Home loan refinancing Singapore
Refinance Your Home Loan With the Numbers Clear.
Your existing mortgage does not need to stay untouched for its full tenure. Compare repricing with your current bank against refinancing to another bank, then decide whether the potential benefit is worth the cost and commitment.
- HDB and private-property refinancing
- Repricing vs refinancing comparison
- Lock-in, fees and clawback review
Start with the decision
Should you refinance, reprice or simply stay?
Refinancing is not automatically the right move just because another advertised rate is lower. MoneySense recommends checking your current bank, understanding any lock-in or termination cost, then comparing its repricing offer against refinancing packages elsewhere.
A useful review starts with four questions.
The answer should come from the complete cost of switching, not from a headline rate alone.
Has your lock-in ended?
If it has not, check your Letter of Offer for early-redemption terms and any required notice. Do not assume every package uses the same penalty or notice period.
What will your current bank offer?
Repricing keeps the loan with the same bank. It may involve less administrative work, but you should still compare the new package carefully.
What will switching actually cost?
Legal work, valuation requirements, administrative charges, early-redemption terms and subsidy clawbacks can reduce or eliminate the apparent benefit.
How long will you keep the new loan?
A package may look attractive today but create another lock-in. Consider likely sale, partial repayment or future refinancing plans before committing.
Repricing vs refinancing
Same goal. Different route.
MoneySense describes repricing as moving to another housing-loan package with your existing bank, while refinancing means moving the mortgage to another lender.
Stay with your current bank
Repricing
Useful when your existing bank can offer a package that is competitive enough without moving the mortgage elsewhere.
- LenderSame bank
- Legal transferUsually less extensive than changing lender
- PricingDepends on your bank's available conversion package
- New lock-inMay apply depending on package
Move to another bank
Refinancing
Useful when another lender's complete package provides enough benefit to justify switching costs and a new lending assessment.
- LenderDifferent bank
- Legal workRequired to move the mortgage
- PricingCompare rate, EIR and package conditions
- New lock-inOften package-dependent
Refinancing calculator
Test whether a lower rate is meaningful for your loan.
Enter your own figures instead of relying on a marketing savings claim. This calculator estimates principal-and-interest repayments and a simple break-even period after one-off switching costs.
Estimated monthly repayment difference
Illustrative only. It assumes the entered rates remain unchanged for the remaining tenure and excludes package-specific fees, insurance, CPF effects, subsidies, clawbacks and changing rates. It is not a loan quotation.
Before you switch
Check the costs that can erase a headline saving.
There is no single universal refinancing fee. Your existing contract and the new lender's package determine what actually applies.
Early-redemption terms
Leaving during a lock-in period may trigger a penalty. Check the actual percentage, affected amount and dates in your existing Letter of Offer.
Legal work
Moving the mortgage to another bank normally requires legal work. Any subsidy offered by the new lender may come with conditions.
Valuation requirements
The new lender may require a valuation or use its own valuation process. Confirm whether a fee applies to your property and application.
Clawbacks
If your existing package included legal subsidies, rebates or other benefits, leaving within the applicable clawback period may require repayment.
Conversion or administrative fees
Repricing with your current bank may involve a conversion or administrative charge. Compare this with the total cost of switching bank.
The next lock-in
The new package may reset the clock. Consider whether you expect to sell, redeem, make a large partial repayment or refinance again.
Property-specific refinancing
HDB and private-property refinancing are not identical.
The mortgage may look similar on a bank statement, but the rules and practical considerations can differ by property type.
Refinancing an HDB flat
An HDB housing loan can be refinanced to a bank, subject to the bank's approval. Once an HDB flat is financed by a financial institution, it cannot later be refinanced back to an HDB housing loan.
- If you already have a bank loan, you can compare repricing with that bank against refinancing to another bank.
- If CPF is used, refinancing involves CPF administrative steps handled with the lawyer/new financier.
- Home Protection Scheme considerations may need to be reviewed when refinancing.
Refinancing a condo or private home
Private-property owners can compare their existing bank's repricing option against refinancing packages from other banks.
- Check the outstanding balance because some packages have minimum loan-size requirements.
- Review the property's current valuation if it affects the new lender's assessment.
- Owner-occupier refinancing may be treated differently from investment-property borrowing under applicable TDSR rules.
Real refinancing decisions
Three situations where the cheapest-looking rate may not give the best answer.
These are illustrative scenarios based on common refinancing decisions. They are not presented as actual SHS client results.
The existing bank makes a competitive repricing offer
A homeowner nearing the end of a lock-in receives a repricing option from the current bank and a slightly lower rate from another lender. The correct comparison includes switching costs and the new lock-in, not only the rate difference. A small rate advantage can be less meaningful on a smaller outstanding balance.
An HDB owner is considering moving to a bank
A bank package may appear attractive against the current HDB concessionary rate. The owner should also consider future rate structure and the fact that, after moving the HDB mortgage to a financial institution, the loan cannot later return to HDB financing.
A condo owner expects to sell within a few years
A new package may reduce monthly repayments but introduce another lock-in or clawback period. If the property may be sold soon, flexibility can matter more than squeezing out the lowest initial rate.
Prepare before comparing
Five details make a refinancing review much more useful.
Use your latest mortgage statement rather than the original loan amount.
Know whether it is fixed, floating or already on a thereafter rate.
Check your Letter of Offer rather than relying on memory.
This affects the repayment comparison and the impact of a rate change.
Sale, partial repayment or a move can change which package structure makes sense.
If you already have one, it gives us a useful baseline for comparison.
How SHS helps
A practical refinance review, not a rate advertisement.
The objective is to identify whether staying, repricing or refinancing deserves serious consideration based on your actual loan.
Start with what you have
Share your property type, outstanding balance, current lender and lock-in timing.
Understand the existing package
We identify the terms that affect whether switching now makes sense.
Review relevant alternatives
Compare applicable packages from multiple banks we work with alongside repricing.
Choose with the costs visible
You decide whether to stay, reprice or proceed with a new lender. Final approval remains with the bank.
Why engage Singapore Home Services
Because the useful comparison is wider than one bank's retention offer.
Compare across multiple banks
Your current bank can only show its own repricing choices. SHS can help you review relevant alternatives across multiple banks we work with.
Look at the net benefit
We focus on rate, repayment, fees, lock-in, clawbacks and flexibility together instead of presenting a headline percentage as the answer.
HDB and private-property context
The implications of refinancing an HDB flat are not identical to refinancing a condominium or landed home.
No invented savings figure
Your outcome depends on your outstanding balance, current package, new package and costs. We calculate from the actual numbers rather than promise a fixed saving.
Home loan refinancing FAQ
Questions homeowners ask before switching.
Reference information checked against MoneySense and CPF Board. Bank terms and regulatory requirements can change; confirm current conditions before acting.
Before you renew, reprice or switch bank, compare the numbers properly.
Tell us your property type, outstanding balance and lock-in timing. We can help you review relevant refinancing options across multiple banks we work with and put them beside your current package.