Best Bank Refinancing Rates Comparison 2026 | Homejourney

The best bank refinancing rates comparison 2026 in Singapore features promotional fixed rates starting from 1.45% (EMI) for Year 1 and floating rates like 1M SORA +0.25%, with top banks such as DBS, OCBC, UOB, Maybank, and SCB leading offers.[1]

Homejourney prioritizes your safety and trust by verifying rates from official bank partners and providing transparent comparisons. This cluster article dives into tactical insights on best bank refinancing rates comparison 2026, linking back to our pillar guide on Singapore Home Loan Guide 2026 for comprehensive coverage.

Refinancing Fundamentals: When to Switch Banks

Refinancing means switching your home loan to another bank for better rates, unlike repricing which stays within the same bank. In 2026, with rates at 3-year lows around 1.34%-1.8%, HDB owners are increasingly refinancing to bank loans cheaper than HDB's 2.6%.[3][5]

Choose refinancing if your current rate exceeds 2% and lock-in periods end soon. For example, DBS offers HDB refinancing with $2,000 cash rebate for loans over $200k, offsetting fees of $1,800-$1,900.[1]

Repricing suits minimal changes, costing $800-$1,000 in admin fees, but often yields worse rates than new-to-bank promos.[4] Read our detailed comparison in Refinancing vs Repricing: Which is Better for You | Homejourney.

Top Refinancing Rates Comparison 2026

Here's a breakdown of the best bank refinancing rates comparison 2026 for resale condos, landed homes, and HDB, based on January 2026 data. Fixed rates dominate promos, with cash rebates up to $2,800.[1][2]

Bank	Loan Type	Year 1 Rate	Year 2 Rate	Cash Rebate (Refi)
Promo (Various)	2 Yr Fixed	1.45%-1.48% (EMI)	1.45%-1.48%	$2,000-$2,800[2]
Maybank	2 Yr Fixed	1.55%-1.65%	1.55%-1.65%	$2,000[1]
SCB	2 Yr Fixed	1.60%-1.68%	1.60%-1.68%	$2,300[2]
DBS	2-3 Yr Fixed	1.65%-1.75%	1.65%-1.75%	$2,000[1]
OCBC/UOB/HSBC	Floating (1M/3M SORA)	SORA +0.25%-0.40%	SORA +0.25%-0.40%	$2,000-$2,300[2]

Compare live rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank on Homejourney bank rates page.

Understanding SORA and Rate Trends

SORA (Singapore Overnight Rate Average) is the key benchmark for floating rates in Singapore, with 3M SORA at 1.34%—a 3-year low.[3] Fixed rates offer stability, ideal if you expect rises mid-2026.[5]

The chart below shows recent interest rate trends in Singapore:

As seen, rates have declined sharply since 2025, driving refinancing surges, especially for HDB to bank switches saving $3,600 yearly on $400k loans.[3]

Refinancing Costs: Legal Fees, Valuation, Clawback Penalty & Hidden Fees

Refinancing costs total $2,000-$3,000, including legal fees refinancing ($1,500-$2,000), valuation fee ($500-$800), and processing ($200-$500).[1][6] Banks subsidize via $2,000+ rebates, netting positive cashback.

Clawback penalty hits if you refinance within lock-in (2-3 years), up to 1.5% of loan. Hidden fees refinance like admin or early settlement add up—factor them in break-even calculations.[6]

Example: On $500k loan at 3% to 1.6%, save $500/month but break even in 8-12 months after $2,500 costs. Use our guide Hidden Costs of Refinancing You Need to Know | Homejourney and Homejourney refinancing calculator.

Step-by-Step Guide to Refinance in 2026

Check Eligibility: Use Homejourney mortgage calculator for borrowing power via Singpass.
Compare Rates: On Homejourney, view DBS to Citibank offers.
Time It: Act post-lock-in; track SORA live on platform.
Submit Application: One form to all banks—receive competing offers.
Documents: NRIC, property title, income proof; Singpass auto-fills.
Close Deal: 4-6 weeks; lawyers handle transfer.

Timeline: 1-2 months total. Insider tip: Apply via Homejourney for multi-bank bids—banks compete, you win better terms.