Choosing the best bank refinance Singapore option in 2026 can easily save you tens of thousands of dollars over your loan tenure – but only if you understand how refinancing works, how to compare banks correctly, and when the numbers truly make sense for your situation.
As a Singapore-focused platform, Homejourney works daily with real borrowers refinancing HDB and private home loans from banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB and others. We see which packages are actually approved, the real cash rebates offered, and the common pitfalls owners face – from condo owners in Punggol and Sengkang to HDB upgraders in Tampines and Yishun.
This pillar guide is written to be your definitive 2026 reference on top banks refinancing, refinancing rates comparison, and how to safely optimise your mortgage using Homejourney’s tools and bank partners.
Table of Contents
- 1. 2026 Singapore Mortgage Landscape: What Has Changed
- 2. Refinancing vs Repricing in Singapore – Plain-English Explanation
- 3. Understanding SORA, Fixed Rates and How Banks Price Refinancing
- 4. Interactive Interest Rate Trends Chart (2025–2026)
- 5. Best Banks for Mortgage Refinancing in Singapore (2026 Overview)
- 6. Refinancing Cost & Break-Even Analysis (With Real Numbers)
- 7. Timing Your Refinance: Lock-in, Rate Cycles and Practical Strategies
- 8. Step-by-Step Refinancing Process in Singapore (What to Expect)
- 9. Money-Saving Strategies & Insider Tips (Cash Rebates, Legal Subsidies, Negotiation)
- 10. How Homejourney Helps You Compare and Apply Safely
- 11. Common Scenarios: HDB Owners, Private Condo Owners, and Investors
- 12. FAQs: Best Bank Refinance Singapore 2026
1. 2026 Singapore Mortgage Landscape: What Has Changed
After the sharp interest rate hikes in 2022–2023, Singapore home loan rates have eased notably, with 3M SORA and bank fixed packages reaching around three-year lows in late 2025 and early 2026.[3][1] Many owners who locked in at 3–4% in 2023–2024 are now exploring refinancing to rates closer to the low- to mid‑1% range.[1][2][3]
According to local media coverage, popular refinancing packages now include fixed‑rate loans around 1.5–1.8% and SORA‑pegged packages where 3M SORA has fallen to roughly 1.3–1.4% p.a.[1][3] While every bank’s exact numbers differ, the trend is clear: borrowing is cheaper than during the peak rate cycle, which is why refinancing volumes from both HDB and bank loans have risen.[1][3]
On the ground, this matches what we see with Homejourney users: HDB owners in estates like Jurong West and Woodlands shifting from the 2.6% HDB concessionary rate to bank loans, and condo owners in Bukit Panjang, Pasir Ris and Clementi refinancing from older 3.x% packages to lower SORA or fixed rates to cut their monthly instalments.
Key 2026 refinancing themes
- Rates are at multi‑year lows but may not fall much further, based on MAS and global central bank guidance.[3][1]
- More owners are switching from HDB loans to bank loans for savings, but giving up the ability to return to HDB loans later.[1][4]
- Banks are offering aggressive cash rebates, legal and valuation subsidies and “free conversion” features to capture refinancing business.[1][2][5]
2. Refinancing vs Repricing in Singapore – Plain-English Explanation
One of the most common questions Homejourney users ask is: “Should I refinance or reprice?” Understanding the difference is crucial before picking the best bank refinance Singapore option.
Refinancing (switching to another bank)
Definition: Refinancing means taking a new housing loan with a different bank to replace your existing loan.[3][4] Your outstanding loan is fully redeemed by the new bank, and you start servicing a fresh loan package with new terms, rates and lock‑in period.
When refinancing makes sense:
- Another bank is offering a significantly lower rate than what your current bank is willing to give you.
- You want features your current bank doesn’t provide (e.g. interest‑offset accounts, more flexible partial prepayment, better lock‑in terms).
- You are comfortable going through legal and valuation again, and your property value has held up or increased.
Repricing (switching within the same bank)
Definition: Repricing means switching to a different interest rate package with the same bank after your lock‑in period ends, usually via a simplified process and lower fees.[1][3] Some banks now even offer one free repricing or conversion after the first year for selected packages.[1][2]
When repricing makes sense:
- You prefer minimal hassle and lower legal costs.
- Your current bank’s repricing offer is close to what other banks are offering for refinancing.
- You want to avoid the risk that your property valuation may come in lower at another bank.
Refinancing vs repricing: quick comparison
For a deeper comparison, see Refinancing vs Repricing: Which is Better for You? | Homejourney (English) or 再融资vs重新定价如何选择：隐藏成本完整解析 | Homejourney (Chinese).
3. Understanding SORA, Fixed Rates and How Banks Price Refinancing
Most refinance offers in Singapore today fall into three broad categories: fixed‑rate packages, SORA‑pegged floating packages, and (less commonly) board rate or FHR‑style packages. Knowing how each works will help you interpret bank advertisements and Homejourney’s refinancing rates comparison tools accurately.
SORA-pegged packages
SORA (Singapore Overnight Rate Average) is the volume‑weighted average rate of all overnight unsecured interbank SGD transactions, administered by MAS.[3] It has become the main benchmark for mortgage loans in Singapore, replacing SIBOR. Typical packages are 1M SORA, 3M SORA or 6M SORA plus a fixed spread (e.g. 3M SORA + 0.60%).[2][3]
The key features:
- Rate resets every 1, 3 or 6 months, depending on your SORA tenor.
- If market interest rates fall, your instalments can decrease.
- If rates rise again, your repayments will go up.
Fixed-rate packages
Fixed packages lock in the interest rate for 2–3 years (some banks offer up to 5 years), giving you certainty over monthly instalments. Recent examples reported in local media include 2‑year fixed around 1.48–1.6% and 3‑year fixed around 1.5–1.8%, often with free conversion after the first year.[1][3]
Fixed rates are popular among families who want stability – for instance, HDB owners in BTO estates like Punggol and Sengkang who are managing childcare, car loans and daily expenses, and cannot afford large swings in monthly housing costs.
Hybrid and other packages
Some banks offer hybrid packages (e.g. part fixed, part SORA) or proprietary board‑rate packages. These can work in specific scenarios but require careful reading of the fine print. When you use Homejourney’s Bank Rates page, our filters let you see clearly which are SORA‑pegged, which are fixed, and which have special features like interest‑offset accounts.
4. Interactive Interest Rate Trends Chart (2025–2026)
To choose among the top banks refinancing packages, you should have a view of how SORA and fixed rates have moved recently.
The chart below shows recent interest rate trends in Singapore:
Use this together with Homejourney’s live SORA tracking and bank rate feeds on Mortgage Rates to decide whether now is a good window to move from a high fixed package to SORA, or vice versa.
5. Best Banks for Mortgage Refinancing in Singapore (2026 Overview)
There is no single “best” bank for everyone – the best bank refinance Singapore choice depends on your loan size, property type, remaining tenure, risk appetite and whether you prioritise rate, flexibility or perks. That said, certain banks consistently stand out in 2026 for specific borrower profiles.
Important disclaimer: The examples below are indicative, based on typical market ranges seen via brokers and media coverage. Exact packages, rates and subsidies change frequently. Always use Homejourney’s live comparison tool at Bank Rates and confirm with banks before committing.
DBS, OCBC, UOB – The Big Three Local Banks
The “local big three” – DBS, OCBC and UOB – are often the first stop for refinancing due to their strong branding, digital tools and wide acceptance among lawyers and agents.
- DBS Bank: Known for competitive fixed packages and strong digital onboarding. Repricing options are also popular among existing DBS borrowers. Real‑world example: a borrower repriced to a 2‑year fixed at 1.6%, cutting her rate by almost half and saving around S$500 a month.[3]
- OCBC Bank: Frequently offers attractive long fixed tenures (e.g. 5‑year) and has been active in drawing refinancing customers, with some owners saving over S$4,000 a year on a S$500,000 loan when switching to their fixed packages.[3]
- UOB: Well‑known for SORA‑pegged packages and interest‑offset features for some customers; often competitive for private property owners with larger loans.
HSBC, Standard Chartered – International Banks with Strong SORA and Expat Focus
HSBC and Standard Chartered often price SORA packages aggressively to win higher‑income and expatriate clients, as well as owners of central region condos and landed properties.
- HSBC: Typically strong on larger loan sizes (e.g. S$800k and above) and for borrowers who value global banking relationships.
- Standard Chartered: Often competitive on 1M SORA packages and flexible partial prepayment options.
Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, Citibank – Niche Strengths
These banks may not always have the headline‑grabbing campaigns of the big three, but in specific segments they can be the best choice – especially when you factor in cash rebates and subsidies.[2][5]
- Maybank & CIMB: Commonly appear in broker lists for very competitive SORA spreads and generous cash rebates for refinancing above certain loan thresholds.[2][5]
- RHB & Hong Leong Bank: Sometimes offer unique features such as smart mortgages with interest offset, suitable for borrowers who keep high savings balances.[2]
- Public Bank & Citibank: More niche but can appeal to specific customer bases, especially if you already bank with them or qualify for premium client tiers.
Bank comparison snapshot (illustrative only)
You can see live, sortable comparisons of all these banks on Homejourney’s Bank Rates page, including which are currently leading for HDB vs condo vs landed, and which have the highest cash rebates.
6. Refinancing Cost & Break-Even Analysis (With Real Numbers)
Many owners fixate on headline interest rates, but the smarter way is to calculate your break-even point – the time it takes for your interest savings to cover your refinancing costs. Homejourney’s refinancing calculator at Mortgage Rates and can do this automatically, but it is useful to understand the mechanics.
Common refinancing costs in Singapore
- Legal fees: Typically around S$1,800–S$2,500, often subsidised partially or fully by the new bank for loans above certain amounts (e.g. above S$250k–S$500k).[5]
- Valuation fees: Roughly S$200–S$500 depending on property type; sometimes subsidised or fully covered for larger loans.[2][5]
- Clawback / subsidies recovery: If you refinance within a subsidy clawback period (often 3 years), you may need to refund legal subsidies or cash rebates granted by your current bank.
- Lock‑in penalty: Usually 1.5% of the outstanding loan if you redeem during the lock‑in period, unless waived due to sale.
- Misc fees: Fire insurance change, cancellation fees on existing loan, etc. Typically smaller.
Break-even calculation methodology
In simple terms:
Break-even period (months) ≈ Total refinancing costs ÷ Monthly interest savings
To estimate monthly interest savings, compare the interest portions of your current loan vs the potential new loan over the first year. Homejourney’s calculator does this for you, but here is a rough worked example:
Example: HDB owner in Sengkang
Assume:
- Outstanding loan: S$400,000
- Remaining tenure: 20 years
- Current rate: 2.6% (HDB loan)
- New bank package: 1.6% fixed for 2 years
- Total effective costs after subsidies: S$2,500
At 2.6%, your monthly instalment is around S$2,150; at 1.6%, about S$1,940 (approx figures). That’s about S$210 monthly savings in the first year.
Break-even ≈ S$2,500 ÷ S$210 ≈ 12 months.
If you plan to hold the flat for at least 3–5 years, refinancing could be worthwhile, but you must also weigh the risk that rates may rise after your 2‑year fixed period ends.
For a more detailed, formula‑based explanation with multiple scenarios, refer to How to Calculate If Refinancing is Worth It | Homejourney (English) or 如何计算再融资是否值得：新加坡房贷决策完全指南 (Chinese).
Hidden costs to factor in
Beyond the obvious fees, savvy borrowers consider:
- Reset risk: After a promotional fixed or SORA spread period ends, your rate may jump. Look at the “thereafter” rate (e.g. 3M SORA + 1.0%) in the term sheet.[2]
- Lock-in flexibility: Cheaper rates sometimes come with stricter lock‑ins that charge penalty even upon sale; others waive penalty if you sell, which is useful if you may upgrade.[2]
- Opportunity cost: Moving to a smaller bank only for slightly better rates might reduce flexibility if you need bespoke restructuring later.
Investment owners should also read Hidden Costs of Refinancing for Investment Property Owners | Homejourney and Refinancing Investment Properties: Complete Guide for Singapore Owners for rental‑focused pitfalls.
7. Timing Your Refinance: Lock-in, Rate Cycles and Practical Strategies
In Singapore, most banks allow you to start your refinancing application about 3–6 months before your current lock‑in ends. This window is critical for securing the best refinance offers.
Lock-in period strategies
- Check your lock-in end date early: Many owners forget and then rush in the last month, losing bargaining power. Put a calendar reminder 6–9 months before expiry.
- Start comparing 4–6 months ahead: Using Homejourney’s Bank Rates , you can see if current rates justify refinancing now, versus waiting.
- Avoid early redemption penalties: Unless the savings are huge, paying a 1.5% penalty rarely makes sense.
Interest rate environment in 2026
According to market commentary, three‑month SORA has fallen to around 1.3–1.4% p.a., with many banks expecting only modest further declines, if any.[1][3] That suggests we are nearer the lower end of the cycle than the peak, reducing the odds of massive future rate cuts.
In practice, this means:
- If you are currently paying above ~2.5–3%, it often makes sense to explore refinancing sooner rather than later.
- If you are already on a competitive SORA package with a low spread, the gain from switching may be limited unless another bank offers a markedly lower spread plus subsidies.
Best time to start the process
From our experience with Homejourney users:
- HDB owners: Start 6 months before lock‑in end, as some banks have stricter HDB loan criteria and require more time for documentation.
- Private condo owners: 4–5 months is normally adequate, but earlier is better if your income situation is complex (self‑employed, variable income, multiple properties).
- Investors: Plan 6–9 months ahead to coordinate with tenancy renewals and CPF withdrawal rules.
8. Step-by-Step Refinancing Process in Singapore (What to Expect)
Refinancing is structured, but can feel daunting if you have never done it. Here is a clear timeline that reflects how it typically works on the ground in Singapore.
Step 1: Assess your current loan and goals
- Check your current interest rate, lock-in period, and any clawback clauses.
- Decide your priority: lower monthly instalment, faster repayment, rate stability, or cash flow for other goals.
- Use Homejourney’s eligibility and affordability calculator at to check how much you can refinance based on MAS TDSR/MSR rules.
Step 2: Compare refinancing packages
- On Bank Rates , compare DBS OCBC UOB refinance options alongside HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank and Citibank.
- Filter by property type (HDB/condo/landed), loan size, fixed vs SORA and lock‑in length.
- Look not only at headline rates, but also cash rebates, legal subsidies, free conversion options and sale waiver penalties.
Step 3: Calculate savings and break-even
- Use the refinancing calculator on Mortgage Rates to simulate monthly instalments and total interest over different tenures and banks.
- Check the break-even period. If your planned holding period is shorter than the break‑even, refinancing may not be worth it.
Step 4: Submit a multi-bank application via Homejourney
Instead of visiting each bank branch, Homejourney lets you submit one refinancing application to all major banks simultaneously via Bank Rates .
- Apply via Singpass/MyInfo for instant data verification and auto‑filled details.
- Upload additional documents securely (NOA, pay slips, CPF statements, tenancy agreements for rental properties).
- Homejourney Mortgage Brokers review your profile and highlight which banks are most likely to approve and which are more competitive for your scenario.
Step 5: Receive offers and choose your bank
Within a few days to a couple of weeks (depending on complexity), you typically receive in‑principle approvals and detailed term sheets from multiple banks.
- Compare effective interest rates (EIR), lock‑in clauses, partial repayment rules and subsidies.
- Ask Homejourney’s team to stress‑test scenarios (e.g. if SORA rises 1%, what happens to your monthly instalments?).
Step 6: Legal documentation and completion
- Once you sign the Letter of Offer, the appointed law firm will coordinate redemption with your existing bank.
- You will sign mortgage documents, CPF forms (if using CPF) and any related undertakings.
- On completion date, your old loan is redeemed and the new loan takes effect. Your new monthly GIRO or CPF deduction kicks in the following month.
9. Money-Saving Strategies & Insider Tips
Beyond picking the lowest headline rate, there are practical local tricks that can improve your outcome.
1. Use banks’ cash rebates and subsidies wisely
Many banks in 2026 offer:
- Cash rebates of S$1,000–S$3,500+ for refinancing, especially above S$500k–S$600k loan sizes.[2][5]
- Full legal and valuation subsidies for HDB loans above certain thresholds.[5]
Insider tip: If you plan to refinance again in 3 years, be careful with subsidy clawback clauses. Accepting a larger cash rebate today may lock you in longer than you expect.
2. Negotiate spreads and lock-in terms
When banks know you are comparing multiple offers via Homejourney, they have an incentive to match or better competitors’ spreads, especially on larger loans (e.g. >S$800k on central region condos).
- Politely ask if the spread over SORA can be improved if you commit to a slightly longer lock‑in.
- For owners who may sell or upgrade (e.g. from a 4‑room HDB in Yishun to an EC in Punggol), request a waiver of penalty upon sale.
3. Coordinate refinancing with other goals
Some owners use refinancing to align with other financial targets:
- Shorten tenure when moving to a lower rate, so your total interest paid drops significantly while monthly instalments remain manageable.
- Increase cash flow by extending tenure slightly, freeing up cash for renovations, kids’ education, or building emergency savings.
- Investment owners may restructure to improve rental yield and cash‑on‑cash returns; see Refinancing Investment Properties: Complete Guide for Singapore Owners .
4. Avoid common refinancing mistakes
- Chasing ultra‑low promo rates without checking the “thereafter” rate and clawbacks.
- Ignoring CPF usage limits for older properties and lease decay, especially for flats or condos with shorter remaining leases.
- Failing to update fire insurance or home content insurance when switching banks.
10. How Homejourney Helps You Compare and Apply Safely
Homejourney’s mission is to create a safe and trusted environment for your property decisions. For refinancing, we focus on verification, transparency and user‑first design.
Key Homejourney refinancing features
- Bank rates comparison: Compare live refinancing rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank and Citibank in one place on Bank Rates .
- Mortgage eligibility calculator: Instantly estimate your maximum refinancing amount and monthly instalment using .
- Multi-bank application: Submit one secure application via Bank Rates to reach multiple banks at once.
- Singpass/MyInfo integration: Auto‑fill your data for faster, more accurate processing.
- Real-time SORA tracking: Monitor 3M and 6M SORA via Mortgage Rates to time your refinance.
- Homejourney Mortgage Brokers: Get human guidance for complex cases, with no pressure sales – we explain trade‑offs clearly so you stay in control.
