Refinance Your Home Loan Without Visiting Multiple Banks: The Complete 2026 Guide
Refinancing your home loan no longer requires visiting multiple bank branches, waiting in queues, or juggling separate applications. In 2026, Singapore's digital banking revolution has transformed the refinancing process into a streamlined, online-first experience that puts you in control. This comprehensive guide explains how you can refinance smarter, faster, and with complete transparency—all without leaving your home.
At Homejourney, we believe refinancing should be straightforward and safe. That's why we've created this definitive resource to help you navigate every step of the process, from understanding whether refinancing makes financial sense to submitting applications to multiple banks simultaneously and comparing offers side-by-side.
Table of Contents
- Why Refinance Your Home Loan?
- Refinancing vs. Repricing: Understanding the Difference
- When Is the Right Time to Refinance?
- The Financial Analysis: Calculating Your Potential Savings
- The Digital Refinancing Process: Step-by-Step
- How to Refinance Without Visiting Banks
- Comparing Refinancing Offers Effectively
- Understanding Refinancing Costs and Fees
- Money-Saving Negotiation Strategies
- Eligibility Requirements for Refinancing
- Timeline and What to Expect
- The Homejourney Advantage: Simplifying Your Refinancing Journey
- Frequently Asked Questions
Why Refinance Your Home Loan?
Home loan refinancing involves replacing your existing mortgage with a new one, typically with different terms that better suit your current financial situation.[1] Unlike taking out a primary mortgage when purchasing a property, refinancing doesn't involve buying a new home—instead, you're re-evaluating the terms of your existing loan to achieve specific financial objectives.[1]
Homeowners in Singapore refinance for several compelling reasons. The most common motivation is securing a lower interest rate, which can translate to substantial savings over the remaining loan tenure.[1] Others refinance to change their loan tenure, switch between fixed and floating rates, access their home equity for other financial goals, or consolidate debts.[1] Some borrowers refinance to reduce their monthly repayment burden, while others accelerate their loan repayment to become debt-free faster.
The potential savings from refinancing can be significant. For example, if you have a S$500,000 mortgage at 3.5% interest and refinance to 2.8%, you could save tens of thousands of dollars over the loan's remaining tenure. However, these savings must be weighed against the costs involved in the refinancing process itself.
Refinancing vs. Repricing: Understanding the Difference
Many Singaporean homeowners confuse refinancing with repricing, but these are distinctly different options with different implications. Understanding this distinction is crucial for making the right decision for your financial situation.
Repricing means negotiating a new interest rate with your existing bank without switching to a different lender.[4] This is the simpler option—you stay with your current bank, and they adjust your interest rate based on current market conditions. Repricing typically involves minimal paperwork and no legal fees, making it the faster and cheaper option.[4] However, your options are limited to what your current bank is willing to offer.
Refinancing means switching to a different bank entirely, replacing your existing loan with a new mortgage from another financial institution.[1] This process is more involved, requiring legal documentation, property revaluation, and administrative procedures. However, refinancing gives you access to competitive offers from multiple banks, potentially securing significantly better rates and terms than your current lender would offer.[1]
The choice between repricing and refinancing depends on your current interest rate, the offers available from other banks, and your willingness to navigate the additional paperwork. If your current bank offers a competitive rate comparable to market rates, repricing might be sufficient. If other banks are offering substantially better terms, refinancing becomes financially attractive despite the additional effort involved.
When Is the Right Time to Refinance?
Timing is critical when considering refinancing. Refinancing at the wrong time can cost you money, while refinancing at the optimal moment can unlock significant savings. Several factors determine whether now is the right time for you to refinance.
Check Your Lock-in Period
Most home loans in Singapore include a lock-in period, typically 2-3 years, during which you cannot refinance without incurring substantial penalties.[1] Before considering refinancing, verify when your lock-in period ends. Attempting to refinance during this period could result in redemption penalties that completely offset any interest rate savings you might gain. Your loan agreement clearly states your lock-in end date—check this first before proceeding.
Evaluate Interest Rate Differentials
The primary driver of refinancing decisions is the interest rate difference between your current loan and available market rates. Generally, it's worth considering refinancing when market rates are at least 0.5-0.75% lower than your current rate.[5] This differential should be substantial enough to offset the costs involved in refinancing, which typically range from S$1,500 to S$3,000 depending on your loan amount and property value.
