Best Bank Refinancing Rates Comparison 2026

Singapore's home loan refinancing landscape has shifted dramatically in 2025-2026, with floating-rate packages dropping to 1.34-1.47% – the lowest levels in three years. If you're holding a mortgage locked in at 3-4%, refinancing could save you thousands annually. This guide helps you understand current rates, compare your options, and make an informed decision using Homejourney's trusted comparison tools.

Current Refinancing Rates: What Banks Are Offering in 2026

The refinancing market is highly competitive right now. Major banks including DBS, OCBC, UOB, HSBC, Standard Chartered, and others are aggressively competing for refinancing customers with attractive rates and cash incentives.

Current market rates include:

2-year fixed rates: 1.48-1.55%
3-year fixed rates: 1.50-1.60%
Floating rates (3-month SORA): 1.34-1.47%
Cash rebates: $2,000-$2,800 depending on loan size

To put this in perspective, someone who refinanced from an HDB loan at 2.6% to a bank loan at 1.5% would save approximately $3,600 in the first year on a $400,000 loan – enough to cover a family holiday to Tokyo.

The chart below shows recent SORA trends to help you understand how rates have moved:

As you can see from the chart above, rates have declined significantly from mid-2025 onwards, creating an ideal refinancing window for many borrowers. However, experts note that the bulk of rate declines have already occurred, making timing important.

Refinancing vs Repricing: Understanding Your Options

Before comparing rates, you need to understand the fundamental difference between refinancing and repricing – two distinct strategies with different costs and benefits.

What is Refinancing?

Refinancing means switching your home loan to a different bank. You take out a new loan with Bank B to pay off your existing loan with Bank A. This gives you access to the best rates across the entire market, as you're competing for new business.

Refinancing typically involves:

Legal fees ($800-$1,200)
Valuation fees ($300-$500)
Potential early repayment charges from your current bank (if within lock-in period)

However, new banks actively reimburse these costs through cash rebates and fee waivers. Most borrowers end up with net cash in hand after refinancing, especially on loans above $500,000.

What is Repricing?

Repricing means switching to a different interest rate package within the same bank. For example, moving from a 3-year fixed rate to a 2-year fixed rate with DBS.

Repricing typically involves:

Repricing fee: $800-$1,000
Faster processing (no valuation or legal fees required)
No early repayment charges
Less attractive rates than refinancing (banks don't offer their best rates to existing customers)

The key advantage of repricing is convenience and speed – you can switch packages within days. The disadvantage is that banks typically offer existing customers worse rates than they offer new refinancing customers.

Which Option Should You Choose?

Choose refinancing if:

Your lock-in period has ended (no early repayment charges)
You're looking for the absolute best rate available
Your loan is above $500,000 (cash rebates cover all costs)
You want to compare all banks' offerings

Choose repricing if:

You're still within your lock-in period and want to avoid penalties
You want the fastest possible switch (important if rates are rising)
You value the convenience of staying with your current bank
Your loan is small and refinancing costs aren't justified

For most borrowers with loans above $500,000 and expired lock-in periods, refinancing to a new bank offers superior savings. Learn more about calculating your specific savings in our detailed guide on how to calculate if refinancing is worth it.

Top Banks for Refinancing in 2026: Rate Comparison

Singapore's major banks are all competing aggressively for refinancing customers. Here's what you need to know about the leading options:

DBS Bank

As Singapore's largest bank with the biggest pool of Singapore dollar funds, DBS can offer competitive fixed rates without relying on interbank funding. Their popular packages include 2-year fixed rates with free conversion after 12 months, allowing you to switch to floating rates if conditions improve.

Refinancing incentives: Cash rebates up to $2,800 for loans above $1.5 million; competitive fixed rates; flexible conversion options.

OCBC Bank

OCBC has seen significant refinancing activity in 2025-2026, particularly from HDB flat owners. They offer attractive floating-rate packages pegged to 3-month SORA with competitive spreads.

Refinancing incentives: Cash rebates $2,000-$2,800; flexible loan features; free repricing options after lock-in period.

UOB (United Overseas Bank)

UOB offers competitive fixed-rate packages with flexible features. Their rates are typically in line with market leaders, with good cash rebate offerings for refinancing customers.

Refinancing incentives: Cash rebates $2,000-$2,800; competitive fixed and floating rates; legal fee subsidies.

HSBC, Standard Chartered, and Other Banks

Smaller banks including HSBC, Standard Chartered, Maybank, CIMB, and others also offer competitive refinancing rates and incentives. While their rates may occasionally be slightly higher than the big three, they often provide superior customer service and more personalized attention.

Rather than visiting each bank individually, use Homejourney's bank rates comparison tool to see all available options in one place. You can compare rates from DBS, OCBC, UOB, HSBC, Standard Chartered, and other major banks instantly, then submit a single application that reaches all of them simultaneously.

Understanding SORA: The Benchmark for Floating Rates

Most refinancing packages today are pegged to SORA (Singapore Overnight Rate Average), which has become the standard benchmark replacing SIBOR. Understanding SORA is crucial for choosing between fixed and floating rates.

SORA represents the average interest rate at which banks lend Singapore dollars to each other overnight. As at January 2026, the 3-month compounded SORA sits at approximately 1.34-1.40%, the lowest level in over three years.

Why this matters for refinancing:

Floating rates are typically 0.10-0.20% above the 3-month SORA rate
When SORA is low (as it is now), floating rates are very attractive
If SORA rises, your floating rate will rise with it
Fixed rates lock in your rate regardless of SORA movements

Many mortgage advisers recommend floating-rate packages in the current environment because SORA is at historic lows. However, if you're risk-averse or expect rates to rise, fixed-rate packages offer certainty and peace of mind.

Hidden Costs and Cash Rebates: The Real Numbers

Understanding the true cost of refinancing is essential for accurate financial planning. While refinancing involves upfront costs, banks actively reimburse these through cash rebates and fee waivers.

Typical Refinancing Costs

Legal fees: $800-$1,200 (for loan documentation and registration)
Valuation fees: $300-$500 (property revaluation by new bank)
Early repayment charges: 0-1% of remaining loan (if within lock-in period with current bank)
Clawback charges: Some banks charge if you refinance during promotional periods

Bank Cash Rebates (2026)

Loan $400,000-$500,000: $2,000 cash rebate
Loan $500,000-$1,000,000: $2,300-$2,500 cash rebate
Loan $1,000,000-$1,500,000: $2,500-$2,800 cash rebate
Loan above $1,500,000: Up to $2,800 cash rebate

For most refinancing customers, the bank's cash rebate covers all legal and valuation fees, meaning you refinance at zero net cost. Many borrowers actually receive excess cash in hand.

For a detailed breakdown of hidden costs and how to calculate your true refinancing savings, read our comprehensive guide on hidden refinancing costs at top banks.

When to Refinance: Timing Strategies in 2026

Timing significantly impacts your refinancing savings. Here's what you need to know about the 2026 refinancing window:

The Current Market Opportunity

Borrowers whose loans originated in 2022-2023 at 3-4% rates are now reaching the end of their lock-in periods, creating a major refinancing opportunity. Many have already taken advantage of current low rates, but significant savings remain available for those who act soon.

Expected refinancing activity in 2026:

Q1 2026 (now): High refinancing activity as borrowers lock in low rates
Mid-2026 onwards: Activity expected to moderate as most 2023-2024 borrowers have already refinanced
Dependent on rates: Further refinancing waves possible if SORA continues declining

Key Timing Considerations

Wait for lock-in period to expire: If you're still within your lock-in period, refinancing typically triggers early repayment charges of 0.5-1% of your remaining loan. Wait until the lock-in period ends to avoid these penalties.

Monitor SORA rates: Track 3-month SORA rates using Homejourney's real-time rate tracking feature. While further rate declines are possible, experts believe the bulk of declines have already occurred. Don't wait indefinitely hoping for lower rates.

Consider the break-even point: Calculate how long it takes for monthly savings to exceed refinancing costs. For most borrowers, break-even occurs within 12-18 months, making refinancing worthwhile even if rates don't fall further.

Act before bank incentives change: Current cash rebates and promotional offers are competitive but subject to change. If you're eligible to refinance, don't delay unnecessarily.

Step-by-Step Refinancing Process

Understanding the refinancing timeline helps you plan accordingly. The entire process typically takes 2-4 weeks from application to completion.

Step 1: Assess Your Situation (Days 1-3)

Gather your current loan documents and calculate potential savings. Use Homejourney's refinancing calculator to estimate your monthly savings based on current rates. This helps you decide whether refinancing is worthwhile for your specific situation.

Step 2: Compare Rates and Offers (Days 3-7)

Visit Homejourney's bank rates comparison page to view current rates from all major banks. Compare not just interest rates, but also lock-in periods, conversion options, and cash rebate amounts. Different banks offer different features – the lowest rate isn't always the best deal.

Step 3: Submit Your Application (Days 7-10)

Rather than visiting multiple banks, submit a single refinancing application through Homejourney that reaches all major banks simultaneously. Using Singpass/MyInfo integration, your application is auto-filled in seconds, and banks compete for your business. You'll receive multiple offers within days.