New Launch vs Resale Mortgages: Homejourney Benefits

Applying for a mortgage for new launch vs resale property in Singapore involves distinct processes, with new launches using progressive payments and resale requiring full completed property loans. Homejourney simplifies this by offering multi-bank applications via Singpass, comparing rates from DBS, OCBC, UOB, HSBC and more in one secure platform prioritizing your safety and trust.

This cluster article dives into the tactical differences between new launch mortgage, resale property loan, BUC loans, and progressive payment mortgages, building on our pillar guide "Singapore Home Loans: The Complete Homejourney Guide". Use Homejourney's tools for faster approvals and better rates.

Key Differences: New Launch vs Resale Mortgages

New launch properties follow a progressive payment scheme, where you pay in stages tied to construction milestones, easing cash flow over 3-4 years.[1][3][4] This allows CPF accumulation during the build period, making it ideal for first-time buyers.[1] Resale properties demand immediate full payment upon completion, often via a BUC loan (Buyer Under Construction for subsales) or standard completed property loan, with quicker move-in but higher upfront costs.[4]

New launch mortgages typically have lower initial outlays but lock you into developer-fixed pricing without negotiation.[1][4] Resale property loans offer price haggling and no construction wait, though you face potential cash-over-valuation (COV) risks.[4] Both fall under MAS TDSR rules (60% debt servicing ratio) and SSR (30% of gross income on housing), but new launches provide more financing flexibility during the wait.[1]

Homejourney's eligibility calculator at https://www.homejourney.sg/bank-rates#calculator instantly checks your borrowing power for either option, factoring in current SORA rates.

Progressive Payment Mortgages for New Launches

For new launches like those in Punggol or Sengkang, progressive payments mean 25% downpayment spread out, with banks financing up to 75-80% via progressive payment mortgage.[3][4] Example: A $1.5M unit at The Sen might see payments at 5% booking, 15% on SPA signing, then milestones up to TOP.[4] This suits HDB upgraders building CPF savings.

Insider tip: Time your application post-launch hype when rates stabilize. Homejourney sends one application to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, and Citibank, letting you compare offers side-by-side.

Resale Property Loans and BUC Options

Resale condos or ECs require a full completed property loan, with banks assessing valuation immediately—watch for COV shortfalls.[4] For subsale new launches (BUC), use a BUC loan bridging to TOP, but expect stricter checks due to construction risks.[1] Rates are similar (around 3M SORA + 0.5-1% as of 2026), but resale approvals are faster (1-3 weeks vs 4-6 for new).[3]

Pro tip: Inspect resale units thoroughly for defects, as there's no developer warranty.[1][4] Link to Projects for Homejourney's verified project data to assess resale values accurately.

Current Interest Rate Trends Impacting Your Choice

SORA (Singapore Overnight Rate Average) benchmarks most Singapore mortgages, with 3M SORA at ~2.8% in early 2026 per MAS data. New launch buyers benefit from locked rates during construction, hedging rate hikes, while resale demands immediate full servicing.[1]

The chart below shows recent interest rate trends in Singapore:

As seen in the chart, rates have stabilized post-2025 peaks, favoring fixed-rate packages for resale (e.g., DBS 2-year fixed at SORA+0.7%). Compare live rates on Homejourney at https://www.homejourney.sg/bank-rates.

Step-by-Step: Applying via Homejourney

Skip bank queues—Homejourney's multi-bank system prioritizes your security with Singpass auto-fill for income, CPF, and employment data.

Calculate Eligibility: Use our tool at https://www.homejourney.sg/bank-rates#calculator to input salary, debts, and property price for TDSR/SSR compliance.
Compare Rates: View DBS, OCBC, UOB offers instantly—no endless calls.
Submit Once: One Singpass application reaches 11+ banks; track status in-app.
Receive & Choose: Compare personalized offers, negotiate via our brokers.
Finalize: E-sign with bank; Homejourney verifies for safety.

Common pitfall: Applying solo leads to 2-4 week delays per bank. Homejourney cuts this to days.[1] For joint applications, see Joint Home Loan Application Complete: Homejourney Benefits .

Documentation Checklist & Pro Tips

Income Proof: Latest 3 months payslips, tax assessment (IR8A from employer).
CPF Statement: Download via CPF portal or Singpass.
ID/Documents: NRIC, marriage cert (if joint), property option fee receipt.
Others: Bank statements for debts; valuation report for resale.

Pro tips: Boost approval by paying down cards pre-application; new launch buyers, apply early post-SPA for rate locks. Homejourney's brokers guide HDB upgraders seamlessly. Disclaimer: This is general advice; consult professionals for personalized needs.

Why Homejourney for Mortgage Safety & Trust

Homejourney verifies every step, from rate comparisons to broker matching, creating a trusted space amid scams. Users rave about our feedback-driven improvements, like real-time SORA tracking. Post-purchase, explore Aircon Services for maintenance.

Find properties matching your loan at https://www.homejourney.sg/search or Projects Directory . Related: New Launch vs Resale Mortgage Rates: Bank Comparison Guide | Homejourney .

FAQ

Q: What's the main difference in mortgage for new launch vs resale property?
A: New launches use progressive payments with staged mortgages; resale needs full completed property loans upfront.[1][4]

Q: Can I use the same banks for both?
A: Yes, DBS/OCBC/UOB finance both, but new launch approvals consider construction risks. Compare via Homejourney.

Q: How does Homejourney's multi-bank application work?
A: Singpass submits to 11 banks instantly; track offers in one dashboard at https://www.homejourney.sg/bank-rates.

Q: Are rates better for new launch or resale?
A: Similar SORA-based (~2.8% + margin); new launches offer payment flexibility.[3]

Q: What's a BUC loan?
A: For subsale new launches, bridging finance until TOP; Homejourney simplifies applications.

Ready to secure your mortgage for new launch vs resale property? Start with Homejourney's benefits today at https://www.homejourney.sg/bank-rates. Return to our pillar guide for full Singapore home loan insights.