Best Bank Refinancing Rates Comparison 2026 | Homejourney
Discover the best bank refinancing rates comparison 2026 in Singapore with Homejourney's trusted platform. Current top rates start from 1.15% for loans above S$500k from banks like DBS, OCBC, and UOB, offering cash rebates up to S$2,800 to cover costs and more.[1]
Homejourney prioritizes your safety and trust by verifying rates from major banks including DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank. This cluster article on best bank refinancing rates comparison 2026 links to our pillar guide on Singapore home loans for comprehensive coverage. Start comparing securely at Homejourney bank rates.
Why Refinance Your Home Loan in 2026?
Refinancing means switching your mortgage to another bank for better rates, unlike repricing which stays within the same bank.[2][3] With 3-month SORA at 1.34% – a 3-year low – HDB owners and private property holders are saving thousands by moving to bank loans cheaper than HDB's 2.6%.[2]
Banks compete aggressively with rates from 1.15%-1.8%, fixed or floating packages, and rebates covering legal fees and valuation (around S$2,000-S$3,000).[1][2] For a S$500k loan, switching could save S$3,600 in the first year alone.[2] Homejourney's multi-bank comparison lets banks compete for your business via one application.
Top Bank Refinancing Rates Comparison 2026
Here's a snapshot of leading packages for refinancing in 2026 (minimum loans S$400k-S$2m; conditions apply).[1] Rates pegged to SORA or fixed, with lock-ins and perks:
| Bank | Rate (p.a.) | Lock-in | Rebate (Refi) | Min Loan |
|---|---|---|---|---|
| DBS | 1.15%+ | 2 years | S$2,000-S$2,800 | S$500k |
| OCBC | 1.48% (fixed) | 2-3 years | S$2,000+ | S$400k |
| UOB | 1.5% | 3 years | S$2,000 | S$500k |
| HSBC | 1.55%+ | 2 years | S$2,300 | S$500k |
| Standard Chartered | 1.6%+ | 2 years | S$2,300 | S$2m |
Compare live rates on Homejourney – DBS leads for fixed rates due to its SGD funding strength.[1] Note: HDB-to-bank switches are irreversible; calculate break-even first.[2]
SORA Trends Impacting 2026 Refinancing
SORA (Singapore Overnight Rate Average) is the key benchmark for floating rates, now at 1.34% for 3-month compounds.[2] Expect modest drops if US Fed cuts continue, but moderation mid-2026 as 2023-2024 lock-ins expire.[2]
The chart below shows recent interest rate trends in Singapore:
As seen, rates hit 3-year lows, driving refinancing waves like 2019-2020 (35-40% YoY jump).[2] Track real-time SORA on Homejourney to time your switch mortgage bank move.
Refinancing Steps: How to Switch Banks in 2026
Follow these refinancing steps for a smooth refinance process:
- Check Eligibility (1-2 days): Use Homejourney's calculator at https://www.homejourney.sg/bank-rates#calculator for TDSR and borrowing power.
- Compare Rates: View best bank refinancing rates comparison 2026 on Homejourney bank-rates.
- Assess Costs: Factor rebates (S$2k+), fees (legal S$1,500, valuation S$500 – often reimbursed).[1] See Hidden Costs of Refinancing vs Repricing.
- Apply via Singpass: Submit one refinance application to multiple banks on Homejourney – instant verification, no branch visits.
- Legal Completion (4-8 weeks): New bank handles transfer; expect offers from competing banks.
- Monitor: Free conversion options post-lock-in (e.g., FC12/24).[1]
Timeline: Start 4 months pre-lock-in end.[3] For details, read our Step-by-Step Guide to Refinancing.
Calculate Savings: Is It Worth It?
Break-even formula: (Fees - Rebate) / Monthly Savings = Months to recover. Example: S$500k loan at 3% to 1.5% saves ~S$1,000/month. With S$2k rebate covering S$2.5k fees, break-even is 2-3 months.[1][2]
Use Homejourney's tool to personalize. Refinancing suits if savings exceed 0.5% rate drop and lock-in ends.[4] Insider tip: HDB owners in mature estates like Toa Payoh save most now – pair with property search on Homejourney search.
Learn more in How to Calculate If Refinancing Is Worth It and Refinancing vs Repricing: Which Saves More in 2026?.
Tips to Secure the Best Rates
- Negotiate: Leverage multiple offers via Homejourney's multi-bank submission.
- Timing: Act pre-mid-2026 when promo peaks.[2]
- Bundle: Combine with investments; check Homejourney projects for upgrades.
- Brokers: Connect with Homejourney Mortgage Brokers for personalized advice – free via bank-rates.
Disclaimer: Rates fluctuate; not financial advice. Consult professionals. Homejourney verifies data for your confident decisions in a safe environment.
Frequently Asked Questions (FAQ)
What are the best bank refinancing rates in 2026?
Top rates from 1.15%+ (DBS/OCBC) with rebates S$2,000+ for S$500k+ loans. Compare on Homejourney.[1]
How to refinance my HDB loan to a bank?
Irreversible switch; use Homejourney for rates vs 2.6% HDB. Apply via Singpass.[2]
What's the refinance process timeline?
4-8 weeks; start early with our how to refinance guide and calculator.[3]
Repricing or refinancing: which is better?
Refinancing for bigger savings via new bank perks; see our comparison article.[2][3]
Can I get cashback when switching mortgage banks?
Yes, up to S$2,800 – covers costs with excess.[1]
Ready for the best bank refinancing rates comparison 2026? Visit Homejourney bank-rates to compare, calculate, and apply safely. Trust Homejourney for transparent property journeys – link back to our pillar on Singapore mortgages for full insights.
