Negotiate Better Mortgage Rates: Banks Rates & Fees Guide | Homejourney

You can negotiate better mortgage rates by comparing current offers from DBS, OCBC, UOB, HSBC and others, leveraging competition, and timing your application when SORA is low like now at around 1.2%.[2][8] Homejourney's bank rates page shows real-time rates from all major banks, helping you spot the best deals and apply to multiple lenders with one click for rate discounts.

This cluster article on Negotiating Better Mortgage Rates with Banks Rates and Fees Explained provides tactical steps for Singapore buyers. It builds on our pillar guide, Negotiate Better Mortgage Rates: Homejourney Singapore Guide , by focusing on actionable negotiation tips, current 2026 rates, and hidden fees.

Why Negotiate Your Mortgage Rate Now?

Singapore home loan rates have dropped sharply to 3-year lows, with fixed packages at 1.4-1.8% p.a. compared to HDB's 2.6%.[2] Borrowers like Ms Denise Chan saved S$500 monthly by repricing to DBS's 1.6% 2-year fixed rate.[2] Banks compete fiercely, so negotiate mortgage rate by pitting offers against each other—Homejourney lets banks bid for your loan via multi-bank applications.

Key factors: SORA fell from 3% to 1.2% in 2025, driving fixed and floating rates down.[2][8] Refinancing from HDB loans surged 7x at OCBC and 13x at DBS in late 2025.[2] Use Homejourney's eligibility calculator at https://www.homejourney.sg/bank-rates#calculator to know your leverage before bargaining with banks.

Current Singapore Bank Mortgage Rates (Jan 2026)

Best fixed rates for resale condos/landed: Promos at 1.45-1.55% (Year 1-2), DBS at 1.75%, OCBC 1.65%.[1] Floating: 1M SORA +0.25% promos, Maybank 3M SORA +0.40%.[1] DBS offers 1.50% fixed for 2 years (min S$700k loan).[3]

Compare top banks:

DBS: 2Y Fixed 1.50-1.75%, 3M SORA +1.00% after, cash rebate up to S$2,800 on refinance.[1][3]
OCBC: 2Y Fixed 1.65%, strong for HDB switchers saving S$4,100/year on S$500k loan.[1][2]
UOB/HSBC/SCB: 2Y Fixed 1.68-1.70%, 1M SORA +0.25-0.30% promos.[1]
Maybank/CIMB: Competitive floating +0.27-0.40%, good for investors.[1]

View all rates instantly on Homejourney's bank-rates—updated daily from partners like DBS, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, Citibank.

Understanding SORA and Rate Trends

SORA (Singapore Overnight Rate Average) is the key benchmark; 1M SORA at ~1.17%, 3M at lower levels post-2025 cuts.[8] Fixed rates track SORA pegs, offering stability for 2-5 years before floating.

The chart below shows recent interest rate trends in Singapore:

As seen, rates halved from 3.1% to 1.4-1.8%, ideal for negotiating better mortgage rates.[2] Track live SORA on Homejourney to time your refinance.

Mortgage Fees Explained: What Banks Charge

Banks add fees impacting your effective rate: Processing (S$1,000-2,000), valuation (S$500-1,500), legal (S$2,000-3,000), early repayment penalties (1-1.5% of loan during lock-in).[1] DBS waives 100% penalties on sale.[3] Refinancing costs S$3k-6k total—recoup via lower rates in months.[2]

Negotiation tip: Ask for fee waivers. Strong profiles (high income, low LTV) get processing fees halved. HDB buyers: Bank loans beat 2.6% but no CPF housing grants—verify eligibility on Homejourney.

Mortgage Negotiation Tips: 7 Steps to Get Better Rates

Follow these mortgage negotiation tips to bargain with bank for rate discounts:

Compare on Homejourney: Use https://www.homejourney.sg/bank-rates for side-by-side DBS vs OCBC rates.[1]
Boost your profile: Pay down debt for better TDSR (60% debt cap), aim LTV <75% for lower spreads.
Time it right: Apply post-SORA dips, end of month when quotas fill.[2]
Get multiple quotes: Homejourney's multi-bank app sends to 10+ banks—let them compete.
Leverage offers: Show DBS quote to UOB: "Match 1.50% fixed?" Works 70% time for 0.10-0.20% cuts.
Ask for perks: Cash rebates (S$2k+), no-fee lock-in breaks, free legal.[3]
Use Singpass: Auto-fill via Homejourney for 2x faster approval, less errors.

Insider tip: For HDB upgraders in areas like Punggol, bundle with property search on https://www.homejourney.sg/search to show banks serious intent. See related: 10种房贷省钱方法：银行利率比较攻略｜Homejourney权威指南 .

Bank-Specific Negotiation Strategies

DBS/OCBC: Push for fixed-to-SORA switch waivers; best for min S$500k loans.[3]

HSBC/Standard Chartered: Great for expats/investors—negotiate higher rebates on large loans (>S$1.5m).

Maybank/Citibank: Flexible floating rates; bargain lower spreads if good credit.

Disclaimer: Rates change; not financial advice. Consult Homejourney brokers via bank-rates. Homejourney verifies data for your safety.

FAQ: Negotiating Mortgage Rates in Singapore

How much can I negotiate off my mortgage rate?
Typically 0.10-0.30% with competing offers; e.g., from 1.75% to 1.50%.[1][2]

Is now a good time to refinance from HDB loan?
Yes, if bank rates <2.6% and lock-in ended—save S$4k/year on S$500k loan, but can't revert to HDB.[2]

What documents for bank loan negotiation?
NRIC, income slips (3 months), CPF statements, property docs. Use Singpass on Homejourney for instant submit.

Can investors get better rates?
Yes, via lower LTV; compare on Homejourney for EC/condo specifics.

How to avoid refinancing fees?
Reprice within same bank (lower cost) or negotiate waivers with new offers.[2]

Ready to get better rate? Start at Homejourney's bank-rates: compare, calculate, apply securely with Singpass. Building trust through transparency—your safe path to savings. Link back to pillar: Negotiate Better Mortgage Rates: Homejourney Singapore Guide .