10 Ways to Save Money on Your Mortgage: Bank Rate Comparison Guide | Homejourney
Saving money on your mortgage starts with smart bank rate comparisons across Singapore's major lenders like DBS, OCBC, UOB, HSBC, and more. This guide outlines 10 actionable ways to reduce mortgage costs, lower home loan payments, and cut interest expenses, tailored for HDB buyers, condo investors, and refinancers in 2026.[1][2]
At Homejourney, we prioritize your financial safety by verifying real-time rates from all major banks, helping you make trusted decisions without the hassle of multiple applications. Use our bank rates comparison tool to instantly see the best deals and apply via Singpass for faster approvals.
Why Bank Rate Comparison Matters in Singapore's 2026 Market
Singapore's mortgage landscape in 2026 features competitive fixed rates starting at 1.48% for the first two years and floating SORA-linked options tracking lower benchmarks.[1][2] With SORA easing to around 2.63% for 3-month averages, timely comparisons can save thousands over your loan tenure.[3]
Homejourney simplifies this by aggregating rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank. Our platform lets banks compete for your business, delivering the lowest offers directly to you.
This cluster builds on our pillar guide, 10 Ways to Save Money on Your Mortgage & Boost Approval Odds | Homejourney ">10 Ways to Save Money on Your Mortgage & Boost Approval Odds, focusing on rate shopping tactics for maximum mortgage savings tips.
10 Ways to Save Money on Your Mortgage
Follow these steps to save money on your mortgage and reduce mortgage costs effectively.
- Compare Rates Across All Major Banks on Homejourney
Start with Homejourney's real-time comparison of DBS (1.75% 2-yr fixed), OCBC (1.65%), UOB, HSBC (1.70%), and promo rates as low as 1.48%.[2] Switch to our bank-rates page to see effective rates including spreads. - Choose Fixed Rates for Initial Stability
Lock in promo fixed rates under 1.8% for 1-3 years to shield against SORA fluctuations, ideal for HDB upgraders.[1] DBS and Maybank offer competitive 2-yr fixed at 1.65-1.75%.[2] - Opt for SORA-Linked Floating Rates When Trends Favor It
With 3M SORA at ~2.63%, floating rates can undercut HDB's 2.6% fixed rate.[2][3] Track trends on Homejourney before committing.
The chart below shows recent interest rate trends in Singapore:
As seen in the chart, SORA has trended downward, making now a prime time for floating rate switches.[3] Continue with the remaining strategies below.
- Time Your Application During Promo Periods
CNY and year-end promos from Standard Chartered and Maybank drop rates to 1.50-1.60%.[2] Check Homejourney daily for updates. - Leverage Multi-Bank Applications via Homejourney
Submit one form on our platform to get offers from DBS, OCBC, UOB simultaneously – no multiple credit checks. Use Singpass for instant auto-fill. - Calculate Eligibility First with Our Tool
Avoid overborrowing under TDSR rules. Test scenarios on Homejourney's mortgage calculator to ensure payments stay below 30% of income. - Refinance if Your Rate Exceeds Market Average
If above 2.6%, compare bank loans vs. HDB. Homejourney streamlines refinancing with no-fee comparisons.[1] - Make Partial Prepayments Strategically
Learn more in our guide: Partial Prepayment vs Lump Sum: Which Saves More via Homejourney ">Partial Prepayment vs Lump Sum: Which Saves More?. Many banks allow 20-40% prepayment penalty-free. - Negotiate Better Spreads for Larger Loans
For $500k+ loans, banks like HSBC offer tighter SORA + 0.35% spreads. Let Homejourney's brokers negotiate for you. - Bundle with Other Services for Discounts
OCBC and DBS reward existing customers with rate cuts. Pair with property searches on Homejourney property search. - Monitor Repricing Windows
Reprice every 2-3 years without penalties. Homejourney alerts you to optimal times based on live SORA data.
Bank-by-Bank Comparison Snapshot (Jan 2026)
| Bank | Best Fixed Rate (Yr 1-2) | Best For |
|---|---|---|
| Promo/DBS | 1.48-1.75% | HDB Refinance |
| OCBC/Maybank | 1.65% | Condo Buyers |
| HSBC/SCB | 1.68-1.70% | Investors |
Rates vary by profile; always verify on Homejourney bank-rates.[2] Disclaimer: Rates are indicative as of Jan 2026 and subject to MAS regulations, borrower eligibility, and bank approval. Consult Homejourney mortgage brokers for personalized advice.
Actionable Steps to Implement These Savings
1. Visit Homejourney bank-rates and input your details.
2. Use Singpass to apply to top 3 banks instantly.
3. Run affordability checks with our calculator.
4. Connect with our brokers for negotiation support.
5. Pair savings with property hunting on property search or maintenance via Aircon Services ">aircon services.
These steps can lower home loan payments by 10-20% through better rates and terms.[1]
FAQ: Mortgage Savings Tips
Q: How much can I save by comparing bank rates?
A: Switching from 2.6% HDB to a 1.65% bank promo on a $500k loan saves ~$5,000 yearly.[1][2]
Q: Is now a good time to refinance in 2026?
A: Yes, with SORA at 2.63% and fixed promos under 1.8% – check Homejourney for your eligibility.[3]
Q: What documents do I need for multi-bank applications?
A: Singpass auto-fills most; add income proofs and property docs. Processing takes 1-3 days on Homejourney.[2]
Q: Can first-time HDB buyers get promo rates?
A: Absolutely – compare on Homejourney against HDB's 2.6% for the best fit.[1]
Q: How does Homejourney ensure rate accuracy?
A: We verify data directly from banks in real-time, prioritizing your trust and safety.
Ready to cut interest costs? Start comparing on Homejourney bank-rates today and unlock exclusive offers. For full strategies, read our pillar: 10 Ways to Save Money on Your Mortgage & Boost Approval Odds | Homejourney ">10 Ways to Save Money on Your Mortgage. Homejourney – your safe path to property success.
