How to Get Banks to Compete for Your Home Loan | Homejourney

This definitive guide from Homejourney reveals proven strategies to make banks like DBS, OCBC, and UOB compete for your home loan in Singapore. Learn how to secure the best mortgage offer, negotiate mortgage rates, obtain multiple bank offers, and achieve a lower rate while prioritizing your safety and trust in every transaction.

Homejourney empowers Singapore property buyers and investors with transparent tools like real-time bank rates comparison at https://www.homejourney.sg/bank-rates, multi-bank applications via Singpass, and eligibility calculators to ensure you get banks competing for your business securely.

Executive Summary

In Singapore's competitive property market, getting banks to compete for your home loan can save you tens of thousands over the loan tenure. As of January 2026, fixed rates start at 1.35% for high-value loans, while SORA-based floating rates hover around 3M SORA +0.25%.[1][2]

Homejourney's platform simplifies this by letting you submit one application to all major banks—DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and more—receiving competing offers instantly. Use our mortgage calculator to check eligibility first, then apply securely with Singpass for faster approvals and lower rates.

This pillar guide covers everything from rate types and bank comparisons to negotiation scripts and refinancing strategies, backed by current data from MAS and bank promotions. Whether you're buying an HDB flat in Toa Payoh or a condo in Orchard, Homejourney ensures a trusted, transparent process.

Why Banks Compete for Your Home Loan

Singapore's Big Three banks—DBS, OCBC, UOB—control 80% of the mortgage market, but foreign players like HSBC and Standard Chartered aggressively compete with lower spreads and promotions.[2] With home loan rates at 3-year lows in 2026, banks are offering cash rebates up to $2,800 for loans over $1.5M and no-lock-in fixed packages.[1][3]

Banks compete because mortgages are low-risk, long-term revenue streams. A strong borrower profile (high income, low debt, stable job) makes you prime. Homejourney verifies your profile upfront via our eligibility calculator, positioning you to demand the best mortgage offer.

Insider tip: Banks prioritize 'priority banking' clients. Holding $200K in deposits can unlock Standard Chartered's lowest rates without lock-ins.[1]

Market Dynamics in 2026

US rate cuts have driven Singapore home loan rates down, with bank loans now below HDB's 2.6% concessionary rate.[3] More flat owners are refinancing, boosting competition. Track this on Homejourney's bank rates page.

Understanding Home Loan Rates in Singapore

Home loans peg to SORA (Singapore Overnight Rate Average), fixed rates, or board rates like Fixed Home Rate (FHR). 3M SORA is the most common, currently around 2.8% + bank spread (0.25%-0.65%).[1][6]

SORA replaced SOR in 2023 per MAS guidelines, offering transparency as it's transaction-based. Fixed rates provide stability for 1-3 years, ideal for first-time buyers.

The chart below shows recent interest rate trends in Singapore:

As seen in the chart, rates fell sharply in late 2025, creating refinancing opportunities.[3] Use Homejourney's real-time SORA tracker at https://www.homejourney.sg/bank-rates.

Rate Types Breakdown

Rate Type	Best For	Current Low (Jan 2026)	Lock-in
2-Year Fixed	Stability	1.65% (Maybank)[1]	2 years
3M SORA + Spread	Flexibility	+0.25% (Promo)[1]	1-2 years
FHR/FDR	Predictability	+0.60% (DBS)[1]	3 years

Disclaimer: Rates change daily; verify on Homejourney for latest. Not financial advice—consult professionals.

Top Banks Compared: Rates, Features & Offers (2026)

Homejourney compares 10+ partner banks instantly. Here's a snapshot for private properties (min $500K loans).[1][2]

Bank	Best Rate	Rebate	Best For
Maybank	2Y Fixed 1.65%	Up to $2,500	Fixed rates
Standard Chartered	3M SORA +0.40%	Priority perks	No lock-in
DBS	3M SORA +0.50%	$2,000 HDB refi	HDB loans
OCBC	1M SORA +0.65%	Bill rebates	Promos
UOB	Competitive floating	Flexible packages	Private homes
HSBC	2Y Fixed 1.70%	High-value	Investors

Compare all on Homejourney bank-rates. For HDB resale, DBS edges with $2K rebates offsetting fees.[1]

DBS Overview

Market leader with POSB HDB loans at 1.55% 3Y fixed, no early repayment penalty.[3] Best for HDB refinances.

OCBC & UOB Insights

OCBC offers 3M SORA promos and rebates; UOB excels in private loans.[6][9] See How to Use Homejourney Bank Rate Comparison.

Step-by-Step: How to Get Banks to Compete

Calculate Eligibility: Use Homejourney's free calculator at https://www.homejourney.sg/bank-rates#calculator. Input income, debts—get max loan instantly.
Compare Rates: View live rates from 10 banks on our platform.
Submit Multi-Bank Application: One form via Singpass auto-fills details, sends to all banks. Receive multiple bank offers.Benefits of Multi-Bank Application in One Click | Homejourney
Let Them Bid: Banks compete with better rates/rebates.
Negotiate & Choose: Use offers as leverage.

This process takes minutes on Homejourney, saving weeks vs individual applications. Learn more in our Singpass Guide.

Negotiation Tactics for Lower Rates

Armed with multiple bank offers, say: "Maybank offered 3M SORA +0.27%. Can you match?" Banks often shave 0.05-0.10%.[1]

Ask for waiver on legal fees ($2-3K savings).
Leverage rebates: DBS $2K for HDB refi covers costs.[1]
Threaten to walk: "I'll go with Standard Chartered's no-lock-in."
Bundle products: Deposits or insurance for better spreads.

Pro tip: Time applications end-month when quotas push competition. Homejourney brokers assist free via bank-rates page.

HDB vs Bank Loans: When to Switch

HDB loans at 2.6% suit low-risk buyers, but banks now offer 1.55% fixed—saving $10K+ on $500K loan over 25 years.[3] Can't revert to HDB after bank loan.

Best for resale HDB: Promo 1.50% 2Y fixed.[1] Search HDB flats on https://www.homejourney.sg/search.