MortgageOne Optimizer™ - Frequently Asked Questions
1. |
What is MortgageOne Optimizer™? |
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| The MortgageOne Optimizer™ allows customers to link multiple home loans and deposit accounts to help offset their loan balances. This helps to minimize customers’ loan interest charged and maximize customers’ deposit interest earned. Customers will also enjoy the flexibility to deposit and withdraw money anytime from their deposit accounts. | ||
2. |
How does MortgageOne Optimizer™ work? |
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| It sweeps the balance from the lowest interest earning deposit account i.e. current account to offset the highest interest paying loan, resulting in reduced interest payment from the outstanding principle. | ||
3. |
What is so special about the product? / What is the difference with other mortgage products in the market? |
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| We’re the first and only bank in South East Asia and the WORLD that has this product now. For the first time, customers can use the funds from multiple accounts to offset loan principal balances. Not only that, the Optimizer function will govern the funds to be allocated to the highest interest charging loan accounts. Any deposits in excess of the total loan sum will be swept back into the highest interest earning Savings Account to earn interest. | ||
4. |
How can a customer earn more money with the MortgageOne Optimizer™? |
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| When the customer’s deposits exceed the loan amount, the MortgageOne Optimizer™ will place all remaining funds into the highest interest earning deposit account within each Sub Profile/ Master Profile to maximize interest earnings. | ||
5. |
What is a "Master Profile"? |
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| A Master Profile is
the profile set up for Borrower(s)/Mortgagor(s)
in which they can link their loans
and deposit accounts. Funds linked under a Master Profile will be used towards paying loan installments with the Standing Instruction. |
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6. |
What is a "Sub Profile"? |
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| A Sub Profile will be
set up for customer who wishes to
link in their deposit accounts apart
from those accounts linked to the
Master Profile. Funds linked under a Sub-Profile will NOT be used towards paying loan installments. |
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7. |
How many loan accounts can customer link in under the Master Profile? |
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| Customer can link up
to a maximum of 6 loans. Please note that linking loans is only applicable under the Master Profile. |
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8. |
Is MortgageOne Optimizer™ applicable for Under Construction and Completed properties? |
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| Yes, both are applicable. | ||
9. |
Who can I contact to find out more? |
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| Any of our Mortgage Sales Officers will be able to explain MortgageOne Optimizer™ and tailor to suit your needs. You can request for a Mortgage Consultant to meet you by writing to us at Malaysia.Feedback@sc.com | ||
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