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Compare Refinance Private Property Loan Promotions In Singapore

Embarking on a journey to refinance your private property loan in Singapore?

The advantages of refinancing extend beyond mere paperwork. By opting for a more advantageous loan, you can access lower interest rates, which subsequently translate to significant savings over time. This can free up cash flow for other investments or lifestyle upgrades. So, while the world of refinancing can seem daunting, the rewards can be substantial, especially when guided by trusted mortgage experts. 

When you refinance private property loans through us, you not only leverage these fantastic benefits but also gain access to the most lucrative loan promotions in Singapore. So, why settle for less when you can have the best? Step into a brighter financial future by considering private property loan refinancing today.

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Don't navigate refinancing your private home loan alone. Let our seasoned mortgage specialists at DollarBack Mortgage guide you to the perfect package. With privileged partnerships with 16 banks spanning DBS, UOB, Standard Chartered, Maybank, Citibank, HSBC, CIMB Bank, OCBC, and more, we offer a comprehensive range of prime refinance home loan rates. Elevate your refinancing journey and secure deals tailored just for you.

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What is Private
Property Loan
Refinancing

Exclusive Rewards

Understanding Private
Property Loan
Refinancing Eligibility

Private Property
Refinancing Process

How We Refinance
Your Private Property
Loan With The
Best Rates

Reviews By Our
Satisfied Refinancing
Package Clients

Frequently Asked
Questions About Refinance
Private Property Loans

Benefits Of
Private Property
Loan Refinancing

What Is Private Property Loan Refinancing

Refinancing isn’t just about switching lenders or loan plans; it’s about optimising your financial future. 

Refinancing a private property loan essentially means replacing your existing mortgage with a new one, often with more favourable terms.

The new loan could be from the same financial institution or a different one. The objective is to capitalise on lower interest rates, better loan terms, or both.

Potential Penalties and Considerations

Before you jump into the refinance pool, it’s crucial to be aware of any potential downsides or penalties. Many loans come with a lock-in period, during which exiting or refinancing incurs a penalty.

Always consider any legal fees, valuation costs, or other transaction fees that might eat into your refinancing savings. The key is to calculate whether the benefits will outweigh the costs in the long run.

The Dynamics of Refinancing Rates and Promotions

Refinance promotions for private home loans are frequently launched due to private properties having larger loan amounts and thus more net interest profits for banks in Singapore.

Promotions could include reduced interest rates for an initial period, cashback offers, or other benefits. These promotions can add an extra layer of attractiveness to a refinancing deal, but it’s essential to read the fine print to understand any post-promotion rate adjustments.

Furthermore, knowing when these promotions are launched and how low of an interest rate is offered is difficult as banks do not advertise such promotions widely. Preferential refinance packages also have a lending limit and are therefore only offered for a limited time.

So how can DollarBack Mortgage help you take advantage of special promotions?

As market conditions fluctuate, a low-interest rate today might not be available tomorrow. That’s where DollarBack Mortgage steps in. We help you monitor the market and alert you when it’s the most opportune time to refinance, ensuring you capitalise on special promotions and the lowest possible rates. Refinancing your private property loan is not a decision to take lightly. But with the right guidance from our mortgage consultants, it can be a strategic move towards more significant savings and financial freedom.

Why Choose DollarBack Mortgage To Refinance Your Private Property Loan?

When considering options to refinance a private property loan, the experience and reliability of your mortgage broker are paramount. DollarBack Mortgage excels in both, boasting years of industry expertise and a track record of satisfied customers. Our deep understanding of the market intricacies ensures you’ll receive tailored advice that fits your financial landscape.

Furthermore, choosing DollarBack Mortgage for your loan refinancing needs means reaping the benefits of our close partnerships with major financial institutions. Our partnerships enable us to offer special refinance packages that you might not find elsewhere. These exclusive deals can include lower interest rates, more flexible payment terms, or even additional features like home equity lines of credit.

Choosing DollarBack Mortgage when you refinance your private property loan is not just about getting a new mortgage; it’s about upgrading your financial stability and future-proofing your investment. Our specialised services can save you money and time, making the process smooth and rewarding.

Transparent Private Property Refinance Loan Comparison

When it comes to refinancing your private property loan, transparency and accuracy are key. DollarBack Mortgage takes these factors seriously, offering comprehensive loan comparisons that cut through the jargon and provide you with the information you need. Our mortgage consultants are trained in dissecting the complexities of loan terms, interest rates, and other financial variables. This expertise enables us to provide you with a clear, apples-to-apples comparison, making your decision-making process easier and more informed.

