MoneySmart logo
Loans
Home Loan
Refinancing
Home Equity Loan
Personal Loan
Debt Consolidation Plan
Renovation Loan
Education Loan
Car Loan
Insurance
Travel Insurance
Car Insurance
Home Insurance
Personal Accident Insurance
Health Insurance
Life Insurance
Mortgage Insurance
Maid Insurance
International Health Insurance
Credit Cards
All Credit Cards
Cash Back Credit Cards
Air Miles Credit Cards
Petrol Credit Cards
Promo Credit Cards
Overseas Spending Credit Cards
No Annual Fee Credit Cards
Bill Payment Credit Cards
Online Shopping Credit Cards
Grocery Credit Cards
Dining Credit Cards
Rewards Credit Cards
Shopping Credit Cards
Entertainment Credit Cards
Student Credit Cards
Bank Accounts
Fixed Deposit
Savings Account
Investments
Online Brokerage
Blog
Ask
Learn
Claim Rewards
MoneySmart logo
Shop
Blog
Ask
Learn
Claim Rewards
Log in
Sign Up
Menu
Loans
Home LoanRefinancingHome Equity LoanPersonal LoanDebt Consolidation PlanRenovation LoanEducation LoanCar Loan
Insurance
Travel InsuranceCar InsuranceHome InsurancePersonal Accident InsuranceHealth InsuranceLife InsuranceMortgage InsuranceMaid InsuranceInternational Health Insurance
Credit Cards
All Credit CardsCash Back Credit CardsAir Miles Credit CardsPetrol Credit CardsPromo Credit CardsOverseas Spending Credit CardsNo Annual Fee Credit CardsBill Payment Credit CardsOnline Shopping Credit CardsGrocery Credit CardsDining Credit CardsRewards Credit CardsShopping Credit CardsEntertainment Credit CardsStudent Credit Cards
Bank Accounts
Fixed DepositSavings Account
Investments
Online Brokerage

Refinance Your Home Loan & Enjoy Huge Savings

How much can you save?
Get mortgage rates
Home loan hero image

Refinance Private Property in Singapore

Private property refinancing must go through banks or other financial institutions. Evidently, HDB concessionary loan doesn’t apply here. So if you’re planning to refinance your private property soon, check and compare mortgage rates through us. We have a comprehensive list of home loan packages to help you save on interest rates.
BANKPRODUCTRATE TYPELOCK-INYEAR 1 RATEHIGHLIGHTS
MaybankMaybank 3-month SIBOR Floating1 year1.29%
Standard CharteredSC Bank 3-month SIBOR (2)Floating2 years1.29%
HSBCHSBC 1-month SIBOR (1)Floating2 years1.30%
CIMBCIMB 2yrs Fixed (Preferred)Fixed2 years1.30%
CIMBCIMB 2yrs FixedFixed2 years1.38%
UOBUOB 2yrs Fixed/FlexFixed2 years1.40%
Get more rates

Refinance HDB Loan in Singapore

When it comes to HDB loan refinancing, there are two possible scenarios. You’re either switching from one bank to another bank, or converting an HDB loan package to a bank loan package. If you’re doing the latter, do know that once you opt out of your existing HDB home loan, you won’t be able to refinance with HDB anymore. Decide wisely and make sure that you’re refinancing to lower your home loan interest rate. To refinance your HDB loan, here’s an overview of the best home loan rates from our financial partners.
BANKPRODUCTRATE TYPELOCK-INYEAR 1 RATEHIGHLIGHTS
MaybankMaybank 3-month SIBOR Floating1 year1.29%
Standard CharteredSC Bank 3-month SIBOR (2)Floating2 years1.29%
HSBCHSBC 1-month SIBOR (1)Floating2 years1.30%
UOBUOB 2yrs Fixed/FlexFixed2 years1.40%
Standard CharteredSC Bank 2yrs Fixed (2)Fixed2 years1.45%
UOBUOB 2yrs FixedFixed2 years1.50%
Get more rates

When & Why Should You Refinance Your Home Loan

Lock-in Period is About to End

Home loan refinancing should always be a strategic move. That’s why it’s important to know when your lock-in period will end. While it’s possible to refinance at any time, you’ll incur a penalty fee if you switch during the lock-in period. However, you shouldn’t wait until the very last day of the lock-in period. Bear in mind that there’s a 3-month notice requirement before you can jump ship. So plan ahead and start the refinancing process at least 4 months before the new interest rate cycle kicks in.

