Mortgage Refinance Singapore: Compare Better Home Loan Options
Compare refinance rates, estimate potential savings and check whether switching banks makes sense after legal fees, cashback, clawbacks and lock-in terms.
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Latest Mortgage Refinance Rates in Singapore
Mortgage refinance rates in Singapore change frequently, so compare the latest available packages by total cost, not headline interest rate alone. Check the rate type, lock-in period, minimum loan size, subsidies, cashback terms and whether a SORA-linked package or fixed rate package fits your plans.
HDB homeowners may also want to compare bank refinance packages separately, especially when current bank rates are meaningfully lower than the HDB concessionary loan rate of 2.6%. See our HDB refinance guide for the HDB-specific route, costs and trade-offs.
| Package Type | Headline Rate | Feature 1 | Feature 2 | Feature 3 |
|---|---|---|---|---|
| Floating Package | 0.2%* + 1M/3M Comp SORA | Refinance Cash Incentives / Subsidies | Free Conversion After 12 Months, Min $1m Loan | 2 Years Lock-in |
| Fixed Package | 1.75%* | Refinance Cash Incentives / Subsidies | Free Conversion After 12 Months | Min $1m, No need funding |
Mortgage Refinance Calculator - Estimate Your Savings
Use the refinance calculator to estimate your new monthly repayment, monthly savings, first-year savings and break-even period after legal fees, valuation fees and cash rebate. The result is an estimate, but it helps you decide whether refinancing is worth checking further.
Choose your input method
Fields marked with * are compulsory.
Estimated Outstanding Loan*: S$- * Estimated from your current monthly instalment, current interest rate and remaining loan tenure.
Estimated New Monthly Repayment*
S$-
Enter your existing loan details to see your refinancing estimate.
Current Loan
New Refinance Package
What this means
Complete your existing loan details to compare your current loan against a new refinance package.
Before switching, also compare the lock-in period, legal subsidy, clawback period and free conversion options. Review our mortgage refinance guide and check the latest mortgage rates.
** Restructured target tenure and restructured monthly repayment are estimates only. The maximum tenure extension may be limited by borrower age or IWAA, property type, years of owning or financing the property, total permissible loan tenure, MAS/LTV rules and each bank’s credit assessment.
* Calculator results are estimates only and are not an offer of financing. Actual repayment, interest rates, refinancing savings, legal subsidies, cash rebates, approved loan tenure and loan eligibility may vary depending on bank assessment, property type, income documents, outstanding loan amount, MAS guidelines and prevailing market conditions.
Will Mortgage Refinancing Actually Save You Money?
To determine profitability, calculate your break-even horizon - this is done by dividing your total transition costs by your projected monthly interest savings. If it takes more than 18 months to break even, the commercial benefit is marginal. Also, the new lock-in period should still fit your property plans - whether you plan to sell, repay or restructure soon.
Check break-even
A lower rate may not be enough if legal fees, valuation fees or clawbacks take too long to recover.
Compare total package
Review the rate, lock-in, free conversion, minimum loan size, subsidies and thereafter terms together.
Match your property plans
If you may sell, decouple or make a large repayment soon, check whether the new lock-in gives enough flexibility.
Refinance, Reprice or Cash Out with a Home Equity Loan?
Refinancing is not the only option. Some homeowners should reprice with their current bank, while others may refinance to another bank or use a home equity loan if they need to unlock property equity for liquidity.
Refinance
You switch your home loan to another bank, usually to access a more suitable rate package, cashback or loan structure.
Larger loans / near lock-inChoose refinancing when
Your loan size is large enough for the rate savings, cashback or bank incentives to outweigh legal fees, valuation fees and switching costs.
Reprice
You stay with your current bank and move to a new package, often with simpler paperwork but fewer market options.
Better for smaller loansChoose repricing when
Your outstanding loan is smaller, your bank’s repricing offer is competitive, or refinancing costs may offset most of the potential savings.
Home Equity Loan
You use available property equity to access funds, subject to bank assessment, LTV limits, valuation and income rules.
For cash-out needsConsider cash-out when
You need liquidity at attractive rates and have sufficient property equity, but the loan must still pass bank credit assessment, TDSR checks and valuation limits.
Cash-out refinancing is also commonly known as Mortgage Withdrawal Loan, or Home Equity Loans. See our home equity loan guide if your main goal is to unlock funds rather than reduce monthly instalments.
What Refinancing Costs, Legal Fees and Cashback Should You Compare?