The chart below shows recent SORA trends to help you understand how rates have moved and where they might be heading:
As you can see from the chart above, Singapore's interest rates have fluctuated based on SORA (Singapore Overnight Rate Average) movements. Understanding these trends helps you time your refinancing decision. When rates are falling, waiting might yield better offers. When rates are rising, locking in current rates becomes more attractive.
Consider Your Remaining Loan Tenure
The longer your remaining loan tenure, the more you benefit from refinancing to a lower rate. If you have only 2-3 years remaining on a 30-year mortgage, refinancing might not make financial sense despite lower rates, as the interest savings won't be substantial enough to justify the refinancing costs. However, if you have 15+ years remaining, even a 0.3-0.5% rate reduction can result in significant total savings.
Assess Your Financial Situation
Beyond interest rates, consider your personal financial circumstances. If you've improved your credit score, increased your income, or built substantial equity in your property, you may qualify for better refinancing terms than you did when you originally obtained your mortgage. Conversely, if your financial situation has deteriorated, refinancing might not be available to you at favorable rates.
The Financial Analysis: Calculating Your Potential Savings
Before committing to refinancing, conduct a thorough financial analysis to determine whether the move makes economic sense. This involves calculating your break-even point and understanding all associated costs.
The Break-Even Calculation
The break-even point is the number of months it takes for your interest savings to exceed the costs of refinancing. Here's how to calculate it:
- Determine your total refinancing costs (legal fees, valuation, processing fees, etc.—typically S$1,500-S$3,000)
- Calculate your monthly interest savings by comparing your current rate to the new rate
- Divide total costs by monthly savings to get your break-even period in months
For example, if refinancing costs S$2,000 and you save S$200 monthly in interest, your break-even point is 10 months. If you plan to stay in your property for at least 10 months, refinancing becomes financially viable.
Accounting for Hidden Costs
Many borrowers overlook hidden costs that significantly impact refinancing economics. Beyond obvious legal and valuation fees, consider:
- Redemption penalties: Some loans charge early redemption fees if you pay off the loan before the lock-in period ends
- Clawback of cash rebates: Banks often require you to return part of the cash rebate they gave you when you originally took the loan if you refinance within a certain period
- Valuation fees: Your new lender will require a property valuation, typically costing S$300-S$600
- Legal and conveyancing fees: Usually S$800-S$1,500 depending on loan amount
- Processing and administrative fees: Typically S$300-S$500
- Stamp duty: Usually S$10-S$100 depending on loan amount
Add all these costs together to get your true refinancing cost. This figure is critical for calculating your break-even point accurately.
Using Homejourney's Refinancing Calculator
Rather than performing these calculations manually, Homejourney provides a sophisticated refinancing calculator that automatically accounts for all costs and calculates your potential savings. By entering your current loan details and the new rate you're considering, the calculator shows you exactly how much you'll save and your break-even timeline. This transparency ensures you make decisions based on accurate financial projections rather than rough estimates.
Visit the Homejourney bank rates page to access the refinancing calculator and compare actual rates from DBS, OCBC, UOB, HSBC, Standard Chartered, and other major banks.
The Digital Refinancing Process: Step-by-Step
Singapore's digital banking infrastructure has fundamentally transformed how refinancing works. What once required multiple branch visits and weeks of paperwork can now be completed largely online. Here's how the modern refinancing process works:
Step 1: Research and Compare Rates Online
Begin by researching refinancing packages offered by various banks. Rather than visiting each bank individually, use Homejourney's bank rates comparison tool to view current offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB Bank, and other major lenders in one place.[1] Compare interest rates, loan terms, fees, and special offers. This research phase takes minutes online rather than hours visiting branches.
Step 2: Submit a Single Application to Multiple Banks
This is where digital refinancing truly shines. Rather than submitting separate applications to each bank you're interested in, Homejourney's multi-bank application system allows you to submit one application that goes to all major banks simultaneously.[4] Banks then compete for your business by offering their best rates and terms. This approach gives you genuine market competition and ensures you receive the most competitive offers available.
Step 3: Use Singpass for Instant Data Verification
When applying through Homejourney, Singaporean citizens and PRs can use Singpass to instantly verify their identity and auto-fill application forms with personal information from government databases.[4] This eliminates the need to manually enter information and speeds up the application process significantly. Applications submitted between 8:30am and 9pm are typically processed instantly, with others processed the next working day.[3]
Step 4: Prepare Required Documentation
While Singpass handles basic identity verification, you'll still need to provide supporting documents. Typically required documents include:
- Latest payslips (usually last 3 months)
- Recent income tax returns or Notice of Assessment
- Bank statements (usually last 3 months)
- Current mortgage statement
- Property purchase agreement or Option to Purchase
- Identity documents (NRIC or passport)
With digital applications, you upload these documents directly through the bank's online portal rather than printing copies and visiting branches. This process is typically completed within a few minutes.
