OCBC Refinancing Loans

OCBC Refinancing Loans
(Product Review)

Updated January 2, 2023

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Product Review

The first bank to launch over $1 billion in home loans that were pegged to the new Singapore Overnight Rate Average (SORA) interest rate benchmark: OCBC has been at the forefront of granting amazing home loan packages. With affordable introductory fixed rates as well as board rates for HDB, private property and executive condominium home loans.

As the second-largest banking group in Singapore, with over $500 billion worth of assets, OCBC has a nice collection of mortgages for you.

These mortgage plans include OCBC Eco-Care Home Loan from which you can enjoy savings on your home loan instalments, your home electricity bills and more.
OCBC is a great option for homeowners that want to take credit for their homes – this is due to their impeccable record of service and affordable interest rates. This commercial establishment is an active participant in the empowerment of its customers. It provides accessible fixed rates for home loans – that makes Singaporeans smile.

OCBC generally offers budget-friendly introductory fixed rates and slightly higher accessible long-term floating rates. Its starting fixed rates are appreciated by consumers who are willing to refinance their loans frequently to keep their costs low. On average, the total cost of an OCBC home loan is often among the cheapest that is available for individuals seeking home loans. At any rate, housing lenders frequently change their rates, so borrowers must compare the present interest rates regularly.

OCBC charges standard fees, including partial repayment fee, full redemption penalty and cancellation fee.

OCBC’s Service Fees

OCBC charges a few standard payments like a partial refund fee, full recovery penalty and cancellation fee. The table below displays OCBC’s fees based on various loan types.

Loan Type Partial Repayment fee Full Redemption Pinalty Cancellation Fee
Board Rate No fee if outstanding balance remains above 50% of loan principal, otherwise 1.5% 1.5% 1.5%
Tracker Partial payment allowed up to 50% of loan principal at no penalty during lock-in period 1.5% 1.5%
Tracker 1.5% 1.5% 1.5%
BUC N/A N/A 1.5%

OCBC Refinancing Loans

OCBC’s refinance bundles are currently tied to the 1-month aggregated SORA rate, OCBC Board rate and OCBC fixed rates. OCBC previously made allowance for loan plans with no lock-in period for Buildings Under Construction (BUC). However, they are reviewing their BUC offerings due to the switch to SORA-pegged housing loans.

Bank 1st Year Interest Lock-in Period
OCBC SORA Check Live Rates 2 Years
OCBC SORA Check Live Rates 2 Years
OCBC Board Check Live Rates 1 Year
OCBC Fixed Check Live Rates 1 Year

Study the current market rate and understand how the market will move in an average lock-in period ( of 2 to 4 years) before going for a fixed or floating refinancing plan. The market movement will influence your total loan cost. A long period is not required for a refinancing plan because you can choose to refinance your loan at the end of your lock-in period.

Floating Rates.

If you notice that interest rates are generally stable or declining when you study market charts, then go for a floating interest rate. Floating rates are usually lower than fixed rates because banks willingly offer lower rates for short term loans to gain your patronage – and demand higher charges when market rates increase. Moreover, fixed rates tend to be slightly costly because of the premium charges placed on loans.

Fixed Rates

When overall interest rates are rising, it is advisable to refinance with a fixed rate and not a floating rate. Although fixed rates are typically a bit higher than floating rates, they help customers save if market rates rise significantly.

For example, imagine Mr A was able to refinance at a fixed rate of 1.5% for the next three years and Mr J also chose the option of refinancing at a floating rate beginning at 1%. If market interest rates rise soon after Mr J’s refinances, the floating rate could be up to 2% to 3%, but the fixed rate would remain at 1.5% for Mr A. While these may not seem very significant, they could actually result in a difference of S$5,000 in annual interest.

During the refinancing process, lenders make necessary enquiries regarding your current loan and try to present a lower interest rate to gain your patronage. This is a good development for homeowners who can refinance their current home loan and reduce their monthly instalments and total cost of borrowing. Note that most banks require a balance of at least S$100,000 with a minimum period of 5 years. There are always exceptions, so make sure to check with our mortgage broker before ruling out refinancing!

With lower interest rates, you will enjoy lower monthly payments. If you choose to not refinance your existing mortgage loan, your interest rate will gradually increase causing higher monthly instalments and total interest costs.



  • Launch Application via the ROSHI Marketplace Lock-in periods of up to 5 years

    Once your application is live you will be able to review suitable loan options on your dashboard. One of our mortgage brokers will follow up with you to discuss the best available options and next steps.

  • Choose Suitable Mortgage Option

    After you’ve decided on a preferred mortgage option one of our mortgage brokers will help process your application.

  • Settle Fees & Charges

    Settle all fees (option fee, option exercise fee to the seller as well as the relevant buyer’s stamp duty fee in case you are purchasing a private property)

  • Appointment Date & Signing

    Attent your property purchase appointment date and sign all legal documents for the transfer of the property, paying all legal and valuation fees.


  • Affordable Rates

    Individuals seeking home loans with reasonable interest rates

  • Average Refinance Loans

    Borrowers that intend to get or refinance their home loan with at least S$300,000 for Private Properties and S$200,000 for HDB flat

  • Limited Refinance Loans

    Borrowers seeking to refinance home loan with less than S$300,000 for Private Properties or S$200,000 for HDB Flats


Loan Features

  • Affordable fixed rate loans
  • Minimum loan principal: S$200,000
  • Loan approval is within 1 hour


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