Negotiate Better Mortgage Rates: Banks vs Others Comparison | Homejourney
Negotiating better mortgage rates in Singapore involves comparing offers from major banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank and others to secure the lowest rates, often 1.45%-1.75% fixed for Year 1 in January 2026.[1][2] Homejourney's bank rates comparison tool lets you pit DBS against OCBC or UOB instantly, helping you negotiate mortgage rate discounts up to 0.2-0.5% by showing competing offers.[2]
This cluster article on Negotiating Better Mortgage Rates with Banks vs Other Banks Comparison builds on our pillar guide Negotiate Better Mortgage Rates: Homejourney Singapore Guide, offering tactical steps for first-time buyers, HDB upgraders and investors to bargain with bank loan officers effectively.Negotiate Better Mortgage Rates: Homejourney Singapore Guide
Why Compare Banks for Better Rates Now?
Singapore home loan rates have dropped sharply to 3-year lows, with fixed packages at 1.4-1.8% p.a. versus HDB's fixed 2.6%.[2][7] SORA fell from 3% to 1.2% by late 2025, making bank loans cheaper than HDB for many.[2] Comparing DBS (1.50-1.75% fixed) vs Maybank (1.55-1.65%) or promos (1.45-1.55%) can save S$4,100 yearly on a S$500k loan.[1][2]
Homejourney prioritizes your safety by verifying real-time rates from all partners, ensuring transparent comparisons without hidden fees. Use our bank rates page to see DBS vs OCBC side-by-side and leverage multi-bank offers to get better rate.
Current Mortgage Rates: Major Banks Comparison (Jan 2026)
Here's a snapshot of top rates for resale condos/HDB refinancing. Fixed rates lock in savings; floating pegged to 3M/1M SORA + spread.[1][3]
| Bank | Loan Type | Year 1 Rate | Year 2 Rate | Lock-in |
|---|---|---|---|---|
| Promo/DBS | 2 Yr Fixed | 1.50% | 1.50% | 2 yrs |
| Maybank | 2 Yr Fixed | 1.65% | 1.65% | 2 yrs |
| OCBC | 2 Yr Fixed | 1.65% | 1.65% | 2 yrs |
| HSBC/SCB | 2 Yr Fixed | 1.70%/1.68% | 1.70%/1.68% | 2 yrs |
| Promo | 1M/3M SORA | +0.25% | +0.25% | Var |
Note: Rates effective Jan 2026; check Homejourney for updates as SORA fluctuates.[1][2] DBS offers cash rebates up to S$2,800 for loans >S$1m on refinancing.[3]
The chart below shows recent interest rate trends in Singapore:
As seen, SORA's downtrend favors fixed-to-floating switches post-lock-in, but compare via Homejourney mortgage calculator first.[2]
Mortgage Negotiation Tips: Banks vs Others
To negotiate mortgage rate, start with Homejourney's comparison showing rival offers—banks like UOB or CIMB drop spreads by 0.1-0.3% to match.[1] Insider tip: Reference DBS's 1.50% fixed promo when bargaining with OCBC; they've matched in real cases for Punggol HDB upgraders saving S$500/month.[2]
- Prepare your profile: High credit score (700+), stable income >S$8k/month, low debt ratio under TDSR 55% boost leverage.[2]
- Get pre-approvals: Use Homejourney's Singpass integration for instant multi-bank quotes from DBS, HSBC, Maybank—no paperwork.
- Leverage competition: Show OCBC a UOB 3M SORA +0.25% offer; negotiate rate discount or waiver fees.[1][3]
- Time it right: Reprice at lock-in end (e.g., DBS 2-yr); avoid penalties up to 1.5%.[2]
- Ask for extras: Free legal fees, valuation waiver from Standard Chartered or RHB for loans >S$1m.
For HDB owners, banks beat 2.6%—OCBC saw 7x switches in 2025.[2] But note: No HDB revert once switched.[2] Homejourney verifies eligibility to keep it safe.
DBS vs OCBC vs UOB: Who Wins for You?
DBS: Best for HDB (POSB loan 1.55% 3-yr fixed, 13x uptake).[2][3] Pros: Sale penalty waiver, S$2k+ rebates. Cons: Higher min loan S$500k. Ideal first-timers.
OCBC: Refinance king (5-yr fixed saves S$4k/yr).[2] Pros: Flexible switches. Cons: Slightly higher Year 1 at 1.65%.[1]
UOB/HSBC: Competitive SORA +0.25-0.40%; HSBC for expats.[1] Maybank edges floating at +0.27-0.40%.[1]
Compare all 11 banks (CIMB, RHB, Public, Hong Leong, Citibank) on Homejourney bank-rates. Link to our Banks Rates & Fees Guide for details.Negotiate Better Mortgage Rates: Banks Rates & Fees Guide | Homejourney
Actionable Steps to Bargain & Get Better Rate
Follow this framework on Homejourney for mortgage negotiation tips:
- Visit bank-rates, input property (e.g., S$800k Sengkang resale), see DBS 1.50% vs Maybank 1.65%.
- Calculate affordability via calculator—Singpass auto-fills.
- Submit one app; let banks compete (e.g., UOB matches promo).
- Negotiate: "Can you beat DBS's 1.50% + rebate?" Reference printouts.
- Finalize best: Track SORA live on Homejourney.
Disclaimer: Rates change; consult Homejourney brokers. Not financial advice; MAS regulates loans.[2]
FAQ: Negotiating Mortgage Rates in Singapore
Q: How much can I negotiate off bank rates?
A: 0.1-0.5% typical with competition; e.g., from 1.75% to 1.50% via Homejourney multi-quotes.[1][2]
Q: Is DBS or OCBC better for HDB refinancing?
A: DBS for rebates/waivers; OCBC for long fixed. Compare on Homejourney.[2][3]
Q: When to switch from HDB loan?
A: Now—banks <2.6%. But permanent; use our calculator.[2][7]
Q: What documents for negotiation?
A: NRIC, income slips, CPF statements. Singpass speeds via Homejourney.[3]
Q: Best bargain with bank tip?
A: Multi-bank pre-approvals—banks bid lowest. Start at Homejourney bank-rates.
Ready to negotiate better mortgage rates with banks vs other banks comparison? Visit Homejourney bank-rates for real-time tools, apply via Singpass, and let our verified partners compete for you. Find budget-fit properties at property search. Trust Homejourney for safe, transparent journeys.