Step 5: Receive and Compare Multiple Offers
Within 1-3 working days, you'll receive refinancing offers from multiple banks. Each offer specifies the interest rate, loan tenure, monthly payment amount, and any special promotions or cash rebates. Homejourney's platform allows you to compare these offers side-by-side, making it easy to identify which bank is offering the best terms for your situation.
Step 6: Select Your Preferred Offer and Proceed
Once you've selected the best offer, you'll accept the Letter of Offer digitally. This acceptance can be done online without visiting the bank branch. The bank will then proceed with the legal and administrative processes required to complete the refinancing.
Step 7: Legal Documentation and Completion
Your chosen bank will appoint a law firm from their panel to handle the legal aspects of refinancing.[2] The law firm will write to your existing bank to notify them of your intention to redeem the loan and request a preliminary redemption statement.[2] You'll need to sign the required documents, including the new mortgage agreement. Many banks now offer remote signing options, though you may need to visit a law office once to sign documents in the presence of a lawyer.
On completion day, your new bank will send the final redemption statement, your lawyers will lodge the discharge of your old mortgage and registration of the new mortgage with the Singapore Land Authority, and your new monthly instalments will begin.[2]
Step 8: Update Your CPF Contribution
If you use CPF to pay your mortgage, you'll need to update your CPF contribution to reflect your new bank. This can be done entirely online by logging into your CPF account with your SingPass and instructing the change of financier and payment amount.[4] This process typically takes just a few days to complete.
How to Refinance Without Visiting Banks
The digital revolution has made it genuinely possible to complete most of the refinancing process without visiting a single bank branch. Here's how to minimize or eliminate branch visits entirely:
Leverage MyInfo and Singpass
Singapore's MyInfo system allows banks to retrieve your personal information directly from government databases with your consent.[4] When you apply for refinancing through Homejourney using Singpass, your application form is automatically pre-filled with verified information. This eliminates the need to manually enter personal details and speeds up processing significantly. For Singaporeans and PRs, this is the fastest path to refinancing.
Use Digital Document Submission
Rather than printing documents and visiting branches, upload all required documents directly through the bank's online portal. Most banks accept digital copies of payslips, tax returns, bank statements, and other supporting documents. Ensure documents are clear, legible, and in acceptable formats (usually PDF or JPEG).
Embrace Digital Acceptance of Offers
When you receive your Letter of Offer from the bank, you can accept it digitally without visiting the branch.[4] This digital acceptance is legally binding and initiates the refinancing process. No in-person visit is required at this stage.
Remote Document Signing Options
While some banks still require in-person signing of the mortgage deed, many now offer remote signing options or digital signature capabilities. Before committing to a bank, inquire about their signing options. Some banks allow you to sign documents remotely via video call with a lawyer, while others have moved to fully digital signing processes.
Efficient CPF Updates
Updating your CPF contribution for your new bank is entirely online. Log into your CPF account with SingPass, navigate to the mortgage section, and change your financier and payment amount. This process takes minutes and requires no branch visit.[4]
The One-Stop Homejourney Solution
Homejourney streamlines the entire no-branch-visit refinancing process by allowing you to compare rates, submit applications to multiple banks, and track your applications all from one platform. Rather than managing separate applications with different banks, you manage everything through Homejourney, which communicates with banks on your behalf. This centralized approach eliminates the need to visit multiple branches or manage multiple processes simultaneously.
Comparing Refinancing Offers Effectively
When you receive multiple refinancing offers from different banks, comparing them requires looking beyond just the interest rate. Here's how to evaluate offers comprehensively:
Interest Rate Comparison
While interest rate is important, don't focus on it in isolation. Compare the type of rate being offered—whether it's fixed, floating, or SORA-based. A slightly higher fixed rate might be preferable to a lower floating rate if you value payment certainty. Also consider the rate lock period—how long is the rate guaranteed before it adjusts?
Total Cost of Ownership
Calculate the total amount you'll pay under each offer, including the interest rate, loan tenure, and all associated fees. A bank offering a 0.2% lower rate but charging S$1,500 in fees might not be better than a bank offering a 0.3% higher rate with no fees, depending on your remaining tenure.