With the aim to give you the best possible options, DollarBack Mortgage doesn’t just stop at one or two financial institutions. We extend our services to compare private property refinance loan options across 16 banks in Singapore. Our consistent analysis of these banks helps us understand the pros and cons of the various types of interest rates available in the market. This thorough approach ensures that you don’t just find a loan, but the right loan for your individual circumstances.

Staying updated with the latest interest rates and deals is not just a courtesy; it’s a commitment from DollarBack Mortgage. As a part of our service, we keep our customers informed about the most recent market trends and loan packages. Our mortgage consultants negotiate for special conditions to maximise savings and flexibility for you, and our guarantee is to secure you the lowest possible private property refinance packages with the highest rebates and rewards.

Exclusive Rewards

When you apply for a loan with DollarBack Mortgage, you can enjoy attractive rewards. We offer up to $3,300 SGD in cash rewards, provided in the form of Takashimaya or CapitaLand vouchers, along with discounted legal fees up to $800. This enables you to enjoy a free shopping spree for your new home while minimising your upfront costs. 

Furthermore, we have strong partnerships with over 16 major banks in Singapore, allowing us to access information on available bank subsidies to effectively reduce the overall cost of your loan. When you refinance your private property loan with us, these subsidies translate to immediate savings, further sweetening the deal for you.

If you choose to refinance again in the coming years, rest assured our advisory will provide a consultative approach to allow homeowners like yourself to select the next best refinancing option. With a clearer picture, you can save money on your monthly instalments with your new refinance private property loan package.

Understanding Private Property Loan Refinancing Eligibility

Navigating the process to refinance a private property loan can be complex, but knowing the eligibility requirements can make it significantly easier. Understanding these prerequisites is crucial for a smooth and successful loan refinancing experience.

A high credit score is vital for anyone looking to refinance their private property loan. Banks and financial institutions consider a good credit score as an indicator of your ability to meet monthly payments. Generally, a credit score of 2,000 is considered good, but the higher the score, the better the loan terms you can negotiate.

Your income is another critical factor in determining your eligibility for refinancing. Lenders usually require proof of stable income to ensure that you can handle the new loan repayments. Your salary slips, tax returns, and other financial documents will typically be needed to ascertain your income level. Some lenders may have a minimum income requirement, so it’s essential to check this before you proceed.

The Loan-to-Value (LTV) ratio is a measure of how much you owe on your loan relative to the value of the property. Most financial institutions prefer a lower LTV ratio, as it suggests less risk for them. The LTV ratio can also influence the interest rates you’re offered.

It’s also vital to be aware of any lock-in periods associated with your existing loan. Exiting your current loan during a lock-in period could incur penalties that may offset any benefits gained from refinancing. On the flip side, once you’re out of the lock-in period, you have more freedom to shop around for the best rates and terms when you refinance your private property loan.

In summary, understanding the eligibility criteria, including your credit score, income, and Loan-to-Value ratio, as well as the timing related to lock-in periods, can be crucial in making the best choices for refinancing your private property loan. Knowing these factors can help you better negotiate your loan terms and potentially save a significant amount of money in the long run.

Private Property Refinancing Process

If you're considering refinancing your private property loan, understanding the process is crucial for making well-informed decisions. At DollarBack Mortgage, we simplify this complex procedure and assist you at every stage, ensuring you get the best rates and packages. Below is a step-by-step guide to help you navigate the refinancing process with DollarBack Mortgage.

Consultation and Preliminary Assessment

The first step involves a consultation session with our experienced mortgage consultants. They'll conduct a preliminary assessment of your current loan, financial situation, and property value to provide a tailored refinancing solution that meets your needs.

Compare Rates from Multiple Banks

We compare private property refinance loan options across over 16 banks in Singapore. Our comprehensive analysis and insider insights enable you to understand the pros and cons of various interest rates in the market.

Based on the comparisons, you'll be able to choose the most suitable refinancing package. We negotiate special conditions on your behalf to maximise your savings and loan flexibility.

Documentation and Application

Once you’ve decided on a package, we'll assist you with all the necessary documentation. Our streamlined application process ensures a hassle-free experience, guiding you through the submission of all required paperwork.

Approval and Locking-In Rates

Upon submitting your application, we'll closely monitor its status. Once approved, we lock in the lowest possible refinancing rates to secure your chosen package.

Finalisation and Closure

Finally, we'll guide you through the closing process, making sure everything goes smoothly. Our team remains available for any post-closure inquiries or future refinancing needs.

DollarBack Mortgage is committed to securing you the lowest possible rates and the highest rebates and rewards when you refinance your private property loan. So, start your refinancing journey with us and take advantage of the best packages tailored to your needs.

How We Refinance Your Private Property Loan with the Best Rates

Get The Lowest Refinancing Rates

As we have close working relationships with major banks in Singapore and have a network of over 50 mortgage bankers, we are constantly updated with special refinance packages. Our mortgage consultants strategise to get you the best refinance package with your desired bank.

Save During Notice Period

Refinancing your private home loan means having to serve a notice period of usually 3 months with your existing bank before your loan is brought over to a new bank. Reduce your interest costs during this period with our cash rewards offered in addition to the rewards provided by the bank you refinancing over to.

Access Professional Insights

Be informed of global and local interest rate movements, and get advice on mortgage interest rate types (fixed or floating) with lowest risk in the long term. Our consultants analyse macro-economic factors and international interest rate trends to provide a logical and rational conclusion to recommend the best refinance package for you.

BANK LOAN TYPE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
Limited Promo* 2 Year Fixed 2.90%
Fixed
2.90%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
Limited Promo* 1 Year Fixed 2.95%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
SCB 2 Year Fixed 3.00%
Fixed
3.00%
Fixed
4.20%
Floating
4.20%
4.20%
4.20%
OCBC 2 Year Fixed 3.05%
Fixed
3.05%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
SCB 1 Year Fixed 3.05%
Fixed
4.20%
Floating
4.20%
Floating
4.20%
Floating
4.20%
Floating
4.20%
Floating
OCBC 1 Year Fixed 3.05%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
DBS 2 Year Fixed 3.05%
Fixed
3.05%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
4.10%
Floating
DBS 3 Year Fixed 3.35%
Fixed
3.35%
Fixed
3.35%
Fixed
4.10%
Floating
4.10%
Floating
4.10%
Floating
CIMB 2 Year Fixed 3.10%
Fixed
3.10%
Fixed
4.10%
Floating
Floating%
Floating
4.10%
Floating
4.10%
Floating
BANK LOAN TYPE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
Limited Promo* Board Rate 2.60%
2.60%
2.60%
2.60%
2.60%
2.60%
Limited Promo* 3-month SORA 3.79%
3.79%
4.45%
4.70%
4.70%
4.70%
DBS FHR6 3.95%
3.95%
3.95%
3.95%
3.95%
3.95%
Maybank 3-month SORA 4.15%
4.15%
4.70%
4.70%
4.70%
4.70%
SCB 3-month SORA 4.20%
4.20%
4.70%
4.70%
4.70%
4.70%
OCBC 3-month SORA 4.30%
4.30%
4.70%
4.70%
4.70%
4.70%
HSBC 1-month SORA 4.20%
4.20%
4.70%
4.70%
4.70%
4.70%

Reviews By Clients Refinancing their private Home Loans

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Frequently Asked Questions About Refinancing Private Property Loans

When you opt to refinance a private property loan, the process could take anywhere from a few weeks to a couple of months. This timeframe is influenced by factors such as the lender’s requirements, your creditworthiness, and how quickly you’re able to submit required documentation.

You can refinance your private property loan during a lock-in period, but this usually comes with penalties or break costs. Before taking this step, make sure to weigh these charges against the financial benefits of the new refinance package.

When you’re looking to refinance a private property loan, you’ll typically come across two types of interest rate packages: fixed-rate and floating-rate. Fixed-rate packages offer a set interest rate for a predetermined period, ensuring stability in your repayments. On the other hand, floating-rate packages have interest rates that vary according to market conditions, offering the possibility of lower rates but at the risk of unpredictability.

Yes, it’s possible to refinance a private property loan multiple times to capitalise on more favourable rates. However, each refinance comes with its own set of costs, such as legal fees and penalties, so it’s essential to evaluate these against the potential savings.

When you refinance your private property loan, you have the flexibility to either extend or reduce the loan tenure. An extended loan tenure will lower your monthly repayments but increase the total interest paid over time, whereas a shorter tenure increases your monthly payments but decreases the total interest cost.

Refinancing a private property loan may lead to a hