How Homejourney Makes Refinancing Your Mortgage Easier in Singapore
This definitive guide reveals how Homejourney simplifies refinancing your mortgage in Singapore, offering an easy refinancing experience through rate comparisons, one-click applications, and Singpass integration. Homejourney prioritizes your safety and trust with verified tools that help you save thousands while navigating HDB and private property rules.
Whether you're an HDB upgrader or private property owner, learn the simple refinance process, calculate savings, and start your refinance with Homejourney today.
Table of Contents
- Executive Summary
- Refinancing Fundamentals
- When to Refinance Your Mortgage
- Financial Analysis: Calculate Your Savings
- Step-by-Step Refinancing Guide with Homejourney
- Homejourney Features That Simplify Refinancing
- Money-Saving Strategies
- Frequently Asked Questions
- Next Steps with Homejourney
Executive Summary
Refinancing your mortgage can save Singapore homeowners up to $50,000 over the loan tenure, but the process often feels overwhelming with paperwork, bank visits, and rate comparisons[1]. Homejourney changes that by offering a one-click refinance system where you compare refinance rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank in one secure platform.
Powered by Singpass for instant verification, Homejourney's tools let banks compete for your business, delivering multiple offers from a single application. This pillar guide covers everything from SORA rates to break-even calculations, with real Singapore examples like refinancing a $800,000 HDB loan at 3.5% to 2.8% SORA, saving $300 monthly.
Homejourney builds trust through verified data, transparent processes, and user feedback-driven improvements, ensuring a safe environment for your financial decisions[1][2].
Refinancing Fundamentals: Repricing vs Full Refinancing
In Singapore, easy refinancing means understanding repricing versus full refinancing. Repricing stays with your current bank to negotiate better rates without changing lenders, ideal if your lock-in period ends and rates drop.
Full refinancing switches banks for superior packages, including lower rates or cash rebates, but involves costs like legal fees ($2,000-$3,000) and valuations ($500-$1,500). HDB rules limit refinancing to after the 5-year Minimum Occupation Period (MOP) for resale flats.
Key Differences Table
| Aspect | Repricing | Full Refinancing |
|---|---|---|
| Bank Change | No | Yes |
| Costs | Low (admin fees) | Higher (legal, valuation) |
| Best For | Rate tweaks | Big savings, rebates |
| Homejourney Tool | Rate comparison | Multi-bank apply |
Homejourney's platform clarifies these options instantly, helping you choose the simple refinance process[1].
Singapore-Specific Rules
Under Monetary Authority of Singapore (MAS) guidelines, Total Debt Servicing Ratio (TDSR) caps borrowing at 55% of income, and Seller's Stamp Duty (SSD) or Additional Buyer's Stamp Duty (ABSD) may apply if cashing out exceeds limits. For HDB, consult HDB portal for eligibility.
When to Refinance: Timing Your Move
Refinance after your 2-3 year lock-in ends, especially if SORA rises above your fixed rate. In 2026, with SORA at ~2.8%-3.2%, now's ideal for switching from promo rates ending soon.
Monitor lock-in penalties: 1.5% of loan if early exit. Best window: 3-6 months before promo ends to avoid gaps.
Interest Rate Trends
SORA (Singapore Overnight Rate Average) is the key benchmark for floating loans in Singapore, replacing SOR in 2024 per MAS directive. It's calculated daily from actual interbank transactions, more transparent than fixed rates.
The chart below shows recent interest rate trends in Singapore:
As seen in the chart, 3M SORA hovered at 2.95% in late 2025, dropping to 2.75% by January 2026, signaling a good refinance window[1].
Financial Analysis: Break-Even and Savings Calculation
Break-even period = Total refinancing costs / Monthly savings. Example: $5,000 costs, $250 monthly savings = 20 months break-even.
Real Savings Example
For a $1M condo loan at 25 years, switching from 3.5% fixed to 2.8% SORA + 0.5% margin:
- Old monthly: $5,028
- New monthly: $4,678
- Savings: $350/month or $105,000 over tenure
- Costs: $4,500 (legal $2,500, valuation $1,000, fees $1,000)
- Break-even: 13 months
Use Homejourney's calculator at https://www.homejourney.sg/bank-rates#calculator for your numbers[1].
Hidden Costs Checklist
- Legal fees: $2,000-$3,500
- Valuation: $500-$2,000 (HDB lower)
- Clawback: Up to 1.5% if promo rebate reclaimed
- Processing: $200-$500
- CPF changes: Ordinary Account interest adjustments
Homejourney factors these into savings projections for accurate advice[2].
Step-by-Step Refinancing Guide with Homejourney
- Check Eligibility: Use Homejourney's TDSR calculator. Input income, debts; get instant borrowing power[1].
- Compare Rates: Visit https://www.homejourney.sg/bank-rates to compare refinance rates across 11 banks.
- Apply via Singpass: One-click submits to multiple banks; auto-fills data for speed[4].
- Receive Offers: Banks bid; pick best package.
- Legal & Valuation: Homejourney guides documents.
- Close: Funds transfer in 4-6 weeks.
Total timeline: 1-2 months. See Singpass贷款申请完整步骤指南：Homejourney安全攻略 ">Singpass贷款申请完整步骤指南：Homejourney安全攻略 for details.
Homejourney Features That Make Refinancing Effortless
Homejourney's all-in-one platform verifies listings and agents, reducing scams—a top concern in Singapore[2].
- Multi-Bank Submission: One app to all banks; receive competing offers. Details in 一键多银行申请的好处：Homejourney助你获最佳房贷报价 ">一键多银行申请的好处：Homejourney助你获最佳房贷报价 .
- Singpass Integration: Instant verification, no paperwork[4].
- Real-Time SORA Tracker: Time your refinance with Homejourney.
- Mortgage Brokers: Personalized guidance post-application.
Start at https://www.homejourney.sg/bank-rates[1].
Money-Saving Strategies for Singapore Homeowners
Negotiate by showing competitor offers from Homejourney. Target cash rebates up to 0.35% of loan (e.g., $3,500 on $1M).
- Combine with CPF top-up for tax relief.
- Refinance before TDSR changes.
- Shorten tenure post-refinance to cut interest.
Insider tip: HDB owners in mature estates like Toa Payoh save more due to stable valuations. Check market data via Projects ">Projects [1].
Disclaimer: This is general advice; consult professionals for personalized financial planning. Rates fluctuate; verify current terms.
Frequently Asked Questions
What is the easiest way to refinance my HDB loan?
Use Homejourney's one-click refinance for multi-bank applications post-MOP. Compare rates instantly at https://www.homejourney.sg/bank-rates[1].
How much can I save with Homejourney refinancing?
Up to $350/month on $1M loans; use our calculator for exact figures[1].
Is refinancing free on Homejourney?
Platform is free; standard bank fees apply. Singpass speeds it up[4].
Can I refinance during lock-in?
No, penalties apply. Track via Homejourney SORA tools.
What documents for refinancing?
Singpass auto-fills most; add payslips, CPF statements. Full guide: 如何使用Homejourney比较银行利率：获最佳房贷报价指南 ">如何使用Homejourney比较银行利率：获最佳房贷报价指南 .
Does Homejourney work for private properties?
Yes, for condos in areas like Orchard or Sentosa Cove[1].
Next Steps: Start Your Easy Refinancing with Homejourney
Ready for easy refinancing? Visit https://www.homejourney.sg/bank-rates to compare rates, calculate savings, and apply securely. Homejourney ensures a trusted journey with verified partners and real-time insights.
Search budget-friendly properties at https://www.homejourney.sg/search or connect brokers today. Your safer, simpler refinance starts here[1].
