Compare Refinancing Rates from All Banks: Homejourney Guide
The definitive 2026 guide to comparing refinancing rates across DBS, OCBC, UOB, HSBC and more – saving Singapore homeowners thousands annually.
Executive Summary
Refinancing your home loan in Singapore can save you up to S$4,100 yearly on a S$500,000 loan, but only if you compare rates from all banks first.[2] Homejourney makes this easy with our bank rates comparison tool, showing real-time offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank and others in one place. This pillar guide covers everything from break-even calculations to hidden costs, step-by-step processes, and insider tips to secure the best refinancing rate without bank visits.
With rates at 3-year lows – fixed loans now 1.4-1.8% – now's the time to act before lock-ins end.[2] Use Homejourney's multi-bank application to let banks compete for your business via one Singpass submission. Prioritizing your safety and trust, we verify all data for confident decisions.
Table of Contents
- 1. Refinancing Fundamentals: Reprice vs Refinance
- 2. When to Refinance: Timing and Eligibility
- 3. Financial Analysis: Calculate Real Savings
- 4. Current 2026 Refinancing Rates Comparison
- 5. Step-by-Step Guide to Switching
- 6. Money-Saving Strategies and Negotiations
- 7. How Homejourney Simplifies Refinancing
- 8. FAQ: Common Refinancing Questions
1. Refinancing Fundamentals: Reprice vs Refinance
Refinancing means switching your home loan to a different bank for better rates or terms, involving legal fees, valuation, and potential cash rebates.[3] Repricing stays with the same bank but changes the package, with lower fees (S$800-S$1,000) but often worse rates for existing customers.[3][9]
Choose repricing if out-of-lock-in and your bank matches market rates – saving time. Refinance for the best refinancing rate when switching banks, especially from HDB loans (fixed 2.6%) to banks now at 1.4%.[2][4] Note: Once you leave HDB loans, you can't return.[3]
Key Differences Table
| Aspect | Repricing (Same Bank) | Refinancing (New Bank) |
|---|---|---|
| Cost | S$800-S$1,000 admin fee | Legal fees S$2,000-S$3,000 (often rebated) |
| Best For | Quick rate drop, no lock-in | Lowest rates, new features |
| HDB Loan Switch | Not possible | To bank only (irreversible) |
| Time | 2-4 weeks | 6-8 weeks |
Homejourney tip: Use our refinance calculator to model both options instantly.
2. When to Refinance: Timing and Eligibility
Refinance 4 months before lock-in ends to avoid penalties (2-3 years typical).[1] With 2026 rates down to 1.14% (1M SORA+0%), homeowners like Ms. Denise Chan saved S$500/month by switching to DBS 1.6% fixed.[2]
Eligibility: TDSR <60% of income, MSR <30% for HDB, LTV up to 75% (bank) or 80% (HDB).[4] Check via Homejourney's TDSR calculator. Best now: Rates halved since 2025 start.[2]
Lock-In Strategies
- 2-Year Lock-In: Most common; choose FC12/24 (free conversion).[1]
- 3-Year: For stability; DBS offers no early repayment penalty.[2]
- Insider Tip: Time for SORA dips – track on Homejourney.
3. Financial Analysis: Calculate Real Savings
Break-even = Total Costs / Monthly Savings. Example: S$2,500 costs, S$400/month save = 6.25 months break-even. Factor clawback (3 months interest if early exit), valuation (S$500-S$1,500), legal fees.[3]
Real Example: S$500k loan at 3% to 1.6% saves S$4,100/year (OCBC).[2] Use formula: Savings = Loan * (Old Rate - New Rate)/12.
Break-Even Calculator Example
| Loan Amount | Rate Drop | Monthly Save | Costs | Break-Even |
|---|---|---|---|---|
| S$500k | 3% to 1.6% | S$342 | S$2,500 | 7 months |
| S$1M | 2.6% to 1.35% | S$10,417/yr | S$2,800 rebate | Immediate |
Details in How to Calculate If Refinancing is Worth It: Homejourney Guide ">How to Calculate If Refinancing is Worth It. Always verify with Homejourney tools for your numbers.
4. Current 2026 Refinancing Rates Comparison
As of Feb 2026, lowest fixed 1.30%, floating 1M SORA+0% (1.14%).[1] Compare via bank comparison refinance on Homejourney from all partners: DBS, OCBC, UOB, HSBC, etc. Rates tiered by loan size (>S$1M best).[1]
SORA (Singapore Overnight Rate Average) is now the benchmark, replacing SIBOR. Most loans pegged to 1M/3M SORA + margin.
The chart below shows recent interest rate trends in Singapore:
Rates fell sharply post-US Fed cuts, hitting 3-year lows.[2] Fixed suits risk-averse; floating for savers if SORA stable.
Top Refinance Packages Feb 2026[1]
| Bank | Year 1 Rate | Lock-In | Rebate (Refi) | Min Loan |
|---|---|---|---|---|
| DBS | 1.35% Fixed | 2Y | S$2,300 | S$500k |
| OCBC | 1.50% Fixed | 3Y | S$2,000 | S$500k |
| UOB | 1M SORA+0.25% (1.36%) | 2Y | S$2,300 | S$500k |
Full list on Homejourney bank-rates. See Best Bank Refinancing Rates Comparison 2026 | Homejourney ">Best Bank Refinancing Rates 2026.
5. Step-by-Step Guide to Switching Mortgage Rate
- Compare Rates: Use Homejourney's tool for refinance comparison tool across 11 banks.
- Check Eligibility: Input income/debts via mortgage calculator.
- Apply Multi-Bank: One Singpass app to all – get competing offers. Details in Benefits of Multi-Bank Application in One Click | Homejourney ">Multi-Bank Application Guide.
- Documents: NRIC, title deed, income proof, current loan stmt.
- Valuation/Legal: Bank appoints valuer; rebate covers fees.
- Sign & Disburse: 6-8 weeks; old loan redeemed automatically.
Track SORA live on Homejourney. Pro tip: Apply near month-end for better rebates.
6. Money-Saving Strategies and Negotiations
- Negotiate: Pit quotes from DBS vs OCBC – banks match/beats rivals.
- Cash Rebates: S$2,000-S$2,800 for >S$500k; covers costs + extra.[1]
- Combine Goals: Cash-out for renovations; pair with aircon services post-move.
- Avoid Pitfalls: Read hidden costs guide: Hidden Refinance Costs Without Bank Visits: Homejourney Guide ">Hidden Refinance Costs.
Hidden Insight: For HDB in mature estates like Toa Payoh, banks offer better LTV due to stable values.
7. How Homejourney Simplifies Refinancing
Homejourney prioritizes your safety with verified rates, Singpass integration, and multi-bank submission – no branch hopping. Compare refinancing rates from all banks, calculate savings, apply in minutes at bank-rates.
- Real-time SORA tracker
- One-click multi-bank offers
- Mortgage brokers for guidance
- Link to property search for upgraders
Learn more: How to Use Homejourney Bank Rate Comparison: 2026 Guide ">How to Use Bank Rate Comparison and Step-by-Step Singpass Loan Application Guide | Homejourney ">Singpass Guide.
8. FAQ: Common Refinancing Questions
What is the best refinancing rate in 2026?
Lowest 1.14% (1M SORA+0%), fixed from 1.30%; varies by loan size. Compare on Homejourney.[1]
How to compare refinance rates across banks?
Use Homejourney's tool for DBS, OCBC, UOB etc. – real-time, no login needed.How to Use Homejourney Bank Rate Comparison: 2026 Guide
Is refinancing worth it for HDB loans?
Yes if >0.5% drop covers costs; irreversible switch. Calc on calculator.[3]
What are refinancing costs?
S$2k-S$4k total, often rebated. No bank visits needed via Homejourney.[1]
Can I refinance during lock-in?
Pay penalty (1-3 months interest); wait if possible.[9]
How long does refinancing take?
6-8 weeks; faster with Singpass on Homejourney.
Fixed or floating for refinance?
Fixed for predictability (1.4-1.8%); floating cheaper if SORA falls.[2]
Disclaimer: Rates change; not financial advice. Consult Homejourney brokers or advisors. Data from MAS/HDB-aligned sources, verified Feb 2026.
Ready to switch mortgage rate? Start comparing on Homejourney bank-rates today – safe, transparent, trusted.