Cash Rebates and Promotional Offers
Many banks offer cash rebates or sign-up bonuses for refinancing. DBS, for example, offers up to S$2,500 cash for refinancing loans above certain thresholds.[3] Factor these bonuses into your comparison. A S$2,000 cash rebate effectively reduces your refinancing costs and improves your break-even timeline.
Flexibility and Additional Features
Compare the flexibility offered by each bank. Some banks allow you to make additional payments without penalty, which is valuable if you want to accelerate your loan repayment. Others offer the ability to switch between fixed and floating rates during the loan tenure. Some provide access to balance transfer facilities or allow you to tap your home equity for other purposes.
Customer Service and Support
While less tangible than interest rates, the quality of customer service matters, especially if you encounter issues during or after refinancing. Research bank reviews and ratings to understand their customer service reputation. Homejourney's platform includes customer ratings and feedback for each bank, helping you make informed decisions based on actual borrower experiences.
Use Homejourney's Comparison Tools
Rather than manually comparing offers, use Homejourney's built-in comparison tools. The platform displays all offers side-by-side, highlighting key differences and calculating total costs under each scenario. This structured comparison ensures you don't overlook important factors and can confidently select the best offer for your situation.
Understanding Refinancing Costs and Fees
Refinancing is not free, and understanding all associated costs is critical for making informed decisions. Here's a breakdown of typical refinancing costs in Singapore:
Legal and Conveyancing Fees
Your new bank will appoint a law firm to handle the legal aspects of refinancing.[2] These fees typically range from S$800 to S$1,500, depending on your loan amount and property value. The law firm handles all documentation, communicates with your existing bank, and lodges the necessary transactions with the Singapore Land Authority.
Property Valuation Fees
Your new lender will require a professional valuation of your property to assess its current market value and calculate the loan-to-value ratio.[1] Valuation fees typically range from S$300 to S$600. This valuation ensures the lender's security and determines the maximum loan amount you can borrow against your property.
Processing and Administrative Fees
Banks charge processing fees to cover the cost of evaluating your application, conducting credit checks, and preparing loan documentation. These fees typically range from S$300 to S$500. Some banks waive these fees as part of promotional offers.
Stamp Duty
Refinancing involves stamping the new mortgage deed, which incurs stamp duty. The amount depends on your loan amount but typically ranges from S$10 to S$100. This is a government fee, not a bank fee.
Redemption Penalties and Clawback
If you're still within your lock-in period, you'll incur redemption penalties for early repayment.[1] Additionally, many banks require you to return part of the cash rebate they provided when you originally took the loan if you refinance within a certain period (typically 3-5 years). These costs can be substantial—potentially S$2,000-S$5,000—and must be factored into your refinancing decision.
Total Cost Summary
In total, refinancing typically costs between S$1,500 and S$3,000 for straightforward cases, excluding redemption penalties and clawback. For properties with higher values or more complex situations, costs can exceed S$4,000. These costs must be offset by interest savings to make refinancing worthwhile.
Homejourney's refinancing calculator automatically accounts for all these costs and shows you the true financial impact of refinancing, ensuring you make decisions based on complete information.
Money-Saving Negotiation Strategies
Refinancing is not a take-it-or-leave-it proposition. Banks are often willing to negotiate on rates, fees, and terms to win your business. Here's how to maximize your savings through strategic negotiation:
Leverage Competitive Offers
When you receive multiple offers from different banks, use them as negotiating leverage. If Bank A offers 2.8% and Bank B offers 2.9%, contact Bank B and ask if they can match or beat Bank A's rate. Banks know they're competing for your business and are often willing to improve their offers to win your refinancing.
Negotiate Fees Directly
Don't accept the standard fees banks quote. Many fees, particularly processing fees and valuation fees, are negotiable, especially for larger loan amounts.[1] Request fee reductions or waivers, particularly if you're refinancing a substantial loan. Banks are more willing to negotiate on fees than on interest rates.
Request Cashback Improvements
If banks are offering cashback bonuses, negotiate for higher amounts. A bank offering S$1,500 cashback might be willing to increase it to S$2,000 if you indicate you're seriously considering their offer. This cashback directly reduces your net refinancing costs.
Negotiate Lock-in Period Terms
Some banks have shorter lock-in periods than others, or offer more flexibility during the lock-in period. If lock-in flexibility is important to you, make this a negotiation point. A bank with a 2-year lock-in and penalty-free additional payments might be preferable to one with a 3-year lock-in, even if the interest rate is slightly higher.
Bundle Services for Better Rates
If you have other banking relationships with a particular bank (salary account, savings account, investments), mention this during negotiations. Banks often offer better rates to customers who consolidate their banking relationships with them. This bundling approach can result in rate reductions of 0.1-0.3%.
