Refinancing vs Repricing: Which is Better for You? | Homejourney

Repricing is better if you're within the same bank, want quick savings with minimal fees (around S$300-S$1,000), and your lock-in period has ended. Refinancing suits switching banks for maximum savings, better features like cash rebates, but involves higher costs (S$2,000+) and 3-month processing.[1][2][3] Homejourney helps you compare both options safely via our verified bank rates tool.

This cluster article on refinancing vs repricing supports our pillar guide, Complete Guide to Mortgage Refinancing Singapore 2026, providing tactical steps for HDB and private property owners in today's low-rate environment (3M SORA at 1.34%, lowest in 3 years).[1]

What is Repricing vs Refinancing in Singapore?

Repricing means switching to a new interest rate package within your current bank after the lock-in period (typically 2-3 years), often free or low-cost (S$300-S$1,000 admin fee).[2][3] It's fast—new rates apply in 1 month—and ideal for quick adjustments to packages like 2-year fixed at 1.48% or SORA-linked floating rates.[1][2]

Refinancing (or refinance home loan) involves a full new loan from another bank, releasing your property title deed for the switch. It offers broader choices (e.g., fixed vs SORA from DBS, OCBC, UOB), cash rebates up to S$2,800, and features like free conversions, but takes 3+ months with legal (S$1,500-S$2,000) and valuation fees (S$150-S$700).[1][2][3] HDB owners note: switching from HDB loans (2.6%) to banks is one-way—you can't revert.[1][6]

Homejourney verifies these details from MAS and bank sources, prioritizing your safety with transparent comparisons at https://www.homejourney.sg/bank-rates.

Key Differences: Repricing vs Refinancing Comparison

Factor	Repricing	Refinancing
Costs	S$300-S$1,000 (often waived)	S$2,000-S$3,000 (legal + valuation; subsidies for HDB >S$200k)
Time	1 month	3 months
Savings Potential	Limited to bank packages	Higher (e.g., 1.5% vs 3%; S$500/month)
Features	Bank-specific	Multi-bank promos, rebates

Data from DBS, Redbrick, and Straits Times (2026).[1][2][3] For HDB flats in areas like Punggol or Tengah, banks like OCBC subsidize full fees if loan >S$200k.[2]

When to Refinance or Reprice Your Singapore Home Loan

When to reprice: Lock-in ending soon, rates dropped (e.g., from 3% to 1.6% like DBS example, saving S$500/month), no need for new features.[5] Insider tip: Check your bank's app for free repricing post-Year 1 on promo packages.[1]

When to refinance: Seeking best rates across DBS, OCBC, UOB, HSBC (e.g., 1.35%+ for S$500k+ loans), cashback, or offset accounts.[8] Ideal if current rate >2% and >2 years left; HDB upgraders from Yishun to private condos benefit most.[1][9] Avoid if within lock-in (3% penalty) or break-even <12 months.

Track SORA trends—key for floating rates. The chart below shows recent interest rate trends in Singapore:

As seen, 3M SORA at 1.34% drives 2026 refinancing wave, but moderation expected mid-year.[1]

Break-Even Analysis: Is It Worth It?

Calculate break-even: (Fees / Monthly Savings) = Months to Recover. Example: S$2,500 fees, S$300/month savings = 8.3 months. Use Homejourney's calculator at https://www.homejourney.sg/bank-rates#calculator.如何计算再融资是否值得：新加坡房贷Homejourney指南

Current loan: S$500k @3% = S$1,250/month interest.
New: @1.5% = S$625/month (S$625 savings).
Refi fees S$2,500 → Break-even: 4 months. Worth it if staying 5+ years.

Factor clawback (if promo rate reverts) and fire insurance (~S$20-50/year).[2] Homejourney's tool factors Singapore regs like TDSR (60% debt cap).

Step-by-Step Guide to Refinancing or Repricing

Repricing (1-2 weeks):

Confirm lock-in end via bank statement.
Compare packages on Homejourney bank-rates.
Submit request; pay fee if any. Done!

Refinancing (3 months):

Check eligibility (LTV ≤75% for HDB, age/debt).
Compare 11 banks on Homejourney; submit 1 app via Singpass for multi-offers.
Provide docs: IC, income proof, title deed.
Bank valuation; legal discharge (HDB: S$1,500).
Sign new loan; old discharged.

Apply safely on Homejourney— one form to DBS/OCBC/UOB/HSBC/Standard Chartered/Maybank/CIMB/RHB/Public/Hong Leong/Citibank.[2]

Money-Saving Tips & Homejourney Advantages

Negotiate: Mention competitor rates (e.g., UOB 1.48% fixed) for better rebates.
Time it: Refi pre-lock-in expiry; track SORA live on Homejourney.
Combine: Pair with property search at https://www.homejourney.sg/search for upgrades.
Brokers: Connect via our page for personalized advice.

Disclaimer: Not financial advice; consult professionals. Rates as of 2026; verify.[1]

FAQ: Refinancing vs Repricing Singapore

Q: Can I reprice during lock-in?
A: No, penalties apply (2-3% of loan). Wait or refinance if big savings.[3]

Q: HDB to bank refinance—reversible?
A: No, permanent switch from HDB 2.6%. Banks cheaper now at 1.5%.[1][6]

Q: Best banks for refinancing 2026?
A: Compare DBS/OCBC/UOB on Homejourney for promos up to 1.35%.[8]Best Bank Refinancing Rates Comparison 2026 | Homejourney

Q: How much can I save?
A: S$500+/month on S$500k loan (3% to 1.5%). Use our calculator.

Q: When to refinance in 2026?
A: Now, before mid-year moderation. Track via Homejourney.[1]