Compare the Latest
Refinance
Promotion Rates
in Singapore
(July 2024)

Customers use ROSHI to compare
rates, apply online & settle faster.

I WANT TO REFINANCE
  • Cash vouchers up to $3,300
  • Discounted legal fees
I WANT TO CASH-OUT REFINANCE
  • Cash rewards up to $3,300
  • Zero upfront fees
*Get up to $3,300 back in cash

Updated July 17, 2024

$1,000

$3,000,000

1%

10%

Average 1st Year Refinance Promotional Interest Rates (2024)

Average 1st Year Refinance Promotional Interest Rates (2024)

Compare Existing Versus New Rates

Check your current interest rates against refinancing deals in the market. Factor in applicable fees as well to accurately determine potential savings in loan repayments. Be clear on how much the reduction justifies any refinancing fee.

Evaluate Perks and Drawbacks
Besides better rates, highlight other perks like longer repayment tenure or cashback when switching lenders. However, understand drawbacks too like losing loyalty benefits with your existing lender. Make an informed cost-benefit analysis.

Check Loan Eligibility
While you may qualify for refinancing as an existing property owner, lenders still undertake financial assessments before approving your application. Be realistic about successfully meeting refreshed criteria like income levels and credit scores to benefit from such promotions.

Act Before Offer Expiry
Just like getting a new home loan, refinancing promotions contain fine print around dates and availability. For processing fee waivers or rebates, promptly submit documents to meet expiring offers. Plan properly to switch loans and optimise savings.

Lowest Refinancing Promotional Rates
for HDB
(2024)

  • Fixed Rates
  • Floating Rates
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr 3rd Yr 4th Yr
Promotion 2 Year Fixed (Limited Promo) 2 years 2.80% 2.80% 4.38% 4.63%
Promotion 2 Year Fixed 2 years 2.80% 2.80% 4.66% 4.66%
Promotion 2 Year Fixed (Limited Promo) 2 years 2.83% 2.83% 4.13% 4.63%
Promotion 2 Year Fixed (Limited Promo) 2 years 2.83% 2.83% 4.38% 4.63%
Promotion 2 Year Fixed 2 years 2.85% 2.85% 4.00% 4.63%
Promotion 2 Year Fixed 2 years 2.85% 2.85% 5.00% 4.66%
Promotion 2 Year Fixed (Flexi) 2 years 2.85% 2.85% 4.33% 4.63%
Promotion 3 Year Fixed 3 years 2.88% 2.88% 2.88% 4.63%
Promotion 2 Year Fixed 2 years 2.88% 2.88% 4.38% 4.63%
Promotion 2 Year Fixed 2 years 2.90% 2.90% 4.38% 4.63%
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr 3rd Yr 4th Yr
Promotion 1-Month SORA 2 years 3.94% 4.00% 4.00% 4.66%
Promotion 1-Month SORA 2 years 3.99% 4.19% 4.29% 4.66%
Promotion 3-Month SORA (Limited Promo) 2 years 4.03% 4.03% 4.08% 4.53%
Promotion 1-Month SORA 2 years 4.16% 4.16% 4.26% 4.66%
Promotion 3-Month SORA 2 years 4.23% 4.23% 4.38% 4.63%
Promotion 3-Month SORA 2 years 4.28% 4.28% 4.43% 4.63%
Promotion 3-Month SORA 2 years 4.33% 4.33% 4.43% 4.63%
Promotion 1-Month SORA 2 years 4.41% 4.00% 5.00% 4.66%
Promotion 3-Month SORA 2 years 4.63% 4.63% 4.63% 4.63%

*Today's Mortgage Rates - 17 July 2024

Considerations

When considering refinance promotions, your current interest rate and repayments should serve as a benchmark for comparisons to new offers. Check numbers factoring applicable fees to undersatnd potential savings from switching lenders. While better rates might provide some savings, check cons too like losing existing loyalty perks or not meeting eligibility criteria. Read all terms in detail as upfront perks may have short validity or strict qualifications. Factor the new loan’s rates and fees into your finances to ensure repayment ability. Ultimately focus on long term savings and benefits when opting for refinancing promotions, not just short term incentives.