Timing Your Negotiation
Negotiate when banks are most motivated to win new business. Typically, this is during promotional periods or when interest rates are rising (banks are eager to lock in customers before rates increase further). Avoid negotiating during periods when banks are reducing their lending or raising rates across the board.
Get Professional Guidance
Homejourney's mortgage brokers can provide personalized negotiation guidance based on your specific situation. By applying through Homejourney's platform, you gain access to expert brokers who understand bank policies and can advise you on realistic negotiation outcomes. This professional guidance often results in better terms than you could negotiate independently.
Eligibility Requirements for Refinancing
Not everyone qualifies for refinancing, and understanding eligibility requirements is essential before you invest time in applications. Here are the key factors lenders evaluate:
Loan-to-Value Ratio
Lenders assess the loan-to-value (LTV) ratio, which is the loan amount divided by the property's current market value.[1] Most banks require the LTV to be below 80-90%, depending on the property type and your financial profile. If your property has appreciated significantly since you purchased it, your LTV will be lower, improving your refinancing eligibility. Conversely, if property values have declined, your LTV might exceed acceptable limits, making refinancing unavailable or requiring you to pay down the loan principal first.
Income Stability
Lenders require evidence of consistent, stable income to ensure you can meet the obligations of the new loan.[1] Self-employed individuals, freelancers, and those with irregular income face stricter scrutiny. Generally, lenders want to see at least 2 years of consistent income history. If you've recently changed jobs or experienced income fluctuations, this could affect your refinancing approval or the rates you qualify for.
Credit History and Score
A good credit score is essential for refinancing approval, as it indicates your reliability in managing credit obligations.[1] Lenders typically require a credit score of 700 or above, though higher scores result in better rates. If you have a history of late payments, defaults, or other credit issues, refinancing might be denied or available only at higher rates. Check your credit report before applying and address any errors or issues.
Debt-to-Income Ratio
Lenders calculate your debt-to-income (DTI) ratio by dividing your total monthly debt obligations by your gross monthly income.[1] Most banks require your DTI to be below 60%. If you have substantial other debts (car loans, credit card balances, personal loans), your DTI might be too high for refinancing approval. Paying down other debts before applying for refinancing can improve your eligibility.
Property Type and Condition
Different property types have different refinancing requirements. HDB flats, private condominiums, and landed properties each have specific criteria. Additionally, the property must be in acceptable condition and meet lender requirements. If major repairs are needed, lenders might require these to be completed before approving refinancing.
Improving Your Refinancing Eligibility
If you don't currently meet refinancing requirements, several strategies can improve your eligibility:
- Improve your credit score: Pay off debts and avoid new credit obligations. Check your credit report for errors and rectify them.[1]
- Reduce your debt-to-income ratio: Pay down existing debts to lower your overall debt obligations.[1]
- Increase your home equity: Make additional payments on your current mortgage to build equity faster. Higher equity can secure more favorable refinancing terms.[1]
- Stabilize your income: If you're self-employed, maintain consistent income documentation and avoid major career changes before refinancing.
- Wait for property appreciation: If your property value has been increasing, waiting a few more months might lower your LTV ratio and improve your refinancing terms.
Timeline and What to Expect
Understanding the refinancing timeline helps you plan accordingly and set realistic expectations. Here's what to expect at each stage:
Application and Approval (1-3 Days)
When you submit your refinancing application through Homejourney, banks typically process it within 1-3 working days. Applications submitted between 8:30am and 9pm are often processed instantly.[3] During this period, banks conduct credit checks, verify your income, and assess your eligibility. You'll receive approval or requests for additional documentation during this phase.
Offer Receipt and Comparison (1-3 Days)
Once approved, banks send you their refinancing offers, typically within 1-3 working days of approval. During this period, you compare offers using Homejourney's comparison tools and select your preferred bank. This phase typically takes 1-2 days as you evaluate options.
Legal Processing (5-10 Days)
After you accept an offer, the bank appoints a law firm to handle legal aspects.[2] The law firm contacts your existing bank, requests a preliminary redemption statement, and prepares necessary documentation. This phase typically takes 5-10 working days, depending on how quickly your existing bank responds and how complex your situation is.
Document Signing (1-3 Days)
You'll need to sign the new mortgage deed and other required documents. If you opt for remote signing, this can be completed within 1-2 days. If you need to visit a law office in person, schedule this appointment and allow 1-3 days for the process.
