Compare Refinancing Rates from All Banks: Homejourney Guide
This definitive Homejourney guide shows Singapore homeowners how to compare refinance rates across DBS, OCBC, UOB, HSBC, Standard Chartered and more to secure the best refinancing rate. With rates as low as 1.15% (3M SORA + 0%) in January 2026, switching now could save you thousands, but only if you use a bank comparison refinance tool like Homejourney's to avoid pitfalls.[1][2]
Homejourney prioritizes your safety and trust by verifying rates in real-time and letting banks compete for your business through one simple application. Start comparing today at Homejourney bank rates.
Table of Contents
- Executive Summary
- 1. Refinancing Fundamentals
- 2. When to Refinance Your Mortgage
- 3. Financial Analysis: Calculate If It's Worth It
- 4. Current Refinancing Rates Comparison (Jan 2026)
- 5. Step-by-Step Guide to Switching Mortgage Rates
- 6. Money-Saving Strategies
- 7. How Homejourney Makes It Safe and Simple
- FAQ
Executive Summary
In 2026, with 3M SORA at 1.34% and fixed rates from 1.30%, refinancing activity is surging among HDB owners switching from 2.6% HDB loans or expired lock-ins.[2] Homejourney's refinance comparison tool aggregates rates from all major banks, calculates break-even points, and submits multi-bank applications via Singpass for instant verification.
Key takeaway: Always compare refinancing rates before switching to avoid hidden costs like clawbacks (up to 1.5 months interest) that erase savings. Use our guide to save S$3,600+ annually on a S$400k loan.[2]
1. Refinancing Fundamentals
Refinancing vs Repricing: Key Differences
Refinancing means switching to a new bank for better rates, cash rebates (S$2,000-S$2,800), but involves costs like valuation (S$500-S$1,500), legal fees (S$2,000-S$3,000), and penalties if inside lock-in.[1][3] Repricing stays with your current bank, costs S$800-S$1,000, and often offers worse rates than new-to-bank deals.[3][8]
For HDB owners, refinancing from HDB's 2.6% to bank loans at 1.5% saves significantly, but you can't revert to HDB loans.[2][3] See Homejourney's detailed comparison in Refinancing vs Repricing Guide.
Fixed vs Floating Rates Explained
Fixed rates (1.30%-1.78% for 2-3 years) offer stability; 90% of refinancing HDB owners choose them.[2] Floating (SORA + 0%-0.60%) track 3M SORA (1.34% now), ideal if rates stay low.[1][2]
2. When to Refinance Your Mortgage
Timing Around Lock-In Periods
Start 4 months before lock-in ends to secure rates. Most packages have 2-3 year lock-ins; penalties apply if you exit early (1-1.5% of loan).[1] With SORA at 3-year low, 2026 is prime for 2023/2024 lock-in expiries.[2]
Interest Rate Environment
SORA (Singapore Overnight Rate Average) is the key benchmark since 2024, replacing fixed deposits/SIBOR. Current 3M SORA: 1.34%; expect 1.3%-1.4% year-end if Fed cuts continue.[2]
The chart below shows recent interest rate trends in Singapore:
As seen, rates dropped from 3.6% in 2023 to 1.34%, driving refinancing.[2]
3. Financial Analysis: Is Refinancing Worth It?
Break-Even Calculation
Formula: Break-even months = Total costs / Monthly savings. Example: S$400k loan at 3% to 1.5% saves S$300/month. Costs S$5,000 = 17 months break-even. Refinance if tenure left >24 months.
Use Homejourney's calculator at mortgage calculator. Detailed method in How to Calculate If Refinancing is Worth It.
Hidden Costs Breakdown
| Cost | Amount | Notes |
|---|---|---|
| Valuation Fee | S$500-1,500 | Required for private property |
| Legal Fees | S$2,000-3,000 | Often subsidized |
| Clawback Penalty | 1-1.5 months interest | If inside lock-in |
| Processing Fee | S$200-500 | Varies by bank |
Cash rebates offset these: S$2,800 for >S$1.5M loans.[1] Learn more in Hidden Costs of Refinancing.
4. Current Refinancing Rates Comparison (Jan 2026)
Homejourney verifies rates weekly from partners. Lowest: 1.30% fixed, 1.15% floating (conditions: >S$500k).[1][5]
| Bank | Year 1 Rate | Lock-In | Rebate (Refi) | Min Loan |
|---|---|---|---|---|
| DBS | 1.78% Fixed | 2y | S$2,000-2,800 | S$500k |
| OCBC | 1.60% Fixed | 2y | S$2,000 | S$400k |
| UOB | 1.50% Fixed | 3y | S$2,300 | S$500k |
| HSBC | 1M SORA+0.25% (1.36%) | 2y | S$2,300 | S$500k |
| Standard Chartered | 1.35% Fixed* | 2y | S$2,300 | S$2M |
*Conditions apply. Full list including Maybank, CIMB at Homejourney bank-rates. Rates from [1][5]. See Best Bank Refinancing Rates 2026.
5. Step-by-Step Guide to Switching Mortgage Rates
- Compare Rates: Use Homejourney to view all banks side-by-side.
- Check Eligibility: TDSR <60%, MSR <30% income for HDB. Calculator at Homejourney calculator.
- Gather Docs: NRIC, payslips, property title, current loan stmt.
- Apply Multi-Bank: One form via Singpass at apply now.
- Receive Offers: Banks bid; pick best.
- Legal Completion: 4-6 weeks; new loan disbursed.
Timeline: 1-2 months. Guides: Singpass Guide, Multi-Bank Benefits.
6. Money-Saving Strategies
- Negotiate: Pit offers against each other; mention competitor rebates.
- Target Rebates: >S$1M loans get S$2,500+ to cover fees.[1]
- Combine Goals: Cash-out refinance for renovations; link to aircon services post-move.
- Track SORA: Real-time on Homejourney.
Insider tip: Apply mid-week; banks process faster. See How Homejourney Simplifies Refinancing.
7. How Homejourney Makes It Safe and Simple
Homejourney verifies data, uses Singpass for security, and lets you compare refinance rates from all banks without branch visits. Submit once, get multiple offers. Track SORA live. Our mortgage brokers guide you free.
After refinancing, search properties at Homejourney search or check projects at projects directory. Mortgage Calculator Guide.
FAQ: Common Singapore Refinancing Questions
What is the best refinancing rate in Singapore now?
Lowest fixed 1.30%, floating 1.15% (3M SORA+0%) for qualified loans >S$500k.[1]
How do I compare refinance rates from all banks?
Use Homejourney's tool at bank-rates for real-time bank comparison refinance.
Is refinancing worth it for HDB flats?
Yes, from 2.6% HDB to 1.5% bank saves S$3,600/year on S$400k loan, if >2 years tenure left.[2]
What are refinancing costs in Singapore?
S$4,000-S$8,000 total, offset by S$2,000+ rebates.[1]
Can I refinance within lock-in?
Possible but penalties apply; wait if <6 months left.
How long does refinancing take?
4-8 weeks from application to completion.
*Disclaimer: Rates change; not financial advice. Consult Homejourney brokers or advisors. Homejourney verifies data for trust.
Ready to switch mortgage rate? Start with Homejourney's refinance comparison tool for the best refinancing rate. Your safe path to savings begins here.
