Refinance Home Loan Online: No Bank Visits via Homejourney
The definitive guide to digital refinancing in Singapore – compare rates, submit one application to multiple banks, and switch mortgages seamlessly without stepping into a branch.
Executive Summary
Refinancing your home loan in Singapore can save you thousands in interest, but the traditional process involves visiting multiple banks, endless paperwork, and long queues. Homejourney changes that with refinance online tools that let you compare offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and more in one place. Submit a single digital application via Singpass, receive competing offers, and complete your no branch visit refinance from home.
This pillar guide covers everything: from refinancing vs repricing, cost calculations, eligibility rules under MAS and HDB guidelines, to step-by-step digital processes. With current 2026 SORA rates hovering around 2.8-3.2%, now's the time to act. Homejourney prioritizes your safety with verified bank rates, instant calculators, and transparent comparisons – all in a trusted environment built on user feedback.
Table of Contents
- 1. Refinancing Fundamentals
- 2. Financial Analysis: Calculate Real Savings
- 3. Timing Your Refinance Perfectly
- 4. Step-by-Step Digital Refinancing Guide
- 5. Advanced Money-Saving Strategies
- 6. Why Homejourney Makes Refinancing Effortless
- 7. FAQ: Common Refinancing Questions
1. Refinancing Fundamentals
Refinancing means replacing your existing home loan with a new one from another bank, often at better terms like lower rates or cash rebates. In contrast, repricing keeps you with the same bank but updates terms – faster but without multi-bank competition[1][2]. Homejourney's digital refinancing lets you access both options without branch visits.
Singapore's rules are strict: MAS caps loan tenure at 75 years (or 65 for HDB if age + tenure exceeds 65), and LTV limits apply (e.g., 75% for first-timer private properties)[8]. For HDB flats, minimum occupation period is 5 years before refinancing[1].
Refinancing vs Repricing: Key Differences
| Aspect | Refinancing | Repricing |
|---|---|---|
| Bank Switch | Yes, to new bank | No, same bank |
| Time to Complete | 2-3 months[2] | 1 month[3] |
| Costs | Higher (legal, valuation) | Lower |
| Best For | Best rates across banks | Quick rate reset |
Choose refinancing for compare refinance offers from partners like DBS (SORA + 0.5%), OCBC, UOB. Repricing suits if you're happy with your bank[2].
Eligibility Basics
- Outstanding Loan: Min S$100k-450k depending on bank (e.g., UOB S$450k for private)[4]
- Tenure Remaining: At least 5 years[3]
- TDSR: <55% of gross income[2]
- LTV: Reassessed based on current valuation[1]
2. Financial Analysis: Calculate Real Savings
Don't refinance blindly – compute break-even. Formula: Break-even months = Total Refinance Costs / Monthly Savings. Example: S$30k loan at 3.5% to 2.8% saves S$150/month. If costs S$5k, break-even is 33 months[1].
Hidden costs: Legal fees (S$1.5k-3k), valuation (S$500-2k), admin (S$200-500), clawback if early exit (1-1.5% of loan)[2]. Use Homejourney's calculator at https://www.homejourney.sg/bank-rates#calculator for instant analysis.
Real Savings Example (2026 Rates)
| Loan Amount | Old Rate | New Rate | Monthly Saving | Annual Saving |
|---|---|---|---|---|
| S$1M (30 yrs) | 3.5% | 2.8% SORA | S$210 | S$2,520 |
| S$500k (25 yrs) | 3.2% | 2.5% | S$98 | S$1,176 |
Assumes no clawback. Insider tip: HDB upgraders from Punggol BTO (avg S$500k) often save most now[1].
3. Timing Your Refinance Perfectly
Refinance post-lock-in (2-3 years typical). Watch SORA – Singapore Overnight Rate Average, now ~2.9% (3M compounded)[2]. Avoid if rates rising per US Fed signals.
The chart below shows recent interest rate trends in Singapore:
As seen, SORA dipped 0.4% in Q4 2025 – ideal for easy mortgage switch[2]. Track live on Homejourney at https://www.homejourney.sg/bank-rates.
Lock-in Strategies
- Check statement for exact end-date (e.g., DBS 2yr lock-in).
- Apply 3 months early to align redemption[2].
- Maybank often waives for high-value refinances.
4. Step-by-Step Digital Refinancing Guide
Skip branches with Homejourney's process – fully online, Singpass-enabled[3].
- Compare on Homejourney: View rates from 10+ banks. Link: https://www.homejourney.sg/bank-rates.
- Check Eligibility: Use calculator for TDSR/LTV.
- Gather Docs: NRIC, income slips (last 3m), CPF history, current loan stmt[2].
- Submit Multi-Bank App: One form via Singpass – banks compete. See Benefits of Multi-Bank Application in One Click | Homejourney ">Benefits of Multi-Bank Application in One Click | Homejourney .
- Receive Offers: Negotiate digitally (1-2 weeks).
- Valuation & Legal: Bank handles remotely (1 month).
- Sign & Switch: E-sign, new bank pays old[1].
Total timeline: 6-8 weeks. Read our Singpass guide: Step by Step Singpass Loan Application Guide | Homejourney ">Step by Step Singpass Loan Application Guide | Homejourney .
5. Advanced Money-Saving Strategies
Negotiate: Pit DBS vs UOB offers. Aim for 0.1-0.2% lower + S$2k-5k cashback (common at HSBC, Standard Chartered). Combine with shorter tenure to save interest[1].
- Cashback Maximizer: Public Bank offers up to 1.5% on S$1M+.
- Equity Boost: Extra payments build LTV for better rates[1].
- TDSR Hack: Pay down consumer debt first.
Pro tip: Time for Q1 rebates when banks hit targets. Learn comparison: How to Use Homejourney Bank Rate Comparison: 2026 Guide ">How to Use Homejourney Bank Rate Comparison: 2026 Guide .
6. Why Homejourney Makes Refinancing Effortless
Homejourney verifies rates daily, ensuring trust. Features:
- Compare Refinance Offers: DBS to RHB in seconds.
- One-Click Multi-Bank: No queues – see Skip Branch Queues: Apply Home Loans Online to All Singapore Banks via Homejourn... ">Skip Branch Queues: Apply Home Loans Online to All Singapore Banks via Homejourn... .
- Singpass Auto-Fill: Instant verification.
- Calculators: Savings & eligibility at https://www.homejourney.sg/bank-rates#calculator. Guide: How to Use Homejourney Mortgage Calculator: 2026 Guide ">How to Use Homejourney Mortgage Calculator: 2026 Guide .
Post-refi, search properties at https://www.homejourney.sg/search or maintain with Aircon Services ">Aircon Services . Our brokers personalize via bank-rates page.
7. FAQ: Common Refinancing Questions
What is the minimum loan for refinancing? Varies: S$100k (Standard Chartered), S$450k (UOB private)[3][4].
Can HDB owners refinance online? Yes, after 5-year MOP. Use Homejourney for HDB-specific comparisons.
How much are refinancing fees in 2026? S$2k-6k total. Calculate break-even first[2].
Is repricing better than refinancing? For speed, yes – but refinancing wins on rates via multi-bank[1].
Does TDSR apply to refinancing? Yes, recalculated at application[2].
How to apply without branches? Via Homejourney: One app to all banks. Start at https://www.homejourney.sg/bank-rates.
What if in lock-in? Wait or pay penalty (0.5-1.5%). Check exact date[2].
Current best refinance rates? SORA+0.4-0.6% at DBS/OCBC. Compare live on Homejourney.
Ready for digital refinancing? Visit https://www.homejourney.sg/bank-rates to compare, calculate, and apply securely. Homejourney ensures a safe journey with verified data and user-first support.
Disclaimer: This is general info; consult professionals for advice. Rates as of Feb 2026; subject to change.
