageOne™ Bonus pays you up to 2% p.a. on every account you link to your home loan. This bonus credit is on top of normal interest paid for each of the linked deposit account | |
| • | The bonus credit earned will be used to reduce your loan principal outstanding balance. | |
| You will repay your home loan faster when you use your normal interest and bonus credit to offset your normal loan. |
||
3. |
How many accounts can I link to my MortgageOne™ Bonus loan account? |
|
| The maximum accounts that can be linked in, are 29 accounts. Thus, multiple deposit accounts belonging to you and your immediate family members can be linked in order to help you reduce the loan amount. | ||
4. |
Can I benefit from MortgageOne™ Bonus? |
|
| Yes, definitely. Bonus credit can benefit anyone who wants to maximise the power of their savings. | ||
5. |
How can I use the bonus credit to work for me? |
|
| Bonus credit is the additional interest you get simply by linking your savings to your home loan. You can choose to use the bonus credit to offset your mortgage loan principal and save more on your mortgage interest. Or, you can choose to keep it in the savings account. | ||
6. |
How does MortgageOne™ Bonus maximise my savings if I have limited savings? |
|
| The good news is that you can link not only your own savings and current accounts, but also those of your family members. The limit of how much bonus credit you can earn is based on your outstanding loan. | ||
7. |
When I link my account and my family accounts to MortgageOne™ Bonus, does that mean all the money will be consolidated? |
|
| No. You can continue to bank the way you have always done and operate each account independently. | ||
8. |
Who decides how much bonus credit is earned in each of the account? |
|
| The bonus credit rate is set by the Bank, but you can designate the amount of balance in each account to earn bonus credit. You can apportion the amount based on your anticipated cash inflow and outflow so that you maximise your bonus credit earnings. | ||
9. |
Does that mean that everyone linked to my MortgageOne™ Bonus account can see each other’s account details? |
|
| Don’t worry, account details will not be shown on the MortgageOne™ Bonus statements. You can however, track the total interest earned. | ||
10. |
Will my family members who link their accounts to my home loan be liable to my loan? Is there any restriction for them to withdraw their money? |
|
| No. Your family members will not be liable to your loan. There will be no restriction for them to withdraw their money as they have full control over their accounts. But any transactions to the accounts will affect the amount of bonus credit that should offset the loan amount. More bonus credit earned will reduce more of your loan principal and thus, shorter your loan tenure. | ||
11. |
Do I need to ask all 3rd parties to open the account at the same time? |
|
| No. However, they will need to sign a Service Application Form (SAF) to authorise the linkage and provide the required instructions to the Bank. | ||
12. |
Can I choose between using the bonus credit to offset my outstanding loan and keeping it in my saving account? |
|
| Yes. You will need to complete a Service Request Form (SRF) and return it to any of our branches. Please allow 14 working days for processing. | ||
13. |
Can I change my instructions after the initial setup for bonus credit portion and other instructions? |
|
| Yes, you will need to complete the Service Application Form (SAF) each time you wish to amend your instructions. | ||
What You Can Do Next...
- Find out about eligibility requirements and documentation needed here
- Apply Now. Click here
to download our Application Form. Please visit your nearest branch
to
submit your completed form.
*Terms and conditions apply