Since July 2022, I received 4 emails from my bank on the revision of my amount of mortgage installments. Of which, the interest rate rose by 1% progressively:
Before July 2022: 3.15% to 3.40%
Sep 2022: 3.40% to 3.65%
Nov 2022: 3.65% to 3.90%
May 2023: 3.90% to 4.15%
So, 1% increase in interest rate may seem inconsequential. But, if I put that into the interest costs based on the size of my mortgage, it would be an extra RM 1k a year for every RM 100k in outstanding mortgage balance.
But, this 1% increase can also impact you if you have other types of loans which are more expensive. So, how are you coping with their loan repayments?
Therefore, I have invited Ng Ka Hoe, Founder of J Advisory to share about:
– A Case study on saving RM 1k/mth & RM 1k in interest in less than 60 days.
– A Loan interest calculation that 80% of Malaysians aren’t aware of.
– Two Differences in interest calculation