When comparing mortgage refinancing, look beyond the interest rate. Legal fees, valuation fees, cashback, clawback conditions, lock-in period and free conversion terms can change whether the package is actually worthwhile.
| Item to Compare | Why It Matters | What to Check |
|---|---|---|
| Legal fees | Refinancing to another bank usually involves legal work, which can reduce or remove the savings from a lower rate. | Check the estimated fee, whether the bank gives legal subsidy and whether there is a clawback period. |
| Valuation fee | The bank may require a valuation before approving the new loan amount and package. | Check whether the fee is payable upfront, subsidised or subject to bank approval. |
| Cashback or subsidy | Cashback can reduce upfront costs, but it may come with conditions or clawback if you redeem too early. | Compare the net benefit after legal cost, valuation fee, lock-in and clawback terms. |
| Lock-in period | A lower rate may not be suitable if you plan to sell, decouple, partially repay or refinance again soon. | Check the penalty, waiver-due-to-sale terms and whether partial repayment is allowed during lock-in. |
| LTV, valuation and bank policy checks | For owner-occupied refinancing, TDSR may not always be required, but the bank may still assess your property value, credit profile and loan-to-value position. | Ask whether TDSR applies to your case, whether a 3% paydown of the outstanding loan is required and how the bank values your property. |
Insider Broker Insight: The Cashback Clawback Trap
Our advisory team routinely sees borrowers accept high cashback offers without realising they carry a strict 3-year clawback clause. If you sign a 2-year lock-in package with a 3-year clawback, you may be effectively trapped. If interest rates drop in year three, refinancing to a cheaper bank could require you to repay the entire cash subsidy out of pocket.
Why Compare Refinancing Options with LoanSaver?
LoanSaver helps you compare refinancing options by looking at the full package - rate, costs, lock-in terms, cashback conditions and future flexibility.
Compare the real package cost
We look at rate, legal fees, valuation fees, subsidies, lock-in period, cashback clawback and likely break-even point.
See more than one bank’s offer
Applying to one bank limits you to its own product suite. An independent mortgage broker can compare across Singapore banks, check whether wholesale rates are available, flag possible fee waivers and help structure your case for smoother approval.
Know the next best move
We help you decide whether to refinance, reprice, review later or explore a home equity loan instead.
What This Means for You
Applying directly to one bank limits you to that bank’s own product suite. LoanSaver compares refinancing options across major banks and selected financial institutions in Singapore, including DBS, OCBC, UOB, Maybank, HSBC, Standard Chartered, CIMB and BOC, where applicable.
As we work with most banks and FIs, we gain a competitive advantage - and we pass this advantage to you. This gives you a wider view before committing to a new lock-in, including whether wholesale-rate packages, fee waivers, cashback terms or legal subsidies may be available for your loan profile.
Unsure Whether to Refinance or Reprice?
Share your loan details and we can help you compare your likely savings, costs and available options before you commit.
FAQs About Mortgage Refinancing in Singapore
These are common edge cases homeowners ask about before refinancing, especially when valuation, ownership changes or cashback conditions may affect the final decision.
Can I refinance if my property value has dropped?
Yes. When you refinance, the new bank will reassess your loan based on the property’s current market valuation, not what it was worth when you first bought it.
If the valuation has dropped, your maximum allowed loan amount drops with it. This can trigger a "valuation shortfall," meaning you might have to pay down a portion of your existing loan in cash or CPF before the new bank can take over the mortgage.
If you suspect your property value has dipped, don't guess. Have an advisor check preliminary bank valuations first. If the drop is minor, the interest savings from refinancing might still make it worthwhile to top up the difference. If the drop is severe, staying put until the market recovers may be your safest bet.
How does divorce or decoupling affect my ability to refinance?
Divorce or decoupling can affect your ability to refinance because one party may need to buy over the other party’s share and take over the existing mortgage. The remaining owner must usually qualify for the loan under the bank’s income assessment, TDSR rules and credit checks before the loan can be refinanced or transferred into one name.
Are cashback refinance packages always better?
Not necessarily. While a cash subsidy is excellent for offsetting upfront legal or valuation costs, it usually comes with a catch: a clawback clause (often lasting 3 years).
If you pair a 2-year lock-in package with a 3-year clawback, it can limit your flexibility. If interest rates drop in year three and you want to switch banks, you may have to repay that cash subsidy out of pocket.
The Silver Lining: A clawback isn't always a dealbreaker. If interest rates drop aggressively, the interest savings from refinancing to a much cheaper rate can easily outweigh the penalty of paying back the cash. It ultimately comes down to the math—if the net savings are greater than the clawback amount, switching is still the smarter financial move.