Lowest Refinancing Promotional Rates
for Private Properties
(2024)

  • Fixed Rates
  • Floating Rates
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr 3rd Yr 4th Yr
Promotion 2 Year Fixed (Limited Promo) 2 years 2.80% 2.80% 4.38% 4.63%
Promotion 2 Year Fixed 2 years 2.80% 2.80% 4.66% 4.66%
Promotion 2 Year Fixed (Limited Promo) 2 years 2.80% 2.80% 4.13% 4.63%
Promotion 2 Year Fixed (Limited Promo) 2 years 2.83% 2.83% 4.38% 4.63%
Promotion 2 Year Fixed (Limited Promo) 2 years 2.83% 2.83% 4.13% 4.63%
Promotion 2 Year Fixed 2 years 2.85% 2.85% 4.00% 4.63%
Promotion 2 Year Fixed 2 years 2.85% 2.85% 5.00% 4.66%
Promotion 2 Year Fixed (Flexi) 2 years 2.85% 2.85% 4.33% 4.63%
Promotion 2 Year Fixed 2 years 2.88% 2.88% 4.38% 4.63%
Promotion 3 Year Fixed 3 years 2.88% 2.88% 2.88% 4.63%
Bank Scheme Lock In Period 1st Yr Interest 2nd Yr 3rd Yr 4th Yr
Promotion 1-Month SORA 2 years 3.94% 4.00% 4.00% 4.66%
Promotion 1-Month SORA 2 years 3.99% 4.19% 4.29% 4.66%
Promotion 3-Month SORA (Limited Promo) 2 years 4.03% 4.03% 4.08% 4.53%
Promotion 1-Month SORA 2 years 4.16% 4.16% 4.26% 4.66%
Promotion 3-Month SORA 2 years 4.23% 4.23% 4.38% 4.63%
Promotion 3-Month SORA 2 years 4.28% 4.28% 4.43% 4.63%
Promotion 3-Month SORA 2 years 4.33% 4.33% 4.43% 4.63%
Promotion 1-Month SORA 2 years 4.41% 4.00% 5.00% 4.66%
Promotion 3-Month SORA 2 years 4.63% 4.63% 4.63% 4.63%

*Today's Mortgage Rates - 17 July 2024

Our Refinancing Resources

  • Refinance Promotions Basics

  • Tips and Hints

  • FAQ

Understanding Home Loan Refinance Promotions

Alongside promotions for new home loans, lenders in Singapore also regularly offer special refinance packages and rewards for existing borrowers looking to refinance.
As with taking a home loan, refinancing promotions feature lower interest rates, cash back and reduced fees – but they are only available to existing home loan borrowers.

Types of Refinance Promotions

Typical refinancing promotions that borrowers can look out for include:

Rate Discounts
Banks provide special below-average interest rates to win refinancing business from other lenders. Discounts of 0.5% to 1% off prevailing rates are common.
Cash Back for Switching
Cash back may be offered, based on your outstanding loan amount, to get home owners to refinance their existing mortgage.
Legal Fee Waivers
Free conveyancing and legal fees in refinance packages remove a common barrier for home owners thinking of switching lenders.
Loyalty Rewards
Sometimes additional discounts or interest rate reductions are offered to existing bank customers looking to consolidate other loans into a new home loan package.
Key Things Borrowers Should Consider

While the promotions aim to make refinancing an attractive option, some key aspects include:

Early Repayment Fees
Early repayment charges from your existing lender may offset some savings from a new deal.
Lock-In Clauses
Just like with new home loans, many perks associated with refinancing are only short term introductory offers.
Balance Transfers
For outstanding loan amounts switched over, borrowers should check they don’t lose any preferential rates secured originally.
Check Lock-in Period Expiry

Work out when terms allowing you to refinance without breakage fees open up. Banks target borrowers with closing lock-ins as they know you can switch penalty-free.

Discuss Loyalty Discounts

Ask about loyalty rewards and preferential rates before submitting a refinancing application. This gives your existing lender an incentive to offer you a lower rate.

Research Historical Promotion Periods

Study when different banks have previously offered refinancing promotions based on industry analysis. This helps you predict the optimal times to review or submit an application.

Use Lending Platforms

Platforms such as ROSHI advertise exclusive promotional rates not found directly through lenders. Submitting an application via a platform gives you access to current offers.

Negotiate Fees & Cash Backs

Even without formal promotions, discuss waiving administrative fees or a cash back for transferring your loan.

The key is concentrating your search on periods where banks are actively competing for refinancing applications. This is when they make their best offers to maximize take-up from borrowers not locked into existing contracts.

Do I need to pay any fees to switch lenders?

Some banks may charge administrative or legal transfer fees. But others waive these or offer subsidies as part of refinancing promotions.

Will my credit score be affected?

Responsible repayment of your new mortgage will build positive credit score over time.

How soon can I refinance again?

Most banks require waiting periods of 1-2 years in promotional terms before you can switch again. This prevents applications solely chasing short term perks.

Are cashbacks guaranteed?

Cashback eligibility depends on you meeting promotional criteria like minimum loan size and tenure. Mortgage brokers help ensure you qualify for all advertised perks.

Can I combine multiple existing loans?

If you have investment property mortgages, banks may allow consolidating these via refinancing your owner-occupied home loan up to set limits.

Don’t be a fool
馬鹿なことはやめろ

Review Refinance Home Loans from
All Major Lenders