How to Use Homejourney Bank Rate Comparison: Your Complete Guide
Homejourney's bank rate comparison tool lets you compare home loan rates from Singapore's major banks—DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB Bank, Public Bank, Hong Leong Bank, and Citibank—all in one place, helping you find the best mortgage deal without switching between multiple websites.[1] Whether you're a first-time buyer, refinancing homeowner, or property investor, understanding how to leverage this tool can save you thousands of dollars over your loan tenure and streamline your entire application process.[2]
This guide walks you through every feature of Homejourney's bank rate comparison platform, explains how to interpret SORA rates and interest rate trends, and shows you exactly how to use the tool to make confident financing decisions backed by real-time market data and verified information.
Why Bank Rate Comparison Matters for Singapore Homebuyers
In Singapore's competitive mortgage market, interest rates vary significantly between banks and loan products. A difference of just 0.25% on your home loan can translate to tens of thousands of dollars in interest payments over a 25-year tenure. For example, on a $400,000 loan, a 0.25% rate difference equals approximately $2,500 in additional interest annually.[1]
Most buyers traditionally compare rates by visiting individual bank websites or calling loan officers—a time-consuming process that often leads to incomplete information and missed opportunities. Homejourney eliminates this friction by aggregating current rates from all major Singapore banks, updating them in real-time, and allowing you to compare not just interest rates but also loan terms, lock-in periods, and eligibility requirements in seconds.
This transparency aligns with Homejourney's core commitment to user safety and trust, ensuring you have verified, accurate information to make confident decisions about one of life's largest financial commitments.[2]
Understanding SORA Rates and Interest Rate Tracking
Before using Homejourney's bank rate comparison tool, it's essential to understand how Singapore's mortgage rates work. Most home loans in Singapore are now pegged to SORA (Singapore Overnight Rate Average), the benchmark interest rate set by the Monetary Authority of Singapore (MAS).[1] Banks add a spread on top of SORA to determine your final interest rate.
SORA comes in two tenors: 3M SORA (3-month average) and 6M SORA (6-month average). Most banks offer loans based on 3M SORA, though some provide 6M SORA options for borrowers seeking more stability. Understanding which tenor your bank uses helps you predict how your interest rate might change when SORA resets.
The chart below shows recent SORA trends to help you understand how rates have moved:
Homejourney's real-time SORA rate tracker displays live 3M SORA and 6M SORA rates, allowing you to monitor market conditions and time your application strategically. When SORA is rising, you might consider locking in a fixed rate; when SORA is falling, a floating rate becomes more attractive. This data-driven approach to timing your loan application can significantly impact your long-term costs.
Step-by-Step: How to Access Homejourney's Bank Rate Comparison
Step 1: Visit the Homejourney Bank Rates Page
Navigate to Bank Rates on the Homejourney platform. This dedicated page displays all available home loan products from Singapore's major banks in an easy-to-scan format. You'll see current rates, loan types (SORA-pegged, fixed, or board rate), and key loan features at a glance.
Step 2: Filter by Your Loan Preferences
Use Homejourney's advanced filters to narrow results based on your specific needs. You can filter by: loan tenure (5, 10, 15, 20, 25 years), rate type (SORA-pegged or fixed), lock-in period, and processing fees. This customization ensures you're comparing only loan products relevant to your situation.
Step 3: Compare Effective Interest Rates
Don't focus solely on the headline rate. Homejourney displays the effective interest rate, which includes the bank's spread and any applicable fees, giving you a true comparison of the total cost. This transparent approach prevents hidden surprises and helps you understand exactly what you're paying.
Step 4: Use the Mortgage Eligibility Calculator
Before applying, use Homejourney's integrated mortgage eligibility calculator to determine your borrowing power. Input your annual income, existing debts, and desired loan tenure. The calculator instantly shows your maximum loan amount and estimated monthly payments across different interest rate scenarios. This step ensures you're only comparing loans you can actually qualify for, saving time and protecting your credit score from unnecessary applications.
Step 5: Review Bank-Specific Details
Click on any bank's loan product to see detailed information: minimum income requirements, processing timeline, required documents, early repayment penalties, and refinancing options. Homejourney provides verified information directly from each bank, ensuring accuracy and helping you understand each lender's specific requirements.
Leveraging Homejourney's Multi-Bank Application Feature
One of Homejourney's most powerful features is the ability to submit a single loan application to multiple banks simultaneously. Rather than filling out separate applications with each lender, you complete one comprehensive form powered by Singpass integration. Homejourney then submits your information to all banks you've selected, and banks compete for your business by offering their best rates and terms.
This approach has several advantages: you save hours on paperwork, banks see you're comparing options and often offer more competitive rates, you receive multiple offers simultaneously for easy comparison, and your application reaches all lenders at the same time, ensuring fair evaluation. Learn more about this process in our detailed guide on Homejourney: Benefits of Multi-Bank Application in One Click .
To use this feature, select the banks you want to apply to on Homejourney's bank rates page, then click "Apply Now." You'll be guided through a streamlined application process that uses your Singpass credentials to auto-fill personal and financial information, significantly reducing the time needed for approval.
Interpreting Rate Alerts and Market Trends
Homejourney's rate alert feature notifies you when interest rates from your selected banks change. Set alerts for specific rate thresholds or receive notifications whenever a bank updates its rates. This proactive approach helps you stay informed about market movements and make timely decisions.
For borrowers considering refinancing, rate alerts are invaluable. When rates drop significantly below your current loan rate, you receive an immediate notification, allowing you to evaluate refinancing benefits before the window closes. Our guide on Homejourney's Step-by-Step Singpass Loan Application Guide 2026 explains how to use Singpass for faster refinancing applications.
Homejourney also displays historical rate trends, showing how each bank's rates have moved over the past 3, 6, and 12 months. This context helps you determine whether current rates are attractive relative to recent history and whether rates are trending upward or downward.
Fixed vs. SORA-Pegged Rates: Which Should You Choose?
Homejourney's bank rate comparison makes it easy to evaluate fixed-rate and SORA-pegged loan options side by side. Fixed-rate loans lock in a specific interest rate for a set period (typically 1-5 years), protecting you from rate increases but usually costing slightly more than SORA-pegged rates. SORA-pegged loans fluctuate with market conditions, offering lower initial rates but exposing you to rate risk.
Use Homejourney's comparison tools to calculate the total cost of each option under different rate scenarios. If you believe SORA will rise, a fixed rate provides peace of mind. If you expect rates to fall or you have flexibility to absorb rate increases, SORA-pegged loans typically offer better long-term value. Our comprehensive guide on Singpass vs Traditional Loan: Which is Better for Singapore Homes? | Homejourney explores these options in detail.
Connecting with Homejourney Mortgage Brokers
After comparing rates on Homejourney's bank rates page, you can connect with Homejourney's network of verified mortgage brokers who provide personalized guidance. These brokers understand your specific situation, can explain complex loan terms in simple language, and help you navigate the application process. This human touch, combined with Homejourney's data-driven tools, creates a comprehensive support system that prioritizes your success.
Mortgage brokers can also advise on strategic timing—for example, whether to apply now or wait for rate movements—and help you optimize your application to maximize approval chances and secure the best possible terms.
