10 Ways to Save Money on Your Mortgage: Bank Rate Comparison Guide | Homejourney
Saving money on your mortgage starts with comparing bank rates from DBS, OCBC, UOB, HSBC and more on Homejourney's trusted platform. In Singapore's 2026 market, where fixed rates dip to 1.30%-1.75% p.a. and SORA-based floating rates hit 1M SORA +0.25%, smart comparisons can cut your interest costs by thousands annually.[1][2][3] This cluster guide delivers actionable mortgage savings tips to reduce mortgage costs and lower home loan payments, building on our pillar 10 Ways to Save Money on Your Mortgage in Singapore.
Why Bank Rate Comparison is Your First Step to Mortgage Savings
Homejourney prioritizes your safety and trust by verifying real-time rates from all major banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank. Unlike HDB's fixed 2.6% rate, bank loans now average 1.4%-1.8% fixed for 2-3 years, saving up to S$4,100 yearly on a S$500k loan.[3] Use our bank rates page for instant comparisons – no sign-up needed.
Current trends show SORA at 1.2% lows, driving fixed and floating rates down.[3] The chart below shows recent interest rate trends in Singapore:
As seen, rates have halved since early 2025, making now ideal for refinancing or new loans.[3]
1. Compare Rates Across All Banks on Homejourney
Don't settle for your current bank's offer. Homejourney aggregates promo fixed rates like 1.48% (2yr) from top promos, 1.65% Maybank, 1.68% SCB, vs DBS 1.75%.[1] For HDB resale, floating starts at 1M SORA +0.30%.[1] Action: Visit Homejourney bank rates, filter by property type (HDB/condo/refi), and spot the lowest effective rate including spreads.
2. Switch from HDB Loan to Bank Financing
Bank rates beat HDB's 2.6% – e.g., OCBC 5yr fixed saves S$4,100/yr on S$500k.[3] DBS POSB HDB loans surged 13x in late 2025 at 1.55% 3yr fixed, no early repayment penalty.[3] Insider tip: HDB upgraders from Toa Payoh to new BTOs qualify if under income ceilings. Calculate savings on our mortgage calculator.
3. Time Your Refinancing with Rate Lows
Reprice when lock-ins end to avoid penalties. Ms. Denise Chan saved S$500/month switching to DBS 1.6% 2yr fixed.[3] Homejourney's multi-bank submission lets banks compete – apply once via Singpass for offers from DBS to Citibank. Link to our Pay Off Mortgage Faster guide for more.
4. Opt for Shorter Lock-Ins with Free Conversion
Choose 1+1 or 2yr fixed (1.45%-1.55%) over 3yr if planning sales.[1][2] Features like DBS FC36 (free conversion after 36m) or waivers on sale add flexibility.[2] Pros: Lock low rates now; cons: Potential hikes post-lock-in. Best for Punggol EC buyers eyeing quick flips.
5. Negotiate Cash Rebates and Subsidy
Secure S$2,000-S$2,800 rebates on refi for loans >S$1m.[2] Maybank, SCB offer S$2,300.[2] Homejourney brokers negotiate extras – apply via our platform for personalized deals. Minimum loans S$400k-S$2m apply.[2]
6. Pick SORA Floating for Long-Term Savings
1M SORA +0.25%-0.40% beats fixed long-term as SORA falls.[1][2] UOB, Maybank lead at +0.25%-0.27%.[1] Track live SORA on Homejourney – ideal for stable income professionals in Jurong HDBs.
7. Use Homejourney's Eligibility Calculator
TDSR caps borrowing at 55% income debt. Input salary, CPF on our calculator to max save money mortgage power. Example: S$10k household income affords ~S$1.2m loan at 1.5%.
8. Bundle with Bank Perks for Investors
Citibank, HSBC suit investors with operating company loans at 1.35% fixed (min S$1m).[2] Pair with wealth products for better spreads. Homejourney verifies eligibility instantly.
9. Submit Multi-Bank Applications via Singpass
One form on Homejourney auto-fills via Singpass, speeding approvals from OCBC to RHB. Receive competing offers – cut interest costs by 0.2%-0.5% p.a. Processing: 1-3 days docs, 1-2 weeks approval.
10. Monitor Trends and Reprice Annually
Rates near 3yr lows – don't miss.[6] Homejourney real-time updates alert you. For maintenance savings post-purchase, check aircon services. Search budgeted properties on property search.
Homejourney: Your Safe Path to Mortgage Savings
We build trust with verified data, Singpass security, and user feedback-driven tools. Disclaimer: Rates fluctuate; consult professionals. This isn't financial advice – past performance no guarantee. For full coverage, read our pillar 10 Ways to Save Money on Your Mortgage in Singapore.
FAQ: Mortgage Savings Tips
1. What's the lowest mortgage rate in Singapore 2026?
Fixed starts at 1.30%-1.35% for large loans; floating 1M SORA +0.25% (~1.36%). Compare on Homejourney.[1][2]
2. Should I switch from HDB to bank loan?
Yes if eligible – save up to S$4,100/yr, but can't revert and rates float post-fixed.[3]
3. How does Homejourney help cut interest costs?
Instant comparisons, multi-bank apps, Singpass – banks bid for you.
4. Best bank for HDB refinancing?
Promo 1M SORA +0.30% or DBS 1.65% 2yr fixed.[1]
5. When to refinance my mortgage?
At lock-in end or rate drops >0.5%. Use our calculator.
Ready to save? Start comparing on Homejourney bank rates today – lower home loan payments await.
