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I WANT TO REFINANCE
I WANT TO CASH-OUT REFINANCE
Featured IN
Updated April 22, 2024
Singapore’s 1st
Loan Marketplace
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.
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr | 3rd Yr | 4th Yr | |
|---|---|---|---|---|---|---|---|
| Promotion | 2 Year Fixed | 2 years | 2.90% | 2.90% | 4.41% | 4.66% | |
| Promotion | 1 Year Fixed | 2 years | 2.95% | 4.31% | 4.36% | 4.71% | |
| Promotion | 2 Year Fixed | 2 years | 2.95% | 2.95% | 4.41% | 4.66% | |
| Promotion | 2 Year Fixed | 2 years | 3.00% | 3.00% | 4.41% | 4.66% | |
| Promotion | 1 Year Fixed | 2 years | 3.05% | 4.31% | 4.36% | 4.71% | |
| Promotion | 3 Year Fixed | 3 years | 3.05% | 3.05% | 3.05% | 4.66% | |
| Promotion | 2 Year Fixed | 2 years | 3.10% | 3.10% | 4.41% | 4.66% | |
| Promotion | 2 Year Fixed | 2 years | 3.15% | 3.15% | 4.66% | 4.66% | |
| Promotion | 2 Year Fixed | 2 years | 3.25% | 3.25% | 4.66% | 4.66% | |
| Promotion | 3 Year Fixed | 3 years | 3.30% | 3.30% | 3.30% | 4.66% |
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr | 3rd Yr | 4th Yr | |
|---|---|---|---|---|---|---|---|
| Promotion | 3-Month SORA | 2 years | 3.96% | 3.96% | 4.66% | 4.66% | |
| Promotion | 3-Month SORA | 2 years | 4.26% | 4.26% | 4.41% | 4.66% | |
| Promotion | 3-Month SORA | 2 years | 4.31% | 4.00% | 4.46% | 4.66% | |
| Promotion | 1-Month SORA | 2 years | 4.36% | 4.36% | 4.81% | 4.81% | |
| Promotion | 3-Month SORA | 2 years | 4.36% | 4.36% | 4.46% | 4.66% | |
| Promotion | 3-Month SORA | 3 years | 4.41% | 4.41% | 4.41% | 4.66% | |
| Promotion | 3-Month SORA | 0 year | 4.66% | 4.66% | 4.66% | 4.66% | |
| Promotion | 3-Month SORA | 2 years | 4.66% | 4.66% | 4.66% | 4.66% | |
| Promotion | 3-Month SORA | 2 years | 4.81% | 4.81% | 5.06% | 5.06% |
*Today's Mortgage Rates - 21 April 2024
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.
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr | 3rd Yr | 4th Yr | |
|---|---|---|---|---|---|---|---|
| Promotion | 2 Year Fixed | 2 years | 2.90% | 2.90% | 4.41% | 4.66% | |
| Promotion | 1 Year Fixed | 2 years | 2.95% | 4.31% | 4.36% | 4.71% | |
| Promotion | 2 Year Fixed | 2 years | 2.95% | 2.95% | 4.41% | 4.66% | |
| Promotion | 2 Year Fixed | 2 years | 3.00% | 3.00% | 4.41% | 4.66% | |
| Promotion | 1 Year Fixed | 2 years | 3.05% | 4.31% | 4.36% | 4.71% | |
| Promotion | 3 Year Fixed | 3 years | 3.05% | 3.05% | 3.05% | 4.66% | |
| Promotion | 2 Year Fixed | 2 years | 3.10% | 3.10% | 4.41% | 4.66% | |
| Promotion | 2 Year Fixed | 2 years | 3.15% | 3.15% | 4.66% | 4.66% | |
| Promotion | 2 Year Fixed | 2 years | 3.25% | 3.25% | 4.66% | 4.66% | |
| Promotion | 3 Year Fixed | 3 years | 3.30% | 3.30% | 3.30% | 4.66% |
| Bank | Scheme | Lock In Period | 1st Yr Interest | 2nd Yr | 3rd Yr | 4th Yr | |
|---|---|---|---|---|---|---|---|
| Promotion | 3-Month SORA | 2 years | 3.96% | 3.96% | 4.66% | 4.66% | |
| Promotion | 1-Month SORA | 2 years | 4.26% | 4.31% | 4.81% | 4.81% | |
| Promotion | 3-Month SORA | 2 years | 4.26% | 4.26% | 4.41% | 4.66% | |
| Promotion | 3-Month SORA | 2 years | 4.31% | 4.00% | 4.46% | 4.66% | |
| Promotion | 3-Month SORA | 2 years | 4.36% | 4.36% | 4.46% | 4.66% | |
| Promotion | 3-Month SORA | 3 years | 4.41% | 4.41% | 4.41% | 4.66% | |
| Promotion | 3-Month SORA | 2 years | 4.61% | 4.61% | 4.86% | 4.91% | |
| Promotion | 3-Month SORA | 0 year | 4.66% | 4.66% | 4.66% | 4.66% | |
| Promotion | 3-Month SORA | 2 years | 4.66% | 4.66% | 4.66% | 4.66% |
*Today's Mortgage Rates - 21 April 2024
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.
Typical refinancing promotions that borrowers can look out for include:
While the promotions aim to make refinancing an attractive option, some key aspects include:
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.
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.
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.
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.
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.
Some banks may charge administrative or legal transfer fees. But others waive these or offer subsidies as part of refinancing promotions.
Responsible repayment of your new mortgage will build positive credit score over time.
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.
Cashback eligibility depends on you meeting promotional criteria like minimum loan size and tenure. Mortgage brokers help ensure you qualify for all advertised perks.
If you have investment property mortgages, banks may allow consolidating these via refinancing your owner-occupied home loan up to set limits.
