COMPARE RATES AND LENDERS TO FIND THE BEST REFINANCING DEAL FOR YOU
ENJOY MORTGAGE REFINANCING FROM AS LOW AS ONLY 2.42% P.A.
Compare Rates from Over 15+ Trusted Banks.
Search and Compare Refinancing Deals Easily.
An Otter-ly Simple Way to Compare HOME REREFINANCING PLAN
Simple Questions, Smart Quotes
Just answer a few quick questions about your property. We’ll do the hard work and find the interior designer for you.
Fast, Easy Comparisons
No more jumping between websites or firms. We’ll share your best personalised quotes from Singapore’s trusted interior design companies.
100% Free to Use
Our comparison service is completely free. Our goal is simply to help you find the best deal, with no hidden costs.
WHAT IS MORTGAGE REFINANCING?
Mortgage refinancing involves replacing your existing home loan with a new one, typically from a different bank, to secure better terms such as lower interest rates or adjusted loan tenures. This financial strategy is common among Singaporean homeowners seeking to optimize their mortgage commitments.
WHY REFINANCE YOUR HOME LOAN?
Lower Interest Rate
Refinancing can help you take advantage of lower interest rates, reducing your monthly repayments and total interest paid over the loan tenure.
Adjust Loan Tenure
You can extend or shorten your loan tenure to better suit your financial situation. Extending the tenure lowers monthly payments but increases total interest, while shortening it does the opposite.
Cash-Out Refinancing
For private property owners, refinancing may allow you to tap into your property’s equity, providing funds for purposes like renovations or investments.
LOOKING TO LOWER REPAYMENTS OR SECURE A BETTER RATE?
According to recent data in Singapore, mortgage refinancing surged in 2024 as rates fell below 3%, helping Singapore homeowners cut monthly repayments by over $400.
TYPES OF MORTGAGE PACKAGES
Explore your mortgage rate options in Singapore—choosing the right one is key to maximising savings and managing repayments with confidence.
FIXED RATE PACKAGES
Interest rates remain constant for a specified period, offering predictability in repayments.
FLOATING RATE PACKAGES
Rates fluctuate based on benchmarks like the Singapore Overnight Rate Average (SORA), potentially offering savings when rates decline.
BOARD RATE PACKAGES
Interest rates are determined internally by banks and may change at their discretion.
WHEN SHOULD YOU REFINANCE?
Your lock-in period just ended (usually after 2–3 years)
Interest rates have dropped
Your financial situation or goals have changed
COSTS ASSOCIATED WITH REFINANCING
Refinancing your mortgage in Singapore comes with key costs that can affect your savings. Understanding them helps you make a well-informed decision.
1. Legal Fees
Engaging a lawyer for the refinancing process.
2. Valuation Fees
Assessment of your property’s current market value.
3. Prepayment Penalties
Charges for settling your existing loan before the lock-in period ends.
4. Subsidy Clawbacks
If you received subsidies (e.g., legal or valuation fee waivers) from your current bank, you might need to repay them upon refinancing.
STEPS TO REFINANCE YOUR HOME LOAN
1.
Review Current Loan
Understand your existing loan’s terms, outstanding balance, and any penalties.
2.
Get Instant Quotes
Compare refinancing offers from multiple trusted banks in Singapore—fast and hassle-free at Finspire.
3.
Compare Costs
See how much you can save after factoring in legal, valuation, and other fees with our smart comparison tools.
4.
Choose the Best Deal
Select the refinancing package that best suits your financial goals and repayment comfort.
5.
Submit Your Application
Connect with a mortgage specialist to guide you through the process.
6.
Legal & Disbursement
Your chosen bank will work with a lawyer to settle your current loan and start your new repayment plan.
READY TO REFINANCE?
Refinancing your mortgage is one of the smartest financial moves a homeowner in Singapore can make. Get started today with expert advice, easy comparisons, and the right tools.
TIPS TO HELP YOU FIND A BETTER MORTGAGE RATE
Comparing mortgage deals is just the start—here are 6 tips to help you secure the best refinancing rate:
1. Time Your Refinance Right
Watch for interest rate trends—refinancing when rates drop can lead to significant long-term savings.
2. Compare Offers from Multiple Banks
Don’t settle for the first offer. Use comparison tools to evaluate rates, fees, and perks from various lenders.
3. Consider Floating vs Fixed Rates
Floating (SORA-based) rates may offer lower starting rates, while fixed rates provide repayment stability—choose what fits your goals.
4. Watch Out for Hidden Fees
Look beyond just the interest rate. Legal fees, valuation charges, and lock-in periods can affect your overall cost.
5. Maintain a Strong Credit Score
Banks may offer better rates to borrowers with good credit histories and stable income profiles.
6. Negotiate with Your Current Bank
Before switching, ask your existing bank if they can match or beat competitor offers—it could save you time and cost.
![CIMB[1]](https://finspire.sg/wp-content/uploads/2025/04/CIMB1.webp)
![HSBC[1]](https://finspire.sg/wp-content/uploads/2025/04/HSBC1.webp)
![Trust_Full_Lock-up_(Blue_&_Purple)[1]](https://finspire.sg/wp-content/uploads/2025/04/Trust_Full_Lock-up_Blue__Purple1.webp)
FREQUENTLY ASKED QUESTIONS
Typically after the lock-in period ends (usually 2-3 years). Start reviewing options 3-6 months before your current rate changes to a higher one.
Yes. If you refinance during the lock-in period, banks may charge a penalty (usually 1.5% of your loan amount). Always check your letter of offer.
Refinancing: Switch to a different bank
Repricing: Stay with your current bank, but take a different loan package
Repricing is often easier but may offer fewer savings compared to refinancing.
Yes — if your property’s value has increased, you may be able to borrow more and cash out the difference. This is common for funding renovation, education, or investments.
Yes. Your income and debt levels will be reassessed under the Total Debt Servicing Ratio (TDSR). This can impact how much you’re allowed to borrow.
Usually 1 to 3 months, depending on how fast documents are submitted and processed.
WANT TO READ MORE?
by Finspire
4 min read
by Finspire
7 min read
by Finspire
10 min read
Click Here For More Mortgage Refinancing Guide