Loan Tenure Extension

Some home buyers refinance to improve their cash flow by extending their loan tenure. However, this can only apply if the existing loan tenure is less than the maximum loan tenure. Whether you’re looking at refinancing your HDB or private property, you can extend your loan tenure for a maximum of 35 years or until you reach the age of 75. Take note that the period served since your current loan’s first disbursement will be deducted from the maximum loan tenure extension.

Better Interest Rate

Another reason for refinancing your home loan would be changing to another loan type. Whether you’re converting from a fixed interest rate to a floating interest rate, or vice versa, each type has its own merits.

With a fixed rate package, the interest rate is locked in for a certain period of time, ranging from 1–5 years. Since it’s deemed to be more stable, the rate is slightly higher compared to a floating rate package. By the time the lock-in period ends, your fixed rate package will change to a floating rate. Do note that converting from a fixed rate to a floating rate is only ideal if the home loan package you’re switching to has a lower interest rate, and if you’re able to keep track of SIBOR on a regular basis.

In the case of a floating rate package, the interest rate fluctuates depending on where your loan package is linked – SIBOR or Fixed Deposit. These floating rate packages may or may not have a lock-in period. Sometimes, home buyers who are tied to a floating rate switch to a fixed rate package, so they can better plan and manage their finances. Their fixed monthly repayments give them a sense of security.

Lower Monthly Instalment

When refinancing your home loan, you should aim for a lower interest rate to lower your monthly repayments. Usually, the next cycle of repayments will have higher interest rates because the mortgage schedule is always on an upward trend. So if you’re unable to take advantage of the refinancing window, which is 4 months before your existing home loan renews, you’ll end up paying higher monthly instalments.

Unlock Equity Through Cash Out Refinancing

Exclusive to private properties, homebuyers in Singapore can use their private property as collateral to take out an equity loan. Usually, the cash out is capped at 60–75% of the property value less the remaining loan amount and CPF used for the same property. It advisable to avoid taking the maximum cash out allowed and to give leeway for changes in property valuation.

When & Why Should You Refinance Your Home Loan

Lock-in Period is About to End

Home loan refinancing should always be a strategic move. That’s why it’s important to know when your lock-in period will end. While it’s possible to refinance at any time, you’ll incur a penalty fee if you switch during the lock-in period. However, you shouldn’t wait until the very last day of the lock-in period. Bear in mind that there’s a 3-month notice requirement before you can jump ship. So plan ahead and start the refinancing process at least 4 months before the new interest rate cycle kicks in.

Loan Tenure Extension

Some home buyers refinance to improve their cash flow by extending their loan tenure. However, this can only apply if the existing loan tenure is less than the maximum loan tenure. Whether you’re looking at refinancing your HDB or private property, you can extend your loan tenure for a maximum of 35 years or until you reach the age of 75. Take note that the period served since your current loan’s first disbursement will be deducted from the maximum loan tenure extension.

Better Interest Rate

Another reason for refinancing your home loan would be changing to another loan type. Whether you’re converting from a fixed interest rate to a floating interest rate, or vice versa, each type has its own merits.

With a fixed rate package, the interest rate is locked in for a certain period of time, ranging from 1–5 years. Since it’s deemed to be more stable, the rate is slightly higher compared to a floating rate package. By the time the lock-in period ends, your fixed rate package will change to a floating rate. Do note that converting from a fixed rate to a floating rate is only ideal if the home loan package you’re switching to has a lower interest rate, and if you’re able to keep track of SIBOR on a regular basis.

In the case of a floating rate package, the interest rate fluctuates depending on where your loan package is linked – SIBOR or Fixed Deposit. These floating rate packages may or may not have a lock-in period. Sometimes, home buyers who are tied to a floating rate switch to a fixed rate package, so they can better plan and manage their finances. Their fixed monthly repayments give them a sense of security.

Lower Monthly Instalment

When refinancing your home loan, you should aim for a lower interest rate to lower your monthly repayments. Usually, the next cycle of repayments will have higher interest rates because the mortgage schedule is always on an upward trend. So if you’re unable to take advantage of the refinancing window, which is 4 months before your existing home loan renews, you’ll end up paying higher monthly instalments.

Unlock Equity Through Cash Out Refinancing

Exclusive to private properties, home buyers in Singapore can use their private property as collateral to take out an equity loan. Usually, the cash out is capped at 60–75% of the property value less the remaining loan amount and CPF used for the same property. It advisable to avoid taking the maximum cash out allowed and to give leeway for changes in property valuation.

When & Why Should You Refinance Your Home Loan

How To Refinance Home Loan

1

Know your current home loan

It’s good that you’re thinking about refinancing your home loan. To make the process easier, you should have the information about your current home loan ready. This includes the outstanding loan balance, monthly instalments, loan tenure, fees & charges, interest rates, and prepayment penalties.

2

Compare the best home loan for refinancing

At MoneySmart, we give you an overview of the latest home loan packages available in the market. With just a few clicks, you’ll be able to compare the best interest rates from our financial partners.

3

Get in touch with our Mortgage Specialist

We’re more than happy to give you unbiased advice on refinancing home loan in Singapore. We’ll fill you in with all the details, such as other costs when switching to another home loan. The costs involved are legal fees, valuation fees, and a penalty fee of up to 1.5% of your current home loan if you refinance during your lock-in period. Banks even offer subsidies for the legal and valuation fees, especially when there’s a significant amount of money involved.

4

Refinance your home loan

Start applying for your new home loan at least 4 months before your current home loan lock-in period ends. You need to buffer enough time for the processing and 3-month notice requirement. The earlier you prepare, the better, so we can address issues that may arise in the process of refinancing.

Hi, I am Cris

More about me

I am a loan consultant at MoneySmart. My team is here to help you make the right mortgage choices. Book a call so that we can review your needs.

Book a call now

Why Get Your Home Loan Refinancing Through Us?

Simple, Fast, Convenient

Leave your home loan research to us and we will break it down for you in simple terms. Our Mortgage Specialist will contact you directly so you can save time for other important things in life.

We compare so you get better deals

Feeling so spoilt for choice you cannot decide? Settling for the first option is like being forced to marry the first person you come across on a dating app. Don’t feel pressured. We compare across all banks in Singapore to ensure that you get the best deals.

Most importantly it's free!

Our service to you is free. But, of course we are not doing this for charity! All banks pay us a standard referral fee for our services and our awesome job done. We don’t take sides or give biased advice.

Why Get Your Home Loan Refinancing Through Us?

HDB landscape

We have helped 5,024 Singaporeans choose and apply for their home loans

I am a fan of MoneySmart for a long time. It’s like a one-stop shop to know what are the best deals. Saves time because there is no need to go to other sources anymore. More than that, I trust them with their information

Aaron Wong

Having refinanced previously through MoneySmart, I can say with confidence that the entire process was very smooth and pleasant. The brokers are exceptionally helpful and it only took a few weeks

Jenny Chua

Nobody wants to buy a house right now, but to find the right information, websites like Moneysmart are greatly helpful

Tan Shau Huan

We Work with All Major Mortgage Providers

  • OCBC Home Loan Refinance Logo
  • UOB Home Loan Refinance Logo
  • DBS Home Loan Refinance Logo
  • Standard Chartered Home Loan Refinance Logo
  • HSBC Home Loan Refinance Logo
  • Citibank Refinance Logo
  • Maybank Home Loan Refinance Logo
  • CIMB Home Loan Refinance Logo
  • Hong Leong Finance Home Loan Refinance Logo
  • Bank of China Home Loan Refinance Logo
  • RHB Home Loan Refinance Logo

Helpful Mortgage Loan Calculators, Tools, and Trends

Refinancing Calculator

Check how much you can save by refinancing your home loan

Mortgage Calculator

Check monthly repayments for your home loan

Property Tax Calculator

Check how much tax you will have to pay annually

Property Valuation Calculator

Check valuation of any residential property in Singapore

SIBOR Rates & Trends

See SIBOR rate historical chart

SOR Rates & Trends

See SOR rate historical chart

SIBOR vs SOR

See SIBOR and SOR rate historical chart

Helpful Mortgage Loan Calculators, Tools, and Trends

Learn More about Refinancing a Home Loan

Home loans

Don’t Buy a House Without an Approval in Principle (AIP) for Your Home Loan

Read more
Property

Freehold Condominiums in Singapore – Why Freehold is Not as Great as it Seems

Read more
Property

3 Key Factors You Should Know When Using Your CPF to Purchase Property

Read more

Frequently Asked Questions

What does a lock-in period mean?

A lock-in period refers to the minimum number of years that you are required to stay with the bank for a particular package. If you decide to refinance, repay partially, or repay fully, there is likely to be a penalty imposed.

Which is the best home loan currently?

Home loans packages are changing ever so rapidly during this period of time when the interest rates environment is volatile. This means that there is no one bank that will constantly offer the best package. Comparison is where our expertise lies. Use our website to compare the different packages for you in a systematic and simple manner. On top of that, our advisers will also drop you a call to further clarify your doubts and refer you to the bank that best suits your needs.

What is the best home loan interest rate in Singapore?

The best home loan interest rate is subjective. A fixed interest rate package is usually higher since you are paying a premium for stability. This is viewed as the best package for someone who is risk-averse but might not be the best for someone who is willing to take a little more risk and enjoy more savings with a floating rate package. Compare different packages using MoneySmart’s website and contact our mortgage specialists. They will clarify your doubts and refer you to the home loan that best suits your needs.

Is it worth it to refinance my housing loan?

Refinancing is the key to saving money when it comes to a housing loan. To ensure that you are not paying more than you should for your home loan, you need to refinance every 2 to 3 years.

This is because most home loan packages will have a spike in interest rates after the lock-in period is over. This is especially true for a fixed-rate package. Also if you took up a floating rate with the bank 2 to 3 years ago, it is likely that you have encountered a few rounds of increment and are currently paying a much higher interest rate. This is when you can refinance to a new bank offering a better interest rate package. Or, if you foresee that the interest rate will continue rising, you can refinance to a fixed rate to hedge against that risk.

What is the cost when it comes to refinancing your home loan?

For refinancing, typically there are only 2 costs involved.

1) Legal fees payable directly to the law firm

2) Valuation fee payable directly to the bank

Typically, as long as your remaining loan is $300K and above for HDB and $400K and above for private property, banks will provide full legal subsidy and some will even subsidise part of your valuation fee. This means that the total cost usually is minimal and definitely cheaper than repricing.

What is the difference between refinancing and repricing?

Repricing refers to changing to a different interest rate package within the same bank. For repricing, there is usually a repricing fee of between $800 and $1000. Also for existing customers changing to another package, the package offered by the current bank will usually be worse off or at best the same as what they offer for new to bank customers.

Refinancing is to change to a different bank and to take up a new housing loan package from them. Banks will usually attract new customers by offering subsidies to keep the cost low for switching and their interest rate packages are usually more attractive. Therefore as long as you are eligible for the subsidies, it definitely is worthwhile to refinance.

Should I go to the bank directly or go with MoneySmart?

MoneySmart is a one-stop solution when it comes to a housing loan. We are able to offer packages from all the banks in Singapore as we are partnered with all of them. After receiving our advice, mortgage specialists from the specific bank you choose will reach out to you directly to assist you with the loan application.

The benefit of using MoneySmart is that you don’t need to walk into every individual branch from different banks and you do not need to wait for days for a specialist from the bank to give you a call.

The packages that you get through MoneySmart is either the same as what the banks are offering you or even lower. Best of all, our service is free. The banks will be the ones paying us a standard referral fee so we are able to provide unbiased advice and recommendations to you.

Does refinancing hurt credit score?

While refinancing your home loan could cause a slight dip in your credit score, you shouldn’t worry as this effect is only temporary and negligible. Rest assured, your credit score will bounce back to normal.

How often can I refinance a loan?

There’s no limit as to how many times you can refinance your home loan, so long as you save on interest rates. However, you should be able to plan it properly to avoid paying the penalty fee.
MoneySmart logo
Blog
Ask
Learn
About
Contact Us
Loans
Home Loan
Refinancing
Home Equity Loan
Personal Loan
Debt Consolidation Plan
Renovation Loan
Education Loan
Car Loan
Insurance
Travel Insurance
Car Insurance
Home Insurance
Personal Accident insurance
Health Insurance
Life Insurance
Mortgage Insurance
Maid Insurance
International Health Insurance
Credit Cards
All Credit Cards
Cash Back Credit Cards
Air Miles Credit Cards
Petrol Credit Cards
Promo Credit Cards
Overseas Spending Credit Cards
No Annual Fee Credit Cards
Bill Payment Credit Cards
Online Shopping Credit Cards
Grocery Credit Cards
Dining Credit Cards
Rewards Credit Cards
Shopping Credit Cards
Entertainment Credit Cards
Student Credit Cards
Blog
Budgeting
Opinion
Home Loans
Travel Insurance
Savings Accounts
Invest
Credit Cards

© 2009-2021 Catapult Ventures Pte Ltd. All rights reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy