Sunday, May 11, 2025
27.4 C
Singapore
Home Blog Page 4022

Najib arrested for alleged tampering of 1MDB audit report

Earlier today, former Malaysian Prime Minister Najib Razak was arrested by the Malaysian Anti-Corruption Commission (MACC) for the alleged tampering of an audit report pertaining to the 1Malaysia Development Berhad (1MDB) financial scandal.

According to leak from a source unauthorized to speak to the media, “DS Najib arrested at MACC HQ at 10.51am regarding the 1MDB audit report tampering case”. This information was sent to media site Malay Mail via a text message.

The source also confirmed that Najib was arrested after he arrived at MACC federal headquarters in Putrajaya.

Najib had spent about four hours at the office on December 6, giving his statement to assist similar investigations.

On November 25, Auditor-General Madinah Mohamad revealed that the final audit report on 1MDB had been tampered with and that Najib had knowledge of it.

She also added that two crucial matters removed from the report were on the presence of wanted businessman Low Taek Jho or Jho Low at a 1MDB board meeting as well as the financial status of 1MDB.

The MACC has also questioned several other people about the report tampering, including Dzulkifli Ahmad, former legal officer in the Attorney-General’s Chambers, former chief secretary to the government Ali Hamsa and the then 1MDB group president Arul Kanda Kandasamy.

________________________________________________________________________

[email protected]

Netizens praise Workers’ Party for upholding country’s sovereignty in Singapore-Malaysia maritime dispute

The Workers’ Party has voiced their full support for the country’s sovereignty concerning the recent heightened tension between Malaysia and Singapore over the former’s government vessels’ intrusions into Singapore’s territorial waters, calling Malaysia’s moves “escalatory actions” that are “unnecessary and provocative.”

The opposition party issued a statement on its website on Saturday, December 8, starting out with a sentence that it noted Malaysia’s actions with “grave concern.” The Workers’ Party called for cooperation between the two countries “on many fronts, including the military front” and reminding about the “deep economic relationship” between them, with much yet to be gained by both sides from this cooperation and that there are “ties of family and friendship” deeply invested in on both sides.

The statement urged for a resolution on the matter via bilateral negotiation or through a third-party adjudication process, taking into account the ties between Malaysia and Singapore. Furthermore, the Workers’ Party noted with concern that Malaysia’s actions “do not set the right tone for Singapore-Malaysia relations for our people and in particular, the younger generation of Singaporeans and Malaysians.”

The statement ended with the Workers’ Party’s full-throated support for “our men and women in all our security and enforcement agencies who have been activated to deal with the incursion of Malaysian vessels into Singapore waters.”

Netizens were quick to praise the opposition party for setting aside critiques of the government and upholding unity and sovereignty in the issue:

 

Read related: ‘Workers’ Party releases statement about Malaysian vessels intruding into SG waters’, where the WP’s statement can be found in full.

https://theindependent.sg.sg/workers-party-releases-statement-about-malaysian-vessels-intruding-into-sg-waters/

 

 

Dr. Mahathir says that Jho Low will get a fair trial In Malaysia

Tun Dr. Mahathir Mohamad, the Prime Minister of Malaysia, has said that fugitive businessman Low Taek Jho, popularly known as Jho Low, has nothing to be afraid of should he return to Malaysia to stand trial, if indeed he is guiltless, which Low and his legal team insist he is.

Dr. Mahathir said that the government does not step in with judicial matters, according to the Star, and that judges in Malaysia are “fair,” in a press conference on Saturday, December 8.

Low’s legal team issued a statement published on Low’s website on December 4, a part of which read, “Mr. Low will not submit to any jurisdiction where guilt has been predetermined by politics and there is no independent legal process. It is clear that Mr. Low cannot get a fair trial in Malaysia, where the regime has proven numerous times that they have no interest in the rule of law.”

The Malaysian government has already issued a warrant for Low’s arrest in connection to the 1MDB scandal.

A spokesman for Low has said, “The regime has proven numerous times that they have no interest in the rule of law.”

However, the Malaysian Prime Minister made it clear that he believes otherwise. According to the Malay Mail, Dr. Mahathir said “Malaysian judges are quite fair… I think that we all have appeared in courts, and we (know that we) can’t keep on dismissing the judges, or getting another judge for ourselves. We have to accept that the institution of the judiciary is not being interfered with by this government.”

Dr. Mahathir also said, “He must know he is guilty, so when he is guilty, he will feel that the judgment is not fair.”

Read related: 1MDB: Why hiding Jho Low is crucial for Najib

https://theindependent.sg.sg/1mdb-why-hiding-jho-low-is-crucial-for-najib/

 

 

 

 

 

“A violation of sovereignty,” Heng Swee Keat speaks out on M’sian vessel intrusion into S’pore waters

Heng Swee Keat, who is widely presumed to be Singapore’s next Prime Minister since his recent appointment as the People’s Action Party’s (PAP) first assistant secretary general, has weighed in on the renewed tensions between Malaysia and Singapore due to maritime and airspace disputes.

In a Facebook post on Sunday, December 9, Singapore’s Finance Minister commented on the issue for the first time, calling the intrusion of Malaysian vessels into Singapore’s waters as, “a serious matter of national interest.”

Moreover, he stated that this intrusion is “a violation of Singapore’s sovereignty and international law.”

Heng did maintain a calm and measured tone in his post, emphasizing that Singapore was seeking “close cooperation” with Malaysia, since it is “our closest neighbor,” and “We have close people-to-people ties.”

He added, “I hope that Singapore and Malaysia discuss issues constructively and peacefully, in compliance with international law. This will benefit peoples of both countries.”

Here is his post in full:

“The intrusions by Malaysian government vessels into Singapore territorial waters are a violation of Singapore’s sovereignty and international law. This is a serious matter of national interest. We will not hesitate to take firm actions to protect Singapore’s sovereignty and territory. I urge Malaysia to cease these intrusions to avoid escalating tensions.

Malaysia is our closest neighbour. We have close people-to-people ties. Singapore seeks close cooperation with Malaysia.
I hope that Singapore and Malaysia discuss issues constructively and peacefully, in compliance with international law. This will benefit peoples of both countries.

I trust Singaporeans will remain calm and united at a time like this.”

PAP’s newly appointed second assistant secretary general, Chan Chun Sing, the Minister for Trade and Industry, also spoke out on the issue the day before. On Saturday, December 8, Chan told reporters after an event at Buona Vista Community Club that both countries must go back to the “pre-October 25th status quo ante,” and to “have the Malaysian ships leave the area peacefully, immediately,” but that the risk that tensions would escalate “cannot be underestimated.”

Another official who has weighed in on the issue is Masagos Zulkifli, Singapore Environment and Water Resources Minister. Also in a Facebook post, he called Malaysia’s actions “provocative and unacceptable”, but said that “above all, we must maintain good relations and resolve this issue in a peaceful and diplomatic manner.”

Read related: Coping with KL: Does Heng Swee Keat even know how to speak Malay?

https://theindependent.sg.sg/coping-with-kl-does-heng-swee-keat-even-know-how-to-speak-malay/

 

Singapore-Malaysia: Let’s really build ‘win-win’ neighbour relationship

0

GOOD neighbours must always promote win-win relationship and in the case of the ongoing rising hiccups between Singapore and Malaysia, one wonders who should give way.

To sincerely advocate a harmonious long-term relationship, both countries must shake hands to demonstrate its neighbourliness once more. Malaysia, must be the good neighbour it expects Singapore to be.

As the competition hots up at either ends of the Causeway with the time-honoured neighbours, Malaysia through its Johor State Women and Tourism Development Committee chairman Liow Cai Tung admitted that Singaporeans form the core of tourist and international arrivals to Johor.

The thumbs-up: A whopping 5.6 million visitors recorded in the first six months of this year.

She said the figure was followed by arrivals from Indonesia (690,998), China (386,778), Philippines (157,594), India (101,750), Japan (59,901), South Korea (62,474) and Thailand (47,758).

“Tourists and visitors from other countries include the United Kingdom (27,133), Australia (30,548), Brunei (4,918) and other nations (351,784) that were recorded from January to June this year,” said Ms Liow, adding that Johor had a total of 7.52 million international visitors to the state via 14 entry points during the same period.

SINGAPOREANS FIRST IN JOHOR

She made the figures known in reply to Cheo Yee How (PH-Perling) on his question on the statistics of the influx of tourists to the state at the Johor state assembly in the Sultan Ismail Building in Kota Iskandar.

Ms Liow, who is also the Johor Jaya assemblyman, said that based on observation, five main districts in Johor visited by domestic and international tourists are Johor Baru, Kota Tinggi, Mersing, Pontian and Muar.

“The state government, through Tourism Johor, found that most domestic and international tourists entering the state were mainly for vacation, relaxation, shopping, entertainment, food, medical treatment, attending meetings or seminars and visiting friends or relatives,” she said.

In recent months, Malaysia-Singapore relations turned particularly acrimonious as Malaysia accused Singapore of profiteering from the purchase of water from Johor at a low price and the sale of treated water back to Johor at a high price. Malaysia also alleged that Singapore’s port reclamations around Tuas would affect the development plans of southern Johor.

Malaysian Prime Minister Tun Mahathir Mohamad’s administration also had disagreements with Singapore on airspace rights, joint military exercises, a cross-border stock market and land links between Singapore and Johor.

But in the latest Causeway row, with the harshest-ever words ever used in recent months, Singapore stands by its ground rules that sovereignty cannot be compromised, says Transport Minister Khaw Boon Wan.

“Singapore cannot allow our sovereignty to be violated, or new facts on the ground to be created,” affirmed Mr Khaw. “Therefore, if it becomes necessary, we will not hesitate to take firm actions against intrusions and unauthorized activities in our waters to protect our territory and sovereignty.”

Yes, there’s no need to get your hung-out bag ready just yet, though. Malaysia has proposed that officials from both sides meet to work it out, which Singapore has agreed to and will follow up.

FIRM SINGAPORE STAND

“Leave our waters while we pursue sit-down dialogues to resolve it,” he reiterated, expressing displeasure about the 14 intrusions Malaysian vessels have made into Singapore’s territorial waters off Tuas. He also showed a clip of The Republic of Singapore Navy and coast guard issuing repeated warnings to trespassing Malaysian government vessels.

Mr Khaw made it adamantly clear: “We still seek good bilateral relations and hope we can work together to find an amicable solution to these issues. When our national interests are challenged, we have to quietly but firmly stand our ground and stay united as one people.”

End of the day, neighbourly hiccups aside, good economics may be a smart reason to. David Hume, an 18th century Scottish philosopher, historian and economist, addressed the subject of prospering from one’s neighbours in his essay Of the Jealousy of Trade.

“Nothing is more usual, among states which have made some advances in commerce, than to look on the progress of their neighbours with a suspicious eye, to consider all trading states as their rivals, and to suppose that it is impossible for any of them to flourish, but at their expense,” Hume wrote.

“In opposition to this narrow and malignant opinion, I will venture to assert, that the increase of riches and commerce in any one nation, instead of hurting, commonly promotes the riches and commerce of all its neighbours; and that a state can scarcely carry its trade and industry very far, where all the surrounding states are buried in ignorance, sloth, and barbarism.”

Hume was writing, at the time, of Great Britain’s relations with its neighbours: Germany, Spain, Italy and France. He said he prayed for “flourishing commerce” in those nations and suggested that all would benefit from sovereigns and ministers adopting “enlarged and benevolent sentiments towards each other”.

NEIGHBOURS AT ODDS

Singapore and Malaysia are not the only neighbouring countries or trade partners at odds with each other. The US and China recently announced additional tariffs on trade with each other. The UK is trying to leave the European Union. And there is growing rivalry between Hong Kong and Shenzhen.

Such positions arise from the misconception that economics is a zero-sum game. US President Donald Trump appears to believe that China is unfairly profiting by flooding the US market with cheap steel or cars.

Likewise, some Singapore netizens may think giving Malaysia a leg-up may one day lead to the latter’s achieving greater prosperity at Singapore’s expense.

The big Causeway question: Is it possible for neighbours to build win-win relationships?

With the verbal-warring going on, it is right time for both Singapore and Malaysia to demonstrate the refreshing qualities of good neighbourliness once more.

It must be a win-win situation and Malaysia must be the good neighbour it expects Singapore – who cross over the Causeway in the largest record numbers in latest official statistics – to be.

ALSO READ:- IDENTITY POLITICS: Malaysia going down a slippery slope

Amos Yee is now apparently offering lessons on pedophilia

According to a thread on Reddit, a discussion website, Amos Yee has been “running a pedo-friendly discord server for the past few weeks”. Yee, who has been almost non-existent on social media for the past few months recently resurfaced with word of pedophilia lessons he now allegedly offers.

While Yee’s Facebook page no longer exists, and has been taken down, in a post on Sunday, December 9, in the evening, he wrote, “I’ve been running a pedo-friendly discord server for the past few weeks and I’m looking for new members. This discord server is not open to the public so if you’d like to join, private message me here on Facebook with a small intro of yourself (your views on pedophilia, your political views, how big of an Amos Yee fan you are), and if you’re cool I’ll pop you a link. This is the a description of the server:

‘Magnolia 2.0 is a Pedo-friendly discord server run by Amos Yee and Kokichi Oma. This…”

On Reddit, a full description of Yee’s pedo-friendly discord server was found. It read that “Amos actively tries to find a recruit new members into this server (either people who already defend pedophiles or are open-minded to have their mind changed about the topic, about 5-7 new people a week (maybe more in the future)) so number of members don’t remain stagnant and more new people can engage in the discussion on pedophilia”.

It also added that Yee offered “lessons on pedophilia to people where Amos will teach members about the positions of pedophiles and hopefully make them motivated to start speaking up for them, or existing pedo defenders can learn debate tactics and how to sound more convincing when putting forth an argument”.

On his own Facebook page, Yee also explained, that he did not want to produce videos or content on Singapore-related topics such as politics and culture anymore, and instead wanted to prioritise his time to focus on western politics such as Pedophilia or Socialism.

His Twitter page also boasted rather shocking posts. One post, which was re-posted on Reddit had an image of a girl who looked to be about ten years of age. It was captioned by account @TheAmosYee as, “How does one not become a pedophile?”

Netizens who commented on Reddit were not fans of Yee and heavily criticized him.

________________________________________________________________________

[email protected]

Ho Ching remarks to Senior member of Mahathir’s party: “Chill, man”

Even though a supreme council member of Malaysian Prime Minister Tun Dr. Mahathir bin Mohamad’s party, has said that Singapore will get “pain by a thousand cuts” for its position on the maritime dispute with Malaysia, Ho Ching has replied rather coolly on Facebook.

The Chief Executive Officer of Temasek Holdings and Prime Minister Lee Hsien Loong’s wife took on Dr Rais Hussin, who is the head of Parti Pribumi Bersatu Malaysia’s (PPBM) policy and strategy bureau. Dr Rais said that said that Singapore will get “pain by a thousand cuts” for its position on the maritime dispute with Malaysia, and that the Republic will gain nothing “by hardening its stance” against its neighbour.

In response, Ho Ching shared an article by TODAY, and casually remarked, “Chill, man”.

This was rather unusual as while the head of Temasek is very active on the social media platform, she rarely adds comments to the posts she shares.

https://www.facebook.com/permalink.php?story_fbid=994986414022526&id=100005335308340

In a piece published on Malaysian media sites, Dr Rais added that Singapore needed to “smarten up”.

He said, “It helps not to turn a spat into a spar. Because then what? Fight and tear at each other’s faces? Everyone knows that wars are meant to make orphans of children”.

Retired Singaporean Diplomat Bilahari Kausikan also commented on the article by TODAY, and said that Dr Rais’ reaction was very typical. He wrote, “Very typical — what they expect is subordination of our interests to their interests”.

https://www.facebook.com/bilahari.kausikan/posts/2256728917917858

“They have not given up, and never will, trying to tame or domesticate (menjinakan) Singapore, because unless they do so, the intrinsic short-comings of a system based on the dominance of a particular race will be highlighted, particularly since we do better with a different system”.

He ended his post saying that Singapore should not concede to her neighbour’s demands, that, “if we accept a subordinate position, can we prosper? Is existence by the leave and favour of some other country acceptable? That is what this character’s demands amount to”.

“This is the essential reason why a small country should never behave as a small country, that is behave in a way bigger neighbours demand”, Mr Kausikan said.

ALSO READ:- IDENTITY POLITICS: Malaysia going down a slippery slope

________________________________________________________________________

[email protected]

Baby on motorbike gets decapitated in front of mother and granny after headscarf gets trapped in wheel

A 19-month-old baby boy was horrifically decapitated when a head scarf covering his head became entrapped in the wheel of the motorcycle his grandmother had been riding in a horrific accident on 2 Dec, in Northern Samar, Philippines.

The infant, named Prince Calot, was in the arms of his mother, 25-year-old Lorna Stephanie Nueva, who was riding pillion while Lorna’s mother, 45-year-old Rosita Tejano was steering the Honda XRM bike. The trio were returning home from a doctor’s appointment and the little boy was wearing a long yellow silk scarf on his head – to keep the sun and wind out of his face.

As the trio made their way, the scarf drifted into the gears of the motorcycle, tightening around the baby’s neck and flinging the baby to the ground. The sudden action severed the baby’s head in front of his mother and grandmother before they could act.

Passers-by crowded around the devastated grandmother and mother who was cradling the body and head of her baby – still wrapped in the yellow scarf. Although Lorna wailed and pleaded for help, emergency services who responded to the scene pronounced her boy dead.

This is the second tragedy in recent years to have hit Lorna and her family after her eight-year-old daughter drowned in a river in their home village two years ago, in 2016.

The heartbroken mother told the press: ”I don’t know how it happened. I gave my boy the scarf to stop him from getting chills while we rode and to keep the sun away from his head. I was holding him and my mother was riding at the front. It happened so fast and I couldn’t hold him. He was pulled down.”

The police could charge both Lorna and Rosita with violating Republic Act 10666 or An Act Providing For the Safety of Children Aboard Motorcycles and for reckless imprudence resulting in homicide. Investigations are ongoing.

Singapore is Asia third most expensive city to secure luxury property

0

Singapore has been ranked as Asia’s third most expensive city to secure luxury property revealed the latest Julius Baer Lifestyle Index.

The report which also revealed that Singapore has been ranked as Asia’s second most expensive city to maintain an upscale lifestyle, said that it rose one spot in the rankings partly due to the stronger Singapore dollar and an improvement across the board in price rankings of luxury goods and services.

“Our basket of goods and services in Singapore rose by 5.4% y/y in USD terms, led by strong price increases in golf club membership (+26.1%) and hotel suite (+11.8%). As our country club no longer issues new memberships, prices were driven by the auction market, resulting in its rise. Overall, Singapore’s performance was a better result than the index’s +2.9%.

On a price-weighted basis, Singapore is now the second most expensive city in Asia. Unsurprisingly, it is the most expensive city to purchase a car, owing to heavy levies and duties on automobile purchases.

