Compare refinancing home loans
Find refinance home loans from all Singapore that best suit your needs. Compare interest rates, mortgage repayments, fees and more.
Rates are updated real-time.
Should I refinance?
If you’ve got a home loan, you should refinancing. It refers to the process of switching home loans for the purpose of saving money, increasing flexibility, lowering monthly repayments, adding to the loan amount known as cash out, equity loan or term loan. Refinance applies to HDB flats, private condominiums, executive condominiums and landed properties.
Refinancing has become increasingly popular in a low interest rate world because the variance between high interest rate banks and low interest rate banks is significant. What does this mean? You would be saving hundreds a month, instead of paying extra to the bank without reducing the principal amount.
Reasons borrowers refinance
To reduce their mortgage costs, refinancing helps borrowers save money on a monthly basis, but also throughout the tenure of a loan. The actual amount saved will depend on a number of variables, including the size of the loan, the interest rate and upfront fees. Fees include conveyancing and valuation.
If you are seeking lower interest rates, this Refinance Comparison calculator helps to see how much you could save by refinancing to another bank.
To increase flexibility – Your needs may have change after taking up the previous loan. You may seek the flexibility to make partial repayment on top of the monthly instalments, to reduce the loan amount and pay off quicker. Alternatively, you may seek to extend the loan tenure according to Total Debt Servicing Ratio guidelines, so as to lower monthly repayments.
To free up some equity – If you’ve paid off a chunk of your private property home loan, you may be eligible to extend your borrowing amount. The benefit here is that you could be paying a lower amount of interest via your home loan than you would if you had borrowed from personal loan. Taking on additional debt always carries risks though, so before you go down this path, be sure to speak to our mortgage consultant, about the pros and cons for your personal situation. We will advise you on the best approach to borrow, lower rates and achieve your goals.
To take advantage of subsidies – From time to time, bank offer incentives to try and entice new borrowers to them. These incentives can be quite generous and range from cashback offers, subsidies to shopping vouchers. Before you get too excited, it’s important to look at the fine print and make sure the conditions, interest rate and fees for the new loan are reasonable and aligned to your goals. It’s worth using our Refinance repayment calculator to determine how much more you’ll pay monthly before making the next move.
Guide to refinancing your home loan
Examine your current loan. Check your mortgage rate, repayment amount and ability to refinance. Speak to us to determine your eligibility to refinance. We will check on subsidy clawback, rate review date and lock in period.
Compare refinance loan options and look for a loan with a better rate and features you need. We focus on finding the right loan with lowest rates.
Examine the costs of your new loan, including fees or subsidies.
Our consultant will help you apply for the new home loan. We will obtain approval from the new bank.
To exit your current loan, the conveyancing lawyer will notify your current bank and discharge your mortgage. Meanwhile, valuer appointed by the new bank will inspect your property.
Once you’ve refinanced, we will monitor your new loan rate and refinance again in a few years if we can find a better option.
Our job is to take care of your home loan.