The Best Bank Refinancing Rates Comparison 2025 in Singapore is not just about chasing the lowest headline rate – it is about matching the right bank package to your lock-in period, loan size, risk appetite, and future plans, so that you minimise total interest and fees while staying financially safe.
This guide zooms into refinancing for 2025 as part of Homejourney’s broader Singapore Home Loan & Refinancing pillar content, giving you tactical, step-by-step help on when to refinance your mortgage, how to interpret rates, and how to use Homejourney’s tools to compare offers safely and confidently.
Refinancing vs Repricing: What’s the Difference in 2025?
In Singapore, refinancing means moving your home loan from your current bank to a different bank, while repricing means switching to a new package within the same bank.
Based on current market practice in 2025, refinancing usually offers a wider range of packages and promotional rates, but involves legal and valuation work with a new bank, while repricing is administratively simpler and usually faster, but your choices are restricted to what your existing bank is willing to offer.[1][2]
For example, if you took a 2-year fixed rate with a major bank for your 4-room HDB in Punggol back in 2022 at around 3.5–3.8% when rates spiked, you might see 2025 refinance offers closer to the low-2% range from competing banks, making refinancing more attractive than simply repricing to a slightly lower internal rate.
For a deeper comparison of refinancing vs repricing strategies, you can also refer to our related guide Refinancing vs Repricing: Which is Better for You? Homejourney .
Best Bank Refinancing Rates Comparison 2025: How to Read Today’s Offers
As of late 2025, the best refinancing rates for private properties and HDBs in Singapore typically fall into two buckets: fixed rates and SORA-pegged floating rates.
Independent rate trackers show promotional fixed rates around the low-1% to mid-2% range for year 1–2 packages, and floating packages at a spread above compounded 1M or 3M SORA.[1][4][6]
On Homejourney’s bank rates comparison page Bank Rates , you can see live offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank side by side, including lock-in period, free conversion options, and cash rebates.
Understanding SORA and Interest Rate Trends
Most 2025 floating packages are pegged to SORA (Singapore Overnight Rate Average), the MAS-endorsed benchmark that replaced SIBOR for new home loans.[4]
Packages are typically quoted as “1M SORA + spread” or “3M SORA + spread” – for instance, a refinancing package at 1M SORA + 0.25% means your rate fluctuates as SORA moves, plus a fixed margin.[1][4]
In late 2025, compounded SORA has moderated from its peak but remains elevated compared to the ultra-low levels of 2020–2021, so choosing between fixed and floating requires looking at your risk appetite and holding period.[4]
The chart below shows recent interest rate trends in Singapore:
Homejourney tracks real-time 3M and 6M SORA on our platform so you can better judge if today’s floating packages match your expectations of future rate movements, instead of relying on guesswork.
When to Refinance Your Mortgage: Lock-in Period and Timing
The best time to refinance is usually about 3 to 6 months before your lock-in period end, because banks need time to process legal work and disbursement.[2]
Most Singapore home loans have a 2–3 year lock-in; refinancing during this period triggers a penalty, commonly around 1.5% of the outstanding loan, plus possible clawback of subsidies.[2]
A practical rule of thumb many experienced owners in areas like Bishan, Tampines or Bukit Panjang use is to mark their lock-in expiry in their calendar, then start rate-shopping about 4 months before that date so the new loan can kick in seamlessly once the lock-in ends.
You should also consider an interest rate trigger. For example, you might decide that if your current rate is more than 0.8–1.0% higher than the best available refinance rate for your profile, you will seriously evaluate switching, subject to costs and break-even calculations.
For a more detailed look at timing strategies and penalty risks, you can read When Is the Right Time to Refinance Your Home Loan? | Homejourney Guide and Hidden Costs & Best Time to Refinance Home Loan | Homejourney .
Refinancing vs Repricing: Which Option Fits You in 2025?
Use this simple decision framework:
- Choose refinancing if you want the lowest possible rate and maximum choice across DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank, and your lock-in is ending soon.
- Choose repricing if you are still in love with your current bank’s service, want minimal paperwork, and the internal repricing offer is close (within ~0.20–0.30%) to other banks’ best rates once you factor in subsidies.
- Stay put (for now) if you are mid-lock-in and penalties would wipe out most of your potential savings.
According to market data, refinancing generally offers more options and potentially bigger savings but comes with higher incidental costs like legal and valuation fees, whereas repricing tends to be cheaper and faster but less flexible.[2]
Homejourney’s refinancing experts can help you request repricing offers safely while also comparing inter-bank refinancing options, so you can objectively see which path gives you better net savings – without pressure.
How to Compare the Best Bank Refinancing Rates in 2025
When looking at 2025 refinancing packages, do not just chase the lowest year-one rate. Instead, compare these key elements:
- Headline interest rate for years 1–3, including how it resets after any teaser period.[1][6]
- Rate type: fixed vs SORA-pegged floating; 1M vs 3M SORA.[4]
- Lock-in period: 2 years vs 3 years; any waiver on sale.
- Free conversion (FC): FC12/24/36 means you can switch to a different package with the same bank after 12, 24, or 36 months without penalty.[1]
- Subsidies and cash rebates: legal subsidy, valuation subsidy, and cash rebate tiers by loan size (e.g. >S$500k vs >S$1m).[1]
- Minimum loan size: some attractive rates are only available for loans above S$400,000–S$700,000.[1]
For instance, a bank might offer 2-year fixed at 1.45% with a 2-year lock-in and S$2,000 legal subsidy, while another offers 1M SORA + 0.25% (effectively around the mid-1% range currently) plus a slightly higher rebate for loans above S$1 million.[1][6]
On Homejourney’s bank rates page Bank Rates , you can:
- Compare refinancing rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank in real time.
- Calculate potential savings with our refinancing calculator before you switch.
- Track live SORA rates to avoid locking in at an unfavourable time.
Calculating If Refinancing Is Worth It: Break-even Analysis
To know if refinancing is worthwhile, you must compare your total costs versus total interest savings over a realistic time horizon.
Key costs to include:
