How to Use Homejourney Bank Rate Comparison: Your Complete Guide
Homejourney's Bank Rate Comparison tool simplifies one of the most critical decisions in your home-buying journey: finding the best mortgage rates across Singapore's major banks. Rather than visiting each bank's website individually, you can compare real-time rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, and other leading lenders in one secure platform, then submit a single application that reaches multiple banks simultaneously using Singpass verification.
This cluster article walks you through every step of using Homejourney's bank rate comparison feature, from understanding how rates work to submitting your application and receiving competitive offers from multiple lenders.
Why Bank Rate Comparison Matters for Singapore Home Buyers
Singapore's mortgage market is highly competitive, with rates varying significantly across banks and loan products. A difference of just 0.25% on your interest rate can mean tens of thousands of dollars in savings over a 25-year loan period. For example, on a $500,000 mortgage, a 0.25% rate difference equals approximately $3,125 in annual savings.
However, manually comparing rates across multiple banks is time-consuming and often incomplete. Banks update their rates daily based on market conditions, and you may miss better offers while gathering information. Homejourney's Bank Rate Comparison tool solves this by aggregating real-time rates from all major lenders, ensuring you always see the most current pricing and can make informed decisions quickly.
The platform prioritizes your safety and trustworthiness by verifying all partner banks and displaying transparent rate information without hidden fees or misleading terms. This aligns with Homejourney's core mission: creating a secure, transparent environment where you can confidently compare financial products and make decisions based on accurate data.
Understanding SORA Rates and Mortgage Pricing
Before using the bank rate comparison tool, it's essential to understand how Singapore mortgage rates work. Most home loans in Singapore are priced based on SORA (Singapore Overnight Rate Average), which is the benchmark rate set by the Monetary Authority of Singapore (MAS). Banks add a spread to SORA to determine your actual interest rate.
For example, if the current 3-month SORA rate is 3.50% and a bank offers a spread of 1.10%, your effective rate would be 4.60%. Some banks also offer fixed-rate mortgages, which lock in a rate for a specific period (typically 1-3 years), providing certainty regardless of market movements.
The chart below shows recent SORA trends to help you understand how rates have moved and what this means for your borrowing costs:
As you can see from the chart above, SORA rates have fluctuated based on MAS monetary policy decisions. Understanding these trends helps you decide whether to lock in a fixed rate now or wait for potential rate decreases. Homejourney's bank rate comparison tool displays both current SORA-based rates and any fixed-rate options available, allowing you to compare the full picture across all banks.
Accessing Homejourney's Bank Rate Comparison Tool
To start using Homejourney's bank rate comparison feature, visit the Bank Rates page on the Homejourney platform. The tool is designed for intuitive navigation, whether you're accessing it via the mobile app or website.
Once you land on the bank rates page, you'll see a comparison table displaying current rates from all major partner banks. The interface shows:
- Bank name and logo - Instantly recognize which lenders are offering rates
- Current SORA spread - The margin each bank adds to the benchmark rate
- Effective interest rate - Your actual borrowing cost based on current SORA
- Lock-in period - How long the rate is guaranteed
- Loan tenure options - Available repayment periods (typically 25-30 years)
- Processing timeline - Expected approval duration for each bank
All rates are updated in real-time, so you're always seeing the most current pricing. Homejourney verifies each bank's information directly with the lender, ensuring accuracy and eliminating outdated or misleading rate quotes.
Step 1: Calculate Your Mortgage Eligibility
Before comparing rates, you need to understand how much you can borrow. Homejourney's mortgage eligibility calculator, integrated into the bank rates page, uses Singapore's debt servicing ratio (TDSR) rules to determine your borrowing capacity.
To use the calculator:
- Enter your monthly gross income - Include salary, bonuses, and other regular income sources
- Input existing monthly debt obligations - Car loans, credit card payments, personal loans, and any other liabilities
- Specify your down payment amount - The cash you're planning to invest upfront
- Select your preferred loan tenure - Typically 25-30 years for HDB or private property
- View your maximum borrowing capacity - The calculator shows the largest loan amount you can qualify for under TDSR rules
Singapore's TDSR regulation limits your monthly loan repayment to 60% of your gross monthly income. This includes your new mortgage plus all existing debts. For example, if you earn $8,000 monthly and have $500 in existing debt obligations, your maximum mortgage payment would be $4,300 ($8,000 × 60% - $500).
Once you know your borrowing capacity, you can search for properties within your budget using Homejourney's Property Search feature, which filters listings by price range and location preferences.
Step 2: Compare Rates Across Multiple Banks
With your eligibility understood, you can now compare rates strategically. Homejourney's comparison tool allows you to sort and filter by several criteria:
- Lowest spread - See which banks offer the tightest margins
- Fastest processing - Identify lenders known for quick approvals
- Loan amount - Filter rates based on your specific borrowing needs
- Tenure preference - Compare 25-year vs. 30-year options side-by-side
- Rate type - View SORA-based, fixed-rate, and hybrid options separately
Pay attention to the effective interest rate rather than just the spread. While one bank may advertise a 1.05% spread, another offering 1.15% might have a lower effective rate if they have a promotional offer or lower administrative fees.
Homejourney also displays each bank's unique features, such as:
- Flexibility to reprice or refinance without penalties
- Cashback or rebate offers for new borrowers
- Waived valuation or legal fees
- Accelerated approval timelines for Singpass applicants
- Additional services like investment advisory or insurance products
Don't focus solely on the lowest rate. Consider the bank's customer service reputation, online banking features, and refinancing flexibility, as you'll be dealing with this lender for 25+ years.
Step 3: Understanding Singpass-Verified Financial Tools
Homejourney's integration with Singpass (Singapore's digital identity system) and MyInfo (the national data platform) streamlines your application process significantly. These government-backed systems allow you to securely share your financial and personal information with banks without manually entering data multiple times.
When you use Singpass to apply for a home loan through Homejourney:
- Your identity is verified instantly - No need for separate identity checks with each bank
- Income and employment data auto-populate - MyInfo pulls your IRAS tax records and CPF statements automatically
- Existing debt obligations are verified - Banks can see your credit history and current liabilities instantly
- Processing time is reduced - Banks can approve loans faster with verified data, often within 2-3 business days
- Your data remains secure - Homejourney uses industry-leading encryption and only shares information you explicitly authorize
This Singpass integration is a game-changer for first-time buyers who find the traditional application process confusing. Rather than gathering payslips, tax returns, and bank statements manually, Singpass verification handles most of this automatically.
