Refinancing vs Repricing: Which Saves You More in 2026? | Homejourney
This definitive Homejourney guide breaks down refinancing vs repricing for Singapore homeowners. Discover when to reprice your mortgage, the refinance difference, and whether to switch banks or stay—with real 2026 rates, calculations, and step-by-step advice to maximize savings safely.
Homejourney prioritizes your financial security by verifying rates from DBS, OCBC, UOB, and more, so you make confident decisions in a trusted environment.
Table of Contents
- Executive Summary
- Refinancing vs Repricing: Core Differences
- When to Choose Refinancing vs Repricing
- Costs Breakdown: Hidden Fees Exposed
- Understanding SORA and Current Rates
- Break-Even Analysis: Calculate Your Savings
- Timing Your Move: Lock-In Periods & Rates
- Step-by-Step Guide to Refinancing & Repricing
- Money-Saving Strategies & Negotiation Tips
- HDB to Bank Loan Switch: Special Considerations
- How Homejourney Simplifies Your Decision
- Frequently Asked Questions (FAQ)
Executive Summary
In 2026, with SORA rates at 3-year lows around 1.34%-1.8%, thousands of Singapore homeowners are saving hundreds monthly by choosing between refinancing vs repricing.[1][4] Refinancing switches banks for better rates and features but incurs higher fees (~S$2,500); repricing stays with your bank for simplicity (fees ~S$1,000).[2]
Key takeaway: Refinance if savings exceed S$200/month after 6 months; reprice for quick, low-hassle adjustments. Homejourney's bank rates comparison lets you compare DBS, OCBC, UOB, HSBC instantly—submit one app via Singpass for multiple offers.[1][2]
Expect 35-40% more HDB owners refinancing to banks in 2026, but activity may moderate mid-year as early adopters lock in.[1] This guide equips you with calculations, timelines, and insider tips for safe decisions.
Refinancing vs Repricing: Core Differences
Refinancing means taking a new loan from a different bank, releasing your property title deed and securing fresh terms. Repricing switches to a new interest package within your current bank after lock-in.[1][2][4]
Here's a quick comparison table for Singapore homeowners:
| Aspect | Refinancing | Repricing |
|---|---|---|
| Bank Switch | Yes (e.g., DBS to OCBC) | No (same bank) |
| Timeline | 13 weeks | 5 weeks |
| Fees (no waiver) | S$2,500 (legal S$1,500-2,000 + valuation S$150-700) | S$300-1,000 admin |
| Features Access | Full (cashback, offset accounts) | Limited to bank's packages |
| Best For | Max savings + features | Speed & low hassle |
Source: Aggregated from broker insights and bank practices.[2] For HDB loans over S$200k, banks often waive all refinancing fees.[2]
Real example: A Toa Payoh HDB owner on 3% DBS loan repriced to 1.6% fixed, saving S$500/month instantly.[4] Homejourney verifies these rates daily for trust.
Refinancing Defined
Refinancing creates a new loan agreement, often with cash rebates (up to 0.3% of loan) and flexible features like free conversion after year 1.[1] Ideal if switching from HDB's 2.6% rate.[1]
Repricing Defined
Repricing is internal—change from SORA to fixed within DBS, for example. Free after lock-in, but rates may lag new-customer promos.[5]
When to Choose Refinancing vs Repricing
Choose repricing if time-poor or happy with your bank: saves hassle, full fee waivers common.[2] Opt for refinancing for 0.2-0.5% lower rates across 11 banks like HSBC or Maybank.[1][2]
- Reprice if: Lock-in ends soon, savings >S$100/month, value existing relationship (e.g., offset account).
- Refinance if: Seeking fixed rates (1.48% 2-year), cashback, or HDB switch—potential S$10k+ savings over tenure.[1]
Insider tip: Mid-2026 rates may stabilize; act now if locked at 3-4% from 2023.[1] Use Homejourney's mortgage calculator to simulate.
