10 Ways to Save Money on Your Mortgage: Bank Rate Comparison Guide
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 ways to save money on your mortgage, focusing on current 2026 rates to help you reduce mortgage costs and lower home loan payments.[1][2]
At Homejourney, we prioritize your safety and trust by verifying real-time rates from all major banks, so you can make confident decisions. Use our bank rates page to compare instantly and apply via Singpass for faster approvals. This cluster builds on our pillar 10 Ways to Save Money on Your Mortgage in Singapore, diving deep into rate comparisons.10 Ways to Save Money on Your Mortgage in Singapore | Homejourney
Why Bank Rate Comparison Matters in 2026
Singapore mortgage rates have dropped to 3-year lows in 2026, with fixed rates as low as 1.45% for promos and floating SORA-based rates around 1.55% plus spreads.[2][3] A 0.25% difference on a S$800,000 loan saves over S$2,000 yearly. Banks like Maybank offer 2-year fixed at 1.65%, beating HDB's 2.6% rate, making bank loans attractive for HDB upgraders.[3][4]
Homejourney's real-time comparison tool shows DBS at 1.75% for 2-year fixed, OCBC at 1.65%, and promos from partners like Standard Chartered at 1.68%.[2] Always check lock-in periods and penalties to avoid hidden costs.
10 Ways to Save Money on Your Mortgage
Here are actionable mortgage savings tips tailored for Singapore buyers, with bank-specific examples. Follow these to cut interest costs effectively.
- Compare Rates Across All Banks on Homejourney: Use our bank-rates page to see DBS (1.75% 2-yr fixed), OCBC (1.65%), UOB, HSBC (1.70%), Maybank (1.65%), and more side-by-side. One application lets banks compete for you.[2]
- Switch from HDB to Bank Loans Now: HDB's 2.6% rate is higher than bank promos at 1.45%-1.70%. DBS POSB HDB reprice at 1.55% saves S$500/month on average loans.[3]
- Opt for Fixed Rates in Low-Rate Environment: Lock in 1.48%-1.70% for 2-3 years from promo banks or HSBC. Avoids SORA volatility.[1][2]
- Time Repricing Post-Lock-In: Reprice every 2 years without penalties. Ms. Denise Chan saved S$500/month repricing DBS to 1.6%.[3]
- Choose Shorter Lock-Ins for Flexibility: 1+1 year fixed at 1.55% allows quick switches if rates drop further.[2]
The chart below shows recent interest rate trends in Singapore:
As seen in the chart, SORA has stabilized low, favoring floating rates post-fixed periods but fixed for certainty now.[1][8]
- Leverage Promo Rates for New Purchases: Resale condos get 1.45% EMI fixed from promos, better than DBS 1.65%.[2] Check eligibility on Homejourney's mortgage calculator.
- Negotiate with Multiple Offers: Submit via Homejourney to get competing bids from DBS, OCBC, UOB—banks often beat quotes.
- Minimize Loan Tenure for Lower Total Interest: Shorter loans (20-25 years) reduce costs, especially with low rates. Use our calculator to model.
- Refinance HDB Flats Strategically: Bank rates beat 2.6%; but note no return to HDB loans. Ideal for stable incomes.[3][4]
- Track SORA + Spreads for Floating Loans: Best at 1.55% Year 1; spreads 0.25%-0.40%. Monitor on Homejourney.[8]
Bank-by-Bank Comparison: Key Rates and Tips (Feb 2026)
| Bank | Best Fixed Rate (2-Yr) | Best For | Pros/Cons |
|---|---|---|---|
| Maybank | 1.65% | Refinance | Competitive promos; check penalties[2] |
| HSBC | 1.70% | New Buys | Flexible; good for expats[2] |
| DBS | 1.75% | HDB | POSB 1.55% no early repayment fee[3] |
| OCBC | 1.65% | Condos | Strong customer service[2] |
| Standard Chartered | 1.68% | Floating | Low spreads[2] |
Compare full details including UOB, CIMB, RHB on Homejourney. Rates effective Feb 2026; subject to change.[1][2] For personalized advice, use Singpass on our platform—auto-fills docs for quick approvals.
Actionable Steps to Implement These Savings
1. Visit Homejourney bank-rates and input your loan amount.
2. Use the eligibility calculator to check borrowing power under TDSR.
3. Apply once via multi-bank system; receive best offers.
4. Pair with CPF strategies from our guide Using CPF to Reduce Mortgage Burden.使用CPF减轻房贷负担完整指南 | Homejourney新加坡2026
Disclaimer: Rates fluctuate; consult Homejourney mortgage brokers for tailored advice. Homejourney verifies data for your safety.
FAQ: Mortgage Savings Tips
How much can I save comparing banks on Homejourney?
Up to S$500/month switching to 1.6% from 3%, or 0.25% difference saves S$2,000/year on S$800k loan.[3]
Is now a good time to refinance HDB to bank loan?
Yes, with banks at 1.45%-1.75% vs HDB 2.6%. Use our tool to confirm.[3][4]
What’s better: fixed or floating in 2026?
Fixed for stability (1.48%-1.75%); floating for potential drops post-SORA trends.[1][8]
Can I apply to multiple banks easily?
Yes, Homejourney's one-click multi-bank application with Singpass speeds it up.
How often should I reprice?
Every 2-3 years at lock-in end to capture promos.[3]
Start saving today—compare rates on Homejourney and find properties within your budget. For more, read our pillar 10 Ways to Save Money on Your Mortgage in Singapore. Trust Homejourney for transparent, verified mortgage guidance.10 Ways to Save Money on Your Mortgage in Singapore | Homejourney
