Compare Refinancing Rates from All Banks Before You Switch | Homejourney
Executive Summary: This definitive guide equips Singapore property owners with everything needed to compare refinance rates across DBS, OCBC, UOB, HSBC, Standard Chartered, and more before switching. Homejourney's safe, trusted platform simplifies bank comparison refinance with real-time tools, multi-bank applications via Singpass, and verified data to maximize savings while prioritizing your security.
With 3-month SORA at 1.34% – a 3-year low – refinancing activity surged in 2025, especially among HDB owners switching from 2.6% HDB loans.[2][3] Learn step-by-step how to find the best refinancing rate, calculate break-even, avoid hidden costs, and use Homejourney's features for confident decisions.
Table of Contents
- 1. Refinancing Fundamentals: Repricing vs Refinancing
- 2. When to Refinance: Timing and Eligibility
- 3. Financial Analysis: Calculate Real Savings
- 4. Current Refinancing Rates from All Banks (Jan 2026)
- 5. Step-by-Step Guide to Switching Mortgage Rates
- 6. Money-Saving Strategies and Negotiation Tips
- 7. How Homejourney Makes Refinancing Safe and Simple
- 8. FAQ: Common Refinancing Questions
1. Refinancing Fundamentals: Repricing vs Refinancing
Refinancing means switching your home loan to a different bank for better rates or terms, while repricing stays with the same bank but changes the package. Refinancing often yields bigger savings but involves costs like legal fees ($2,000-$3,000) and valuation ($500-$1,500). Repricing is cheaper (admin fees ~$200-$500) and faster.[2]
For HDB owners, refinancing from HDB's 2.6% loan to banks is popular now, but note: you can't return to HDB loans once switched.[2][3] Read our detailed comparison in Refinancing vs Repricing: Which is Better for You? Homejourney.
Key Differences Table
| Aspect | Refinancing | Repricing |
|---|---|---|
| Bank Change | Yes (e.g., DBS to OCBC) | No (same bank) |
| Costs | $3,000-$5,000 total | $200-$500 |
| Savings Potential | Higher (0.5-1% drop) | Moderate (0.2-0.5% drop) |
| Lock-in Impact | New lock-in applies | Resets within bank |
Choose refinancing if rates differ by >0.5%; otherwise, reprice. Homejourney verifies all data for trust.
2. When to Refinance: Timing and Eligibility
Refinance 4-6 months before lock-in ends to avoid penalties (1-1.5% of loan).[1] With 3M SORA at 1.34% (Oct 2025 low), expect 1.3-1.4% by end-2025, extending into 2026.[2] HDB-to-bank switches save ~$3,600/year on $400k loan.[2]
Eligibility: Singaporean/PR, age 21-65, TDSR <60%, positive equity. Insiders tip: Act post-Fed rate cuts; track via Homejourney's real-time SORA.
Best Times to Switch Mortgage Rate
- Lock-in Expiry: Avoid penalties; e.g., 2022/2023 loans now free.[2]
- Rate Drops: SORA <1.5%; compare vs current rate.[3]
- Life Changes: Income up, equity grown – borrow more.
- Year-End Promos: Banks offer rebates $2,000-$2,800.[1]
3. Financial Analysis: Calculate Real Savings
Break-even = Total Costs / Monthly Savings. Example: $4,000 costs, $300/month save = 13 months break-even. Profitable if >2 years left on loan. See How to Calculate If Refinancing is Worth It: Homejourney Guide.
Hidden costs: Clawback (3 months interest if early exit), legal ($2,500), valuation ($588 HDB).[3] Real example: $800k HDB loan at 2.6% to DBS 1.5% fixed saves $4,800/year minus $4k costs = net $800 year 1.
Break-Even Calculator Example ($500k Loan)
| Current Rate | New Rate | Monthly Save | Costs | Break-Even |
|---|---|---|---|---|
| 2.6% (HDB) | 1.5% (Bank) | $420 | $4,000 | 9.5 months |
Use Homejourney's refinancing calculator for personalized math.
4. Current Refinancing Rates from All Banks (Jan 2026)
As of Jan 19, 2026, lowest fixed at 1.30%, floating 3M SORA+0% (1.15%). Banks compete with rebates $2,000-$2,800 for >$500k loans.[1] Always compare refinance rates on Homejourney for latest verified data from partners: DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, Citibank.
SORA is the key benchmark; 3M SORA fell to 1.34%.[2] The chart below shows recent interest rate trends in Singapore:
Rates trended down 50bps in 6 months, favoring switches now.[1][2]
Top Refinancing Rates Comparison (Week of Jan 19, 2026)[1]
| Bank | Year 1 Rate | Lock-in | Rebate (Refi) | Min Loan |
|---|---|---|---|---|
| DBS | 1.78% Fixed | 2 years | $2,000-$2,800 | $500k |
| OCBC | 1.60% Fixed | 2 years | $2,000-$2,800 | $400k |
| UOB | 1.50% Fixed | 3 years | $2,000 | $500k |
| HSBC | 1M SORA +0.25% (1.36%) | 2 years | $2,300 | $500k |
Visit Homejourney bank-rates for full refinance comparison tool updates.
5. Step-by-Step Guide to Switching Mortgage Rates
- Compare Rates: Use Homejourney to compare refinancing rates from all banks.
- Check Eligibility: TDSR calculator on Homejourney mortgage calculator.
- Gather Docs: NRIC, income slips (3 months), property title, Singpass ready.
- Apply Multi-Bank: One form on Homejourney – banks compete with offers.
- Legal/Valuation: 4-6 weeks; track via platform.
- Switch: New loan pays off old; enjoy savings.
Timeline: 1-2 months. Homejourney's Singpass speeds verification.
6. Money-Saving Strategies and Negotiation Tips
Negotiate: Pit quotes from DBS vs OCBC; aim 0.1-0.2% off.[1] Stack rebates ($2,800 >$1.5m) covering costs.[1] Combine with cash-out for renovations – link to Homejourney aircon services post-move.
- Leverage Promos: CNY rebates higher.[8]
- Free Conversion: FC12/24 options for flexibility.[1]
- Group Apply: Couples save more via joint income.
Pro tip: Refi >$1m for excess rebate cash. Details in Hidden Costs of Refinancing: What Homejourney Users Need to Know.
7. How Homejourney Makes Refinancing Safe and Simple
Homejourney prioritizes your safety with verified rates, one-click multi-bank apps, and real-time SORA tracking. Submit once to DBS, OCBC, UOB+; receive competing offers. Auto-fill via Singpass for speed/security.
Features:
- Compare refinance rates from all banks instantly.
- Refinancing calculator for break-even.
- Connect to Homejourney Mortgage Brokers for free guidance.
- Post-refi: Search properties at Homejourney property search.
Trusted by thousands; feedback drives improvements. See Best Bank Refinancing Rates Comparison 2026 | Homejourney.
8. FAQ: Common Refinancing Questions
What is the best refinancing rate in Singapore now?
Lowest fixed 1.30%, floating ~1.15% (SORA+0%) for qualified loans >$500k. Compare on Homejourney.[1]
Can I refinance my HDB loan?
Yes, to banks for savings vs 2.6%, but no return to HDB. Ideal if break-even <12 months.[2]
How much rebate for refinancing?
$2,000-$2,800 from DBS/OCBC/UOB for >$500k; covers costs.[1]
Refinancing costs in Singapore?
$3k-$5k total; use rebates. Full breakdown in our Hidden Costs guide.
When to switch mortgage rate?
Lock-in end, SORA <1.5%, savings >costs. Time with Homejourney tool.
Fixed or floating for refinancing?
Fixed for stability (1.5%), floating for potential savings if SORA falls.[2][3]
Disclaimer: Rates change; not financial advice. Consult Homejourney brokers or advisors. Homejourney verifies data for trust.
Ready to save? Start at Homejourney bank-rates – compare, calculate, apply securely today. Your safe path to the best refinancing rate.
