10 Ways to Save Money on Your Mortgage: Benefits of Applying via Homejourney
Applying for your home loan through Homejourney can save you thousands in interest costs by comparing rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and more in one secure platform.
Homejourney prioritizes your safety with Singpass integration for verified applications, ensuring transparency and trust every step of the way.
Why Homejourney is Your Trusted Partner for Mortgage Savings
In Singapore's 2026 market, home loan rates have dropped to 3-year lows, with fixed rates as low as 1.35% and floating SORA-linked options around 1.12% for qualifying loans.[2][6]
This cluster article dives into 10 ways to save money on your mortgage, focusing on tactical tips like rate comparisons and multi-bank applications via Homejourney.
For comprehensive coverage, see our pillar guide: 10 Ways to Save Money on Your Mortgage: Bank Rate Comparison Guide | Homejourney ">10 Ways to Save Money on Your Mortgage: Bank Rate Comparison Guide.
1. Compare Rates Across All Major Banks on Homejourney
Start by using Homejourney's bank rates page at https://www.homejourney.sg/bank-rates to compare real-time offers from DBS, OCBC, UOB, and others side-by-side.
A $500,000 loan at 1.6% vs 3% saves ~$500 monthly, or $4,100 yearly.[2]
Skip visiting banks individually—Homejourney shows the lowest rates instantly, helping you reduce mortgage costs without hassle.
2. Use Homejourney's Eligibility Calculator First
Before applying, calculate your borrowing power with Homejourney's free tool at https://www.homejourney.sg/bank-rates#calculator.
This TDSR-compliant calculator factors in your income, CPF, and debts to avoid overborrowing.
Users report avoiding $50,000+ in unnecessary interest by right-sizing loans early.
3. Submit One Multi-Bank Application via Singpass
Homejourney's standout feature: one application sent to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank.
Singpass auto-fills your verified income, employment, and CPF data for faster approvals.
This mortgage savings tip gets multiple offers quickly, often beating single-bank rates by 0.2-0.5%.
4. Time Your Application with Falling SORA Rates
SORA (Singapore Overnight Rate Average) is the benchmark for most floating loans, now at lows driving rates down.[3]
The chart below shows recent interest rate trends in Singapore:
As seen, rates fell sharply in 2025—lock in now via Homejourney to cut interest costs before rebounds.[2]
5. Choose Fixed vs Floating Based on Homejourney Insights
Fixed rates (1.4-1.8%) offer stability; floating (SORA+spread) can dip lower.[3]
Homejourney compares both, with DBS fixed at 1.6% saving $500/month for many.[2]
Risk-averse HDB buyers prefer fixed for budgeting certainty.
6. Reprice or Refinance Penalty-Free via Homejourney
When lock-ins end, reprice through Homejourney to capture drops—no need for full refinancing fees.
OCBC saw 7x repricing surges in 2025; save up to $4,100/year on $500k loans.[2]
Track status in-app for seamless switches.
7. Leverage Offset Accounts and CPF Strategies
Pair your loan with offset accounts (70% cash offsets interest) or CPF refunds for arbitrage.[1]
Homejourney advisors guide pairings, e.g., refund CPF at 2.5% to pay down 1.6% loans.
This lowers home loan payments risk-free for liquid savers.
8. Make Penalty-Free Partial Prepayments
Many banks allow 20-50% prepayments yearly without fees—reduce principal early.
Learn more in Partial Prepayment vs Lump Sum: Which Saves More via Homejourney ">Partial Prepayment vs Lump Sum: Which Saves More via Homejourney.
Homejourney tracks your best options per bank.
9. Shorten Loan Tenure for Massive Savings
Switch from 30 to 25 years on a $800k loan at 1.5% saves ~$100k interest total.
Use Homejourney's calculator to model; fits budgets post-TDSR check (60% debt cap per MAS).
10. Connect with Homejourney Mortgage Brokers
For personalized advice, apply via https://www.homejourney.sg/bank-rates to reach our brokers.
They negotiate better terms, boosting approval odds—see 10 Ways to Save Money on Your Mortgage & Boost Approval Odds | Homejourney ">10 Ways to Save Money on Your Mortgage & Boost Approval Odds.
Actionable Steps to Apply via Homejourney
- Visit https://www.homejourney.sg/bank-rates and use the calculator.
- Login with Singpass for auto-fill.
- Submit multi-bank application.
- Compare offers and select best.
- Track progress in-app; find properties at https://www.homejourney.sg/search.
Documents needed: NRIC, income slips (3 months), CPF statements. Homejourney verifies securely.
Disclaimer: Rates fluctuate; consult professionals. Homejourney provides tools, not financial advice.
FAQ: Saving Money on Your Mortgage in Singapore
How much can I save applying via Homejourney?
Homejourney users often secure 0.2-0.5% lower rates, saving $500+/month on average loans.[2]
Is now a good time for refinancing?
Yes, with 2026 rates at lows—check lock-ins and use Homejourney for fee analysis.[1][2]
What banks does Homejourney compare?
DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, Citibank.
Can HDB owners switch to bank loans?
Yes, if bank rates beat 2.6% HDB concessionary—Homejourney shows comparisons instantly.[3]
How does Singpass help?
Auto-fills verified data, speeding approvals and reducing errors for safer transactions.
Ready to save money on your mortgage? Start at https://www.homejourney.sg/bank-rates today. For more, read our pillar: 10 Ways to Save Money on Your Mortgage Singapore | Homejourney ">10 Ways to Save Money on Your Mortgage Singapore.
