Every home loan. At half the cost.
MortgageOne® Helps You Own Your Home In A Flexible Way
At Standard Chartered, we understand that you want to give your family extra space. That's why we have MortgageOne®, a one-stop financial management tool that puts the savings, payroll, current and mortgage account features all under one roof, helps you own your home in a flexible way.
Half Your Interest Cost1
You can save on mortgage interest payment because your mortgage interest is calculated on the outstanding loan principal of the month minus your deposits.
Daily computation of interest ensures that every dollar deposited goes towards reducing your interest payment.
So any amount you deposit into your MortgageOne®– whether it is your salary or spare cash - goes directly towards reducing your outstanding net balance. This means that the amount of interest you pay decreases, so does your effective interest rate. Every dollar you deposit into your account therefore, works harder to save you money.
Half Your Loan Term1
By paying less interest every month, you're able to apply more of your deposit balance to pay off the outstanding loan principal. This way, it takes you much less time than it takes to payoff a conventional mortgage. The faster you payoff the loan, the sooner you'll own your home.
Enjoy Greater Flexibility and Withdraw Your Deposits Whenever
You Want
By allowing you to withdraw your deposits whenever you want, MortgageOne® also works like a 'stand-by credit line.' You can withdraw whenever investment opportunities arise. Alternatively, you can also deposit your salary directly into your MortgageOne® which will reduce your outstanding net balance, saving you more in interest cost.
1-Hour Approval Service2 For MortageOne® Customers
Your mortgage application will be proceeded in just an hour. Owning your home is a snap with MortageOne®!
Payment Holiday3
If you want to have a well-deserved holiday, buy a new car or grasp a lucrative investment opportunity, you can even apply for a 'Payment Holiday'², where you can stop paying your monthly instalment for a short period.
Consolidated Monthly Statement All At A Glance
You will receive a consolidated monthly statement, in which each transaction in your savings, current and mortgage account will be clearly stated for easy reference. You can also see the amount of interest saved and interest paid — all of which helps you manage your finances more effectively and more efficiently.
MortgageOne® vs Conventional Mortgage Plan
| Conventional Mortgage Plan | MortgageOne® | |
| Account mode | General mortgage service and annual statement. | Puts the mortgage, savings, payroll and current account features all under one roof. You get the convenience of a single Consolidated Monthly Statement and an Annual Summary Statement. |
| Saving interest cost | Monthly interest is calculated on the outstanding principal at the beginning of the month. | Daily interest is calculated on the outstanding loan principal of the month minus your deposits. |
| Partial repayment | Depends on the terms of mortgage. Additional interest and/or penalty may be required. |
Partial repayment is not necessary. Your deposits are already helping you to save on interest. They work just like a partial repayment. |
| Greater flexibility | You can apply for cash-out refinancing or partial repayment, however, it is subject to the Bank's approval and the relevant terms and conditions. | Works like a 'stand-by credit line.' You have total control in repayment and withdrawal of cash anytime. |
Testimonial
Alfred & Shirley, newly married — Excited about the flexibility MortgageOne® has to offer.
"Alfred and I are very adventurous by nature. When we got married a year ago we spent our honeymoon in the Australian outback and were the only two in our group who went for the bungee jump challenge and to climb Ayers Rock. Anyway, we committed ourselves to a new apartment about a month ago and chose to finance it through Standard Chartered's MortgageOne®. We chose MortgageOne® because it offers the financial flexibility we were looking for. As you can imagine, with interests like ours, we were especially attracted to the stand-by credit line feature, which allows us to withdraw money from MortgageOne® whenever the need arises. This way, Alfred and I will not have to miss out on investment opportunities or put off our sky diving trip!"
Mr & Mrs Cheung(Emily) & their son(Bosco) — Happy to refinance their home with MortgageOne®
"Like many couples, Emily and I bought our apartment and financed it with a conventional mortgage loan, when we got married 4 years ago. Then we were blessed with baby Bosco, our expenses increased and we needed to better plan for our future. We decided to talk to Standard Chartered. After being shown clearly and simply how it all worked, we decided to refinance with MortgageOne®. Under this flexible plan, whenever we have extra money, we will deposit it into our MortgageOne®. By doing that , we can manage to settle our loan in 13 years and save 60% in interest."
Example
Loan size: HK$2,000,000.
A sum of HK$280,000 is deposited into MortgageOne® upon loan drawdown date. A monthly deposit of HK$4,000 is credited into the account.
| Conventional Mortgage Plan | MortgageOne® | |
| Interest calculation of the loan | Deposits and mortgage are kept under separate accounts with different rates | Deposits and mortgage are |
| Interest rate (p.a.) | P-2.8%=4.95% | P-2.65%=5.1% |
| Total interest payment |
HK$1,490,084 | HK$593,217 |
| Tenor | 300 months | 147 months (save 51%) |
Frequently asked questions
- Is MortgageOne® suitable for me?
- Yes. Anyone who wants to maximise their interest savings and be free of their mortgage debt sooner should take up MortgageOne®.
- How do I enjoy MortgageOne® if I don't have a large sum of cash?
- You don't need to have a lot of spare cash to benefit from MortgageOne® Interest savings and shorter loan tenor can be achieved through regular deposits like salary and nominal initial deposits.
- How is MortgageOne® better than a conventional mortgage?
- It can save actual interest cost because interest is calculated on the outstanding loan principal each month minus your deposits. It also allows greater flexibility in repayment and withdrawal of cash anytime.
- Is MortgageOne® suitable for me?
- There is no need for you to redeem the mortgage facility.
You can keep your MortgageOne® working just like a "stand-by credit line".
- There is no need for you to redeem the mortgage facility.
- Is MortgageOne® suitable for me?
- You can withdraw money any time through an ATM or using cheques, subject to availability of funds in your account. No forms to be filled. Simple, quick and easy. That is why MortgageOne® works like a 'stand-by credit line' as well as a mortgage account - deposit when you can to save on interest and withdraw when you need it.
- Is MortgageOne® suitable for me?
- Visit any one of our branches and consult our Mortgage Consultant. We will work out the details for you.