Best Bank Refinancing Rates Comparison 2026: Homejourney Guide
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In 2026, the best bank refinancing rates in Singapore start from as low as 1.09% for floating rates (1M SORA + 0%) and 1.30% for fixed rates, with cash rebates up to $2,800 from banks like DBS, OCBC, and UOB.[2] Homejourney makes it easy to compare these rates securely from all major banks in one place, ensuring you get the lowest rates while prioritizing your financial safety and transparency.
This cluster article dives deep into the best bank refinancing rates comparison 2026, helping Singapore property owners decide if refinancing is worth it. For comprehensive coverage, see our pillar guide on Singapore home loans. At Homejourney, we verify all rates and promotions to build trust, so you can refinance confidently without hidden surprises.
Refinancing Fundamentals: Key Differences and When to Switch
Refinancing means switching your home loan from one bank to another for better terms, unlike repricing which stays with the same bank.[1][4] In 2026, with 3-month SORA at around 1.34% – the lowest in three years – bank loans are cheaper than HDB's 2.6% rate, prompting more HDB owners to refinance.[3]
Consider refinancing if your current rate exceeds 2% and you're outside the lock-in period. For example, on a $500,000 HDB loan, switching from 2.6% HDB to a 1.5% bank rate saves about $3,600 in the first year.[3] Always check Homejourney's bank rates page for real-time comparisons across DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank.
Current Best Refinancing Rates 2026: Top Bank Comparison
As of early 2026, floating rates lead with 1M SORA + 0% (effective ~1.09%), while fixed rates start at 1.30%.[2] Banks offer subsidies covering legal fees for HDB loans over $250,000, plus cash rebates: $2,000-$2,800 for loans above $500,000.[2]
| Bank | Rate Type | Rate (p.a.) | Cash Rebate |
|---|---|---|---|
| DBS/OCBC/UOB | Floating (1M SORA) | 1.09%* | $2,000-$2,800 |
| HSBC/Standard Chartered | Fixed 2Y | 1.48%-1.55% | $2,300 |
| Maybank/CIMB | Floating 3M SORA | 1.34% + 0.25% | $2,000 |
*Conditions apply; rates pegged to SORA. Use Homejourney's refinance calculator to personalize.[2][3]
Is Refinancing Worth It? Break-Even Analysis
To determine if refinancing is worth it, calculate the break-even point: divide total refinancing costs by monthly savings. Typical costs include $2,000-$5,000 in legal fees, valuation (~$500), and possible clawback penalties, though many banks subsidize for HDB loans over $250k.[1][3]
Example: On a $800,000 loan, dropping from 2.5% to 1.5% saves $800/month. With $3,000 costs, break-even is ~4 months. If you stay 5+ years, it's profitable. Try Homejourney's refinance calculator for instant results – it factors in SORA trends and your specifics. Read more in our guide: Is Refinancing Worth It? Homejourney's Complete Calculator Guide .
The chart below shows recent interest rate trends in Singapore:
Rates have stabilized around 1.3%-1.4% for 3M SORA, supporting refinancing into 2026, though moderation expected mid-year.[3]
Hidden Refinancing Costs and How to Minimize Them
Refinancing costs in Singapore average $3,000-$4,000, covering lawyer fees ($2,000+), valuation, and admin. Banks like DBS and UOB often fully subsidize for HDB refinances.[1][2] Watch for clawback if breaking lock-in early (2-5% of loan).
- Tip: Refinance in year 4+ when promo rates end.[1]
- Choose packages with free conversion after 12/24 months for flexibility.[2]
- Compare via Homejourney to snag $2,000+ rebates covering costs.
Details in Hidden Refinancing Costs Singapore: Is It Worth It? Homejourney .
Refinancing vs Repricing: Which Saves More?
Repricing stays with your bank (fee ~$800-$1,000), ideal if competitive; refinancing switches banks for lower rates but incurs costs.[1][4] In 2026's low-rate environment, refinancing wins for HDB-to-bank switches, saving $3,600/year on $400k loan.[3]
Learn more: Refinancing vs Repricing: Which is Better for You? Homejourney Guide . Homejourney lets banks compete – submit one app via Singpass for multiple offers.
Step-by-Step Guide to Refinance in 2026
- Check eligibility: 6+ months into loan, LTV/TDSR compliant. Use Homejourney calculator.
- Compare rates: On Homejourney bank-rates.
- Gather docs: NRIC, loan statements, income proofs, Singpass-ready.
- Apply multi-bank: One Homejourney submission gets offers from all partners.
- Legal completion: 4-8 weeks; track real-time SORA.
Post-refinance, explore properties in Homejourney property search.
Timing and Negotiation Tips for 2026
Start 4 months before lock-in ends; mid-2026 may see fewer promos as 2023/24 loans refinance.[3] Negotiate: Leverage multiple offers via Homejourney – banks bid higher rebates. Track SORA on our platform for perfect timing.
Disclaimer: Rates fluctuate; consult professionals. Homejourney verifies data for safety but isn't financial advice.
FAQ: Best Bank Refinancing Rates 2026
What are the best refinancing rates in 2026?
Floating from 1.09% (SORA+0%), fixed 1.30%+ with rebates.[2]
Should I refinance my HDB loan?
Yes if bank rates <2.6%; irreversible switch. Calc savings first.[3]
How to use a refinance calculator?
Input loan amount, rates, costs on Homejourney for break-even.[1]
What are refinancing costs?
$2k-$5k, often subsidized. See How to Calculate If Refinancing is Worth It: Homejourney Guide .
Refinancing vs repricing?
Switch banks for best rates; same bank cheaper if free.[4]
Ready for the best bank refinancing rates comparison 2026? Visit Homejourney bank-rates, compare securely, and apply via Singpass. Trust Homejourney for transparent, verified tools that put your safety first. Link back to our pillar: Singapore Home Loans Guide.
