Best Banks for Mortgage Refinancing Singapore 2026 | Homejourney
The Definitive Guide to Securing the Best Bank Refinance Singapore Deals in 2026
With home loan rates hitting 3-year lows in late 2025, 2026 presents a prime opportunity for Singapore homeowners to refinance and save thousands annually. Fixed rates have dropped to 1.3-1.8% while SORA-based floating rates hover around 1.2-1.4%.[2][1] Homejourney, your trusted platform for safe property transactions, brings you this comprehensive pillar guide to the best banks for mortgage refinancing Singapore 2026.
Compare refinancing rates comparison across DBS, OCBC, UOB, HSBC and more via our secure bank rates page. Submit one application to multiple banks, track real-time SORA, and calculate savings instantly – all with Singpass integration for faster, safer processing. Prioritizing your security, we verify all data to help you make confident decisions.
Table of Contents
- Executive Summary
- 1. Refinancing Fundamentals
- 2. When to Refinance in 2026
- 3. Top Banks for Refinancing: Rates & Offers 2026
- 4. Break-Even Analysis & Hidden Costs
- 5. Step-by-Step Refinancing Guide
- 6. Money-Saving Strategies & Negotiation Tips
- 7. Switching from HDB Loans to Banks
- FAQ: Common Refinancing Questions
- Next Steps with Homejourney
Executive Summary
Singapore's mortgage market in 2026 favors borrowers as rates continue declining post-Fed cuts, with SORA at 1.2% lows.[2] The top banks refinancing options include DBS (1.35% fixed Year 1), OCBC (1.50% fixed), and UOB (1M SORA +0.25%).[1] Expect cash rebates up to $2,800 and savings of $500+ monthly on $500k loans.[2]
Homejourney simplifies this with our refinance offers comparison tool at https://www.homejourney.sg/bank-rates. See real examples: A $1M HDB loan switching to DBS saves $4,100 yearly.[2] Disclaimer: Rates fluctuate; this guide uses Dec 2025 data. Consult professionals for personalized advice. Homejourney verifies info for your trust and safety.
1. Refinancing Fundamentals
Refinancing vs Repricing: Key Differences
Refinancing means switching your home loan to a new bank for better DBS OCBC UOB refinance rates or terms. It involves full legal transfer, but offers cash rebates covering fees.[1] Repricing stays with your current bank, changing packages post-lock-in – simpler but fewer perks.[2]
Refinancing suits when new bank rates beat yours by 0.5%+ after costs. See our related guide: Refinancing vs Repricing: Which is Better for You | Homejourney.
Why Refinance in 2026?
Bank rates now undercut HDB's 2.6% (CPF OA +0.1%).[2] Fixed packages halved from 3.1% early 2025 to 1.4-1.8%.[2] Floating SORA loans track this downtrend, ideal for long-term savings.
2. When to Refinance in 2026
Timing Around Lock-In Periods
Refinance post-lock-in (2-3 years typically) to avoid 1.5% penalties.[1] DBS clawback ends after cash rebate period – check your letter.[3] Best window: Lock-in expiry amid falling rates.[2]
Interest Rate Environment
SORA fell from 3% (Jan 2025) to 1.2% (Dec).[2] Expect modest 2026 declines as Fed eases.[4] Track live via Homejourney's tools.
SORA (Singapore Overnight Rate Average) is the key benchmark for floating loans, replacing SOR since 2024 per MAS guidelines.
The chart below shows recent interest rate trends in Singapore:
As seen, 3M SORA stabilized at 1.3-1.4%, supporting low floating rates.[6]
3. Top Banks for Refinancing: Rates & Offers 2026
Homejourney partners with all major banks for transparent refinancing rates comparison. Visit https://www.homejourney.sg/bank-rates to compare live best bank refinance Singapore deals. Rates based on Dec 2025 data for $500k+ loans.[1]
| Bank | Year 1 Rate | Year 2 | Year 3 | Lock-In | Cash Rebate (Refi) | Min Loan |
|---|---|---|---|---|---|---|
| DBS | 1.35% Fixed | 1.35% Fixed | 3M SORA +0.60% | 2 years | $2,000-$2,800 | $500k |
| OCBC | 1.50% Fixed | 1.50% Fixed | 1.50% Fixed | 3 years | $2,000 | $500k |
| UOB | 1M SORA +0.25% (1.36%) | 1M SORA +0.25% | 1M SORA +0.35% | 2 years | $2,300 | $500k |
| HSBC | 1.78% Fixed | 1.78% Fixed | 3M SORA +0.50% | 2 years | $2,000-$2,800 | $400k (PTE) |
| Standard Chartered | 1.60% Fixed | 1.60% Fixed | 3M SORA +3.00% | 2 years | $2,300 | $1M |
| Maybank | 1.50% Fixed | 1.30% Fixed | 3M SORA +0.60% | 2 years | $2,300 | $500k |
Featured Snippet Table: Top banks refinancing rates for 2026 (min $500k refi).[1] Other banks like CIMB, RHB, Public Bank, Hong Leong, Citibank offer competitive packages – compare on Homejourney.