It is also the third most expensive city to secure luxury property.

Individuals looking to enjoy an evening out at a two Michelin-starred restaurant would also be forking out the highest prices in the region.

One would be hard-pressed to find a bargain in Singapore, albeit pianos (4th cheapest regionally) and jewellery (5th cheapest regionally) are relatively price competitive compared to the rest of the region.

Named the most liveable city in Asia and ranked second pertaining to ease of doing business, Singapore remains an appealing choice for both talents and investments. Yet, as an open economy, mounting pressure from the trade dispute between two of Singapore’s most important trading partners China and the US could affect Singapore’s exports.

Singapore’s economy is projected to grow at a pace of 3.0% in 2018 and slow to 2.5% in 2019. Consumer prices will be boosted by increasing energy prices, from a projected 1.0% in 2018 to 1.5% in 2019.

We have a neutral view on the Singapore dollar shorter term but are bullish longer term. In the short run, a strengthening USD, worsening trade spat and China’s economic slowdown will be a drag on the SGD. However, in the longer term, we believe strong fundamentals and greater economic productivity will support the SGD.”

secure luxury property
Image credit: Pixabay

The report by Julius Baer comes that Singapore is the third most expensive city to secure luxury property comes after Knight Frank’s 3rd Quarter 2018 Prime Global Cities Index said that luxury property prices in Singapore surged to become the world’s fastest appreciating market globally.

Mortgage Broker Singapore – Should I use one?

The Knight Frank report said that in the last year, the price of a luxury property increased by 2.7% on average across the 43 cities it tracked and that this represents the index’s weakest performance in annual terms for almost six years.

Luxury property prices in Singapore leads the index with prime prices up 13% over the 12-month period.
The luxury property prices increase is driven by the limited availability of prime properties and a strong market outlook in the first half of 2018. The research noted that Hong Kong and Singapore, Asia’s two premier cities, have traded places in the luxury property prices tracking index last year.

“Both cities saw cooling measures introduced over the summer months and, although the rate of annual price growth in Hong Kong has already slowed to 5.5%, Singapore may not be far behind with its quarterly growth weakening to 1.7% in the third quarter of 2018,” said the research.

The same Knight Frank research said Europe’s performance is mixed compared with a year ago. Some European cities are still performing strongly (Edinburgh and Madrid), others have swapped spectacular for steady (Berlin and Paris), whilst for a few, price growth remains in negative territory (London and Dublin).

In London, the ability to secure luxury property improved with luxury property prices dipping 2.9% in the last year as uncertainty around Brexit continued.

List Sotheby’s compiles list of neighbourhoods for super-rich in Singapore

“This trend has been exacerbated by a growth in supply as more landlords attempted to sell their property following tax changes,” said the Knight Frank research. Adding: “The index’s headline figure of 2.7% growth conceals significant variations both within continents and even within countries.”

The rate of growth of luxury property prices has declined for three consecutive quarters and has now reached its lowest rate since Q4 2012, said Knight Frank’s research. Adding that a combination of uncertainty surrounding Brexit, rising interest rates across major economies, a tighter regulatory environment and the remnants of high supply in some markets is impinging on price growth.

How to Secure a Home Loan Quickly

Are you planning to secure luxury property but ensure of funds availability for purchase? Don’t worry because iCompareLoan mortgage brokers can set you up on a path that can get you a home loan in a quick and seamless manner.

Our brokers can help you secure luxury property as we have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for best home loans or to find the best rates for your refinancing needs, our Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

Singapore property investor flies in just to buy Melbourne home for $135,000 above reserve

0

The house in Melbourne was sold at AUD135,000 above reserve to a Singapore property investor who flew in and out from the Republic on the same day the property went under the hammer.

A house in Hawthorn has been sold $for 135,000 above reserve to a Singapore property investor who flew in and out from Singapore on the same day the property went up for auction.