Costs Breakdown: Hidden Fees Exposed
Don't overlook clawback (if early exit), fire insurance (~S$20-50/year), or processing fees. Banks subsidize for loans >S$200k.[2]
| Fee Type | HDB Property | Private Property | Typical Waiver |
|---|---|---|---|
| Legal | S$1,500 | S$1,800-2,000 | Full for >S$200k |
| Valuation | S$150-200 | S$150-700 | Often subsidized |
| Repricing Admin | S$300-1,000 | S$300-1,000 | Free post-lock-in |
Read more on Hidden Refinancing Costs at Top Banks in Singapore | Homejourney . Total refinancing cost: S$2-3k without waiver; recovers in 6-12 months at 0.5% savings.[3]
Understanding SORA and Current Rates
SORA (Singapore Overnight Rate Average) is the key benchmark for floating loans, at 1.34% (3-month) in 2026—lowest in 3 years.[1][4] Fixed rates start at 1.48% for 2-years from banks like OCBC.[1]
The chart below shows recent interest rate trends in Singapore:
As seen, rates dropped from 3-4% peaks, driving refinancing waves like 2019-2020 (35-40% YoY).[1] Track live on Homejourney for timing.
Break-Even Analysis: Calculate Your Savings
Break-even = Total costs / Monthly savings. Example: S$2,500 fees, S$300/month savings = 8.3 months to recover.
Real Scenario (S$500k HDB loan):
- Old: 3% → New: 1.6% = S$750/month save.
- Fees S$2k (waived) → Break-even: 0 months. Total 25-year save: S$140k.
Use Homejourney calculator or this formula: Savings = Loan * (Old rate - New rate)/12. Always factor TDSR (60% debt cap).[2] See How to Calculate If Refinancing is Worth It | Homejourney .
Timing Your Move: Lock-In Periods & Rates
Start refinancing 3-6 months pre-lock-in; repricing 1 month.[2] 2026 outlook: Healthy early, moderate mid-year as 2023 loans refinance.[1]
- Monitor SORA via Homejourney.
- End of 2/3-year lock-in: Peak window.
- Avoid if rates rising post-2026.[1]
Pro tip: Banks offer free repricing after year 1 now—lock flexibility.[1]
Step-by-Step Guide to Refinancing & Repricing
Repricing (5 weeks):
- Check lock-in expiry.
- Compare bank's packages (e.g., DBS 1.6% fixed).
- Submit request—Singpass ready.
- Sign new package.
Refinancing (13 weeks):
- Compare on Homejourney bank-rates.
- Get quotes from DBS/OCBC/UOB/HSBC via one app.
- Submit docs: Income proof, title deed, Singpass.
- Valuation & legal (1-2 weeks).
- Disburse new loan, old discharged.
Disclaimer: Consult Homejourney brokers; not financial advice.
Money-Saving Strategies & Negotiation Tips
- Leverage multi-offers: "Banks compete on Homejourney—got 1.45% from UOB."
- Ask cashback (0.2-0.3%), fee waivers.
- Bundle with deposits for offset accounts.
- Time for promos: Q1 2026 strong.[1]
Link to Best Bank Refinancing Rates Comparison 2026 | Homejourney for rates. Combine with property search on Homejourney search.
HDB to Bank Loan Switch: Special Considerations
HDB at 2.6%; banks 1.55-1.8%—but no return to HDB post-switch.[1][5] 2025 saw surge; 2026 steady.[1] Investors: Watch ABSD, LTV limits (URA rules).
For investments, see Hidden Costs of Refinancing for Investment Property Owners | Homejourney .
How Homejourney Simplifies Your Decision
Homejourney builds trust with verified rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, Citibank. Features:
- Compare refinancing rates instantly.
- Singpass one-click multi-bank apps.
- Live SORA tracker + savings calculator.
- Mortgage brokers for personalized guidance.
Start at https://www.homejourney.sg/bank-rates. Post-refi, check aircon services for home maintenance.
Frequently Asked Questions (FAQ)
What is the refinance difference from repricing?
Refinancing switches banks (full new loan); repricing changes packages internally. Refinance for better rates/features; reprice for speed.[2][4]
Should I switch banks or stay with repricing?
Switch if >0.3% savings post-fees; stay if convenience wins. Use Homejourney calculator.[1][2]
Loan repricing fees in Singapore?
S$300-1,000, often waived post-lock-in.[2][5]
Reprice mortgage now in 2026?
Yes if rates 1.5-1.8% vs your 3%; moderate mid-year.[1]
Best banks for refinancing 2026?
OCBC, DBS leading with 1.48-1.6% packages + rebates. Compare on Homejourney.[1] See Best Banks for Mortgage Refinancing in Singapore 2026 | Homejourney Guide .
Can I refinance HDB loan multiple times?
Yes to banks, but no HDB return. Fees waive >S$200k.[1][5]
Next steps: Visit Homejourney bank-rates for free comparison. Our platform ensures transparency, verifies data, and supports your safe property journey with customer-first service.