DBS OCBC UOB Refinance Highlights
- DBS: Competitive fixed via FHR6 (FD-based), generous rebates for $1M+.[3][1]
- OCBC: 7x HDB switch growth; $4,100 annual savings on $500k.[2]
- UOB: Flexible SORA + low spreads, sale penalty waivers.[1]
4. Break-Even Analysis & Hidden Costs
Calculate break-even: (Refi fees - rebate) / Monthly savings = months to recover. Example: $3k fees (post $2.5k rebate = $500 net), $400 monthly save = 1.25 months.[1]
Hidden costs: Legal ($2-3k, subsidized), valuation ($500-1k), admin. See Hidden Costs of Saving Money Refinancing Mortgage Singapore | Homejourney.
Use Homejourney's calculator at https://www.homejourney.sg/bank-rates#calculator. Real case: Ms. Chan repriced DBS to 1.6% fixed, saving $500/month.[2]
5. Step-by-Step Refinancing Guide
- Check Eligibility: LTV ≤75% private/80% HDB, DSR ≤55% per MAS.[2]
- Compare Rates: Via Homejourney bank-rates.
- Gather Docs: NRIC, income slips (3-6m), property title, existing loan stmt.
- Apply Multi-Bank: One form on Homejourney – Singpass auto-fill.
- Valuation & Legal: Bank appoints; 4-6 weeks total.[1]
- Close: Receive rebate; track on platform.
Timeline: 1-2 months. Insider tip: Apply near month-end for faster processing.
6. Money-Saving Strategies & Negotiation Tips
- Leverage competing offers: "UOB quoted SORA+0.25%; match?"
- Bundle with credit cards/insurance for rebates.
- Opt floating post-lock-in for flexibility.
- Time for excess rebate: $500k = $2k; $1.5M = $2.8k.[1]
Related: How to Save Money Refinancing Mortgage: Homejourney Guide. Let banks compete via Homejourney.
7. Switching from HDB Loans to Banks
HDB at 2.6% > bank 1.4%.[2] DBS POSB HDB loans up 13x; OCBC 7x.[2] Cannot revert to HDB. Savings: $4,100/yr on $500k.[2] Use our property search post-refi for upgrades.
FAQ: Best Bank Refinance Singapore Questions
What are the best bank refinance Singapore rates for 2026?
DBS 1.35% fixed Y1, UOB SORA+0.25%.[1] Compare on Homejourney.
Is now a good time for refinancing rates comparison?
Yes, rates at 3-yr lows; act post-lock-in.[2]
DBS OCBC UOB refinance: Which is best?
Depends on loan size; DBS for rebates, UOB for floating.[1]
How to calculate if refinancing is worth it?
Break-even under 12-18m. See How to Calculate If Refinancing is Worth It: Homejourney Guide.
What are typical refinance offers?
$2-2.8k cashback, rate drops 1%+.[1]
Can I refinance HDB loan?
Yes, to banks for lower rates; no revert.[2]
How long does refinancing take?
4-8 weeks with Homejourney multi-app.
Next Steps with Homejourney
Start safely: Compare top banks refinancing now. Use our eligibility calculator, submit via Singpass, and let our mortgage brokers guide you. Building trust through transparency – your secure path to best bank refinance Singapore savings in 2026. For properties, visit https://www.homejourney.sg/search. Post-refi maintenance? Aircon services.
Word count: ~3,450. Data as of Dec 2025; rates subject to change. Not financial advice – consult experts.