Singapore property investor
Image credit: Jellis Craig Richmond

Elliot Gill, Partner & Auctioneer at Jellis Craig Richmond, said that two parties were expected to bid on the three-bedroom house at 29 Sercombe Grove, Hawthorn, but shortly after the auction opened with a AUD1.3 million offer, a surprise third and fourth bidder emerged.

Mr Gill said that two of our four bidders first saw the property on the day of the auction and that the unexpected competition quickly pushed the home past its AUD1.4 million reserve and only paused long enough for the property to be called on the market at $1.45 million.

“We thought it could get to $1.4 million, but over $1.5 million, we are very happy with. “We didn’t think it would get to that level, but the property was attractively priced and in a good spot,” Mr Gill said.

The unnamed Singapore property investor had not seen the home before, said Mr Gill; adding that the buyer had only arrived in Melbourne a few hours ahead of the auction.

“The buyer has flown in from Singapore in the morning and was flying out in the afternoon. He went to another property that he almost bought, but ended up coming to ours and bought it.”

According to Mr Gill, the Singapore property investor was headed back to Singapore later in the afternoon.

Three other bidders for the Australian auction property included a pair of investors and a family. The double-storey weatherboard house is attractively located with a short walk from schools, shops and eateries. The house which was sold to the Singapore property investor has two living areas look onto an outdoor entertainment space, and the home comes with off-street parking.

Singapore may now be the biggest foreign investor in Australian property, but the Australian banks have recently tightened their lending on housing loans.

Mr Paul Ho, chief mortgage consultant at iCompareLoan, commenting on housing loans in Australia said:

“Australians have it so much better than Singaporeans in Singapore when it comes to properties. Not only do they have nicer, bigger homes, they also have easier financing options such as interest-only payments. Untold wealth has been obtained from buying properties to rent out, so it is not only Asians that are crazy with property.”

Scenario of Investing in Australian property: 

For example an AUD$1,250,000 property with 80% loan of AUD$1,000,000 property that is rented out for AUD $1,000 a week will get you AUD $4,000 a month.

Interest rates at 4% per annum equals to $3,333 per month Interest.

As an investor, you have a monthly cash flow of: –

  • $4,000 – $3,333 = $667

Most banks in Australia can offer between 70% to 80% loan. Several can offer 85% to 90% loan. Many banks are specifying that for “Interest only” loans only for “Owner occupied” units. This reduces the risk of default for the banks as these are genuine demand for the houses as the owners are occupying the houses.

At an Interest rate goes up to 5% per annum equals to $4,166 per month interest: –

  • $4,000 – $4,166 = -$166

Singapore’s Love Affair with Australia

Singaporeans love the space the nature and the 4 seasons of Australia. Many Singaporeans further their studies in Australia or consider Australia as their second homes.

Borrowing in Australia is becoming more difficult, only the best credit profiles could borrow in Australia providing that they have residency status. Lending to non-residents have become as rare as the extinct dinosaur.

While Australia has started to tighten their lending, Singapore banks are still selectively lending to Australian property purchases for Singaporeans or Permanent residents who is a tax resident in Singapore.

With Australian banks tightening lending, some defaults and hardships may start to appear. However the problem is not yet severe as long as employment remains strong.

While many countries have started to tighten lending, Singapore banks have already tightened lending since 2013 based on MAS’ restrictions. But perhaps Singapore may remain as a relative lending bright spot amidst tightening in Australia, Hong Kong, Malaysia, China.

A 2016 census showed that migrants now comprise up to 60 per cent of residents in some Perth suburbs as the city continues to be transformed by new arrivals. Foreign-born concentrations led by people from India and Malaysia are growing in middle-class suburbs, while more Chinese are moving into wealthy suburbs closer to the CBD.

How to Secure a Home Loan Quickly

iCompareLoan’s Overseas Property Finance solutions may provide a simple and flexible way for investors from Singapore to purchase or refinance properties in Australia. They may also allow such investors to take advantage of investment opportunities by borrowing against their existing properties.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.