Property Purchase Update
The bank finally approved the finance today. The terms are sightly better than originally offered:
Gearing:70% on purchase price
Term: 20 years
Interest Rate: HIBOR = 0.65% or Prime - 3% whichever is the lower
HIBOR: one month fixings
Cash back: 0.6% of loan
Early repayment penalty: 3%, 2%, 1%
Each time I have taken out a loan in Hong Kong, the terms seem to get better and better. Completion is next Friday. I have approved the budget and works for the refurbishment but am holding out until early next week in the hope of trying to negotiate slightly better pricing.