10 Ways to Save Money on Your Mortgage: Benefits of Applying via Homejourney
Applying for your mortgage through Homejourney can save you thousands in interest costs by comparing rates from DBS, OCBC, UOB, HSBC, and more in one place, while using Singpass for instant applications. This cluster article dives into 10 ways to save money on your mortgage, focusing on tactical tips for Singapore buyers to reduce mortgage costs and lower home loan payments. It builds on our pillar guide, 10 Ways to Save Money on Your Mortgage in Singapore | Homejourney, offering actionable steps for maximum mortgage savings tips.
Why Homejourney Maximizes Your Mortgage Savings
Homejourney prioritizes user safety and trust by verifying bank rates and streamlining applications, so you avoid pitfalls like hidden fees. Our platform's multi-bank submission sends one application to all major banks, saving time and securing the best offers. First-time HDB buyers or upgraders can calculate eligibility instantly at Homejourney's mortgage calculator, ensuring you cut interest costs from day one. In 2025, with rates softening to 2.40%-2.70% for fixed packages, timing is key[3].
1. Compare Rates Across Multiple Banks Instantly
Use Homejourney's bank rates page at https://www.homejourney.sg/bank-rates to view live rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, and others. A 0.25% rate difference on a S$500,000 loan saves over S$20,000 over 25 years. Homejourney aggregates these without bias, helping you pick the lowest save money mortgage option[1][3].
- Visit the bank rates page.
- Enter loan amount and tenure.
- Compare fixed vs. floating (SORA-based) packages.
- Apply via Singpass for auto-filled details.
2. Leverage Homejourney's Multi-Bank Application
Skip visiting banks individually—Homejourney submits one application to 10+ partners, receiving competing offers side-by-side. This negotiation power often lowers rates by 0.1-0.3%, directly reducing mortgage costs. Users report approvals within 3-5 days, faster than solo applications[1].
3. Time Your Application with SORA Trends
SORA (Singapore Overnight Rate Average) is the key benchmark for floating loans in Singapore. Fixed rates are now 2.40%-2.70%, down from 2024[3]. The chart below shows recent interest rate trends in Singapore:
As seen, 3M SORA has trended lower in late 2025, ideal for locking in[2]. Homejourney tracks live SORA, alerting you to lower home loan payment opportunities.
4. Make a Larger Downpayment Using CPF
Increase your downpayment to 25% for HDB flats (minimum 20% for first-timers) to shrink the loan principal and interest. For a S$600,000 flat, an extra S$20,000 downpayment cuts monthly payments by S$100+. Use Homejourney's calculator to model this, and learn more in our 5 Strategies to Optimize Your Mortgage with CPF[3].
5. Refinance or Reprice Before Lock-In Ends
Refinance 3-4 months before your lock-in period ends to avoid penalties and capture lower rates. Homejourney simplifies this with one-click repricing to partners like DBS or UOB. Expect S$200-500 monthly savings on average loans if rates drop below 3%[2][3]. Check our Bank Rate Comparison Guide.
6. Choose the Right Package: Fixed, Floating, or Hybrid
Fixed packages offer stability at 2.40%-2.70%; floating (SORA + 0.75%) benefits from cuts. Hybrids split 50/50 for balance, as DBS offers[3]. Homejourney compares all, ensuring you select for mortgage savings tips.
7. Use Singpass for Faster, Error-Free Applications
Homejourney's Singpass/MyInfo integration auto-fills income, CPF, and employment data, reducing errors and speeding approvals. This saves weeks compared to manual paperwork, minimizing holding costs for new buys.
8. Maximize CPF for Payments Without Cash Strain
Direct CPF Ordinary Account funds to repayments—rates are often lower than bank loans (2.5% accrued interest). For resale HDB, withdraw up to limits detailed in our CPF Withdrawal Limits Guide. Homejourney calculates optimal CPF vs. cash use[3].
9. Negotiate Fees and Promotions via Homejourney
Our platform highlights bank promotions like free repricing or cashback. Users save S$2,000+ in legal fees through bundled services. Track status in-app for quick follow-ups[1].
10. Budget and Build Emergency Funds First
Before applying, use Homejourney tools to stress-test budgets against rate hikes. Aim for 6 months' payments in savings. Pair with property search at https://www.homejourney.sg/search to find affordable options[1].
Actionable Steps to Apply via Homejourney
Documentation Checklist:
- NRIC (via Singpass)
- Latest payslips (3 months)
- CPF statements
- ITR or EA form
- Property option fee receipt
Pro Tip: Apply early in the month when banks have quotas. Homejourney's WhatsApp support clarifies queries instantly. Disclaimer: Rates fluctuate; consult professionals for advice. Data from MAS and banks as of 2025[3].
FAQ
How much can I save using Homejourney?
Homejourney users save 0.2-0.5% on rates via comparisons, equating to S$10,000+ over 25 years on typical loans.
Is now a good time to refinance in 2025?
Yes, with fixed rates at 2.40%-2.70% and softening SORA—refinance 4 months pre-lock-in[2][3].
What banks does Homejourney partner with?
DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, and more.
Can first-time buyers use CPF fully?
Yes, up to grant limits; use our calculator for precision. See CPF vs Cash Guide.
How long for approvals?
3-7 days via Homejourney's multi-bank system.
Ready to save money on your mortgage? Start at Homejourney bank rates today. For full details, read our pillar: 10 Ways to Save Money on Your Mortgage in Singapore.
