Best Bank Refinancing Rates in Singapore (March 2026)
If you're currently paying above 1.5% on your home loan, refinancing could save you thousands of dollars over the remaining loan tenure. As of March 2026, the best refinancing rates have dropped to as low as 1.25% for a 2-year fixed package, compared to HDB's concessionary rate of 2.6%—a significant gap that's driving record refinancing activity among Singapore homeowners.[1]
This cluster article focuses specifically on comparing refinancing rates across Singapore's major banks and helping you understand whether refinancing is the right move for your situation. For a comprehensive overview of the entire refinancing process, timing strategies, and cost calculations, see our main pillar guide on refinancing fundamentals.
Current Refinancing Rates: Fixed vs Floating (March 2026)
Understanding the difference between fixed and floating rates is essential before comparing banks. Fixed-rate packages lock in your interest rate for a set period (typically 2-3 years), providing payment certainty. Floating rates are tied to SORA (Singapore Overnight Rate Average) and fluctuate with market conditions.[1]
The chart below shows recent SORA trends to help you understand how rates have moved and what to expect:
Here's how the best refinancing rates currently compare across Singapore's major banks:
Best Fixed-Rate Refinancing Packages
For private property refinancing, promotional rates are highly competitive:[1]
- Promotional Banks: 1.25% (2-year fixed with EMI) – The lowest available rate, though conditions apply
- Maybank: 1.40% (2-year fixed) – Competitive mid-range option
- Standard Chartered: 1.45% (2-year fixed) – Reliable alternative
- DBS: 1.50% (2-year fixed) – Established major bank option
- OCBC: 1.50% (2-year fixed) – Another major bank choice
For HDB loan refinancing specifically, rates are slightly higher:[1]
- Promotional Banks: 1.45% (1+1 year fixed) – Best HDB refinancing rate
- Maybank: 1.50% (2-year fixed) – Popular HDB refinancing choice
- DBS: 1.55% (2-year fixed) – Major bank option for HDB loans
Best Floating-Rate Refinancing Packages
Floating rates offer lower initial payments but carry interest rate risk. Current floating-rate packages include:[1]
- Promotional Banks: 1M SORA + 0.20% – Currently around 1.24% (SORA at 1.04%)
- Maybank: 3M SORA + 0.40% – Slightly higher spread
- DBS: 3M SORA + 0.50% – More conservative pricing
Floating rates linked to 1-month SORA are particularly attractive right now, as three-month SORA rates have dropped to their lowest in three years at 1.34%.[3] This makes floating packages especially competitive for borrowers comfortable with rate fluctuation risk.
Bank-by-Bank Refinancing Comparison
DBS Bank
DBS stands out for HDB loan refinancing, offering a $2,000 cash reward for loan amounts above $200,000.[1] Since typical HDB refinancing upfront fees range from $1,800 to $1,900, DBS's rebate fully covers these costs, leaving you with net cash rewards. Their 2-year fixed rate of 1.55% for HDB loans is competitive, and the cash incentive makes them particularly attractive for HDB owners looking to switch from HDB loans to bank loans.
OCBC Bank
OCBC has seen increased refinancing activity, particularly from HDB flat owners switching to bank loans.[3] Their rates are competitive at 1.50% for 2-year fixed packages on private properties. OCBC provides cash rebates between $2,000 and $2,800 depending on loan amount, helping offset refinancing costs.[2]
Maybank
Maybank offers consistent rates across both private and HDB refinancing at 1.40-1.50%, making them a reliable mid-range option. They provide cash rebates of $2,000-$2,800 and are known for flexible loan features including free conversion options after the lock-in period.[3]
Standard Chartered
Standard Chartered's 1.45% rate for 2-year fixed refinancing is competitive, with cash rebates of $2,300 available for qualifying loan amounts.[2] They're a solid choice if you value international banking relationships.
Cash Rebates and Hidden Savings
One of the most important factors in refinancing decisions is the cash rebate offered by banks. These aren't just marketing gimmicks—they're designed to offset your refinancing costs and can deliver substantial savings.[1]
For private property refinancing, cash rebates typically range from $2,000 to $3,300 depending on your loan amount.[1] For HDB refinancing, rebates are usually $1,600 to $2,000 in legal fee subsidies, plus additional cash rewards.[1] Banks like DBS specifically structure their rebates to fully cover upfront refinancing fees, meaning you can refinance with zero net cost.
When comparing banks, always calculate: Cash Rebate – Upfront Fees = Your Net Benefit. This is more important than the interest rate alone, especially if you're refinancing a smaller loan amount.
Is Refinancing Worth It Right Now?
The current interest rate environment makes 2026 a particularly attractive year for refinancing. Here's when refinancing makes financial sense:[3]
- Your current rate is above 2.0% – You have significant savings potential
- You have at least 10 years remaining on your loan – Longer tenure means more interest saved
- You're refinancing from an HDB loan at 2.6% – Bank loans at 1.40-1.55% represent 100+ basis points in savings
- You're past your lock-in period – No early repayment penalties apply
For example, refinancing a $400,000 HDB loan from 2.6% to 1.50% could save approximately $3,600 in the first year alone.[3] Over a 20-year remaining tenure, this compounds to substantial lifetime savings.
However, refinancing isn't suitable if you're near the end of your loan tenure (less than 5 years remaining) or have a rate already below 1.5%. Use our refinancing calculator on Homejourney to determine your exact break-even point and potential savings before committing.
Key Considerations When Comparing Rates
Lock-in Periods and Flexibility
Most banks offer 2-3 year lock-in periods with fixed rates. After the lock-in expires, you can typically reprice (switch to a different rate package within the same bank) for free, or refinance to another bank. Some banks now offer free conversion after 12 months, giving you flexibility if rates drop further.[3] This feature is increasingly common and worth prioritizing in your comparison.
Promotional vs Standard Rates
The promotional rates listed above (1.25%, 1.32%, 1.40%) are typically available for a limited time and may have specific conditions (minimum loan amount, property type, etc.). Always confirm eligibility before comparing. Standard rates from major banks like DBS, OCBC, and UOB are more stable and guaranteed, even if slightly higher.
HDB vs Private Property Differences
HDB loan refinancing rates are typically 0.05-0.15% higher than private property rates because HDB loans are considered higher risk by banks. However, once you refinance from an HDB loan to a bank loan, you cannot switch back to HDB financing in the future—a critical consideration for some owners.[4]
How to Compare Refinancing Offers Effectively
Rather than visiting multiple bank branches, compare refinancing rates from DBS, OCBC, UOB, HSBC, Standard Chartered, and more on Homejourney. Our platform displays current rates, cash rebates, and lock-in terms side-by-side, saving you hours of research.
Here's the most efficient comparison process:
- Calculate your potential savings – Use our refinancing calculator to determine your break-even point and estimated savings
- Compare rates and rebates – View all banks' current offers in one place on our bank rates page
- Submit a multi-bank application – Apply once via Singpass, and your information automatically reaches all major banks simultaneously
- Receive competing offers – Banks will contact you directly with their best refinancing terms
- Make an informed decision – Compare the final offers and choose the bank with the best combination of rate, rebate, and terms
This approach eliminates the need to visit branches individually and allows banks to compete for your business—often resulting in better final offers than advertised rates.
Timing Your Refinancing Decision
Market analysts expect refinancing activity to remain healthy through 2026, though it may moderate from mid-year as borrowers who locked in at 3-4% rates in 2023-2024 have already refinanced.[3] If you're considering refinancing, the current window (early 2026) offers several advantages:
- Rates near 3-year lows – Further significant declines are unlikely given current macroeconomic conditions
- Strong bank competition – Banks are actively competing with generous cash rebates and flexible terms
- Faster processing – Less volume means quicker approvals compared to peak refinancing periods
- Promotional rates available – Banks are offering limited-time rates as low as 1.25% to attract refinancing applications
Track real-time SORA rates on Homejourney to monitor when floating-rate packages become particularly attractive. If you're considering a floating-rate refinance, timing becomes more critical—locking in when SORA is near its lows (currently 1.04%) provides better protection against future rate increases.
Common Refinancing Questions
What's the difference between refinancing and repricing?
Refinancing means switching to a different bank or converting an HDB loan to a bank loan. Repricing means changing to a different interest rate package within your current bank. Repricing typically costs $800-$1,000 in fees and may offer less favorable rates than new customer offers.[4] For more details, see our guide on refinancing vs repricing.
Can I refinance if I'm still in my lock-in period?
Yes, but you'll face an early repayment penalty (clawback), typically 0.5-1.5% of the remaining loan amount. This penalty must be factored into your break-even calculation. Most refinancing makes sense only after your lock-in period expires.
What documents do I need to refinance?
Standard requirements include recent payslips (last 3 months), bank statements, current mortgage statement, and property documents. If you apply via Singpass on Homejourney, most information is auto-filled, significantly speeding up the process.
How long does refinancing take?
From application to loan disbursement typically takes 4-6 weeks. Using Homejourney's Singpass integration can reduce this timeline by eliminating manual data entry and verification steps.
Will refinancing affect my credit score?
There's a minor temporary impact when banks perform credit checks, but refinancing actually improves your credit profile over time by reducing your debt-to-income ratio and demonstrating responsible borrowing behavior.
Next Steps: Start Your Refinancing Journey
Ready to explore refinancing options? Start by calculating your potential savings using Homejourney's refinancing calculator. This tool shows your exact break-even point, estimated monthly savings, and total lifetime interest reduction.
Once you've confirmed that refinancing makes financial sense, submit a multi-bank refinancing application on Homejourney. Our platform connects you with all major banks simultaneously, eliminating branch visits and allowing you to compare final offers side-by-side.
For a deeper understanding of refinancing costs, break-even calculations, and strategic timing, refer to our comprehensive guides on calculating if refinancing is worth it and hidden costs of refinancing. These resources will help you make a fully informed decision tailored to your specific financial situation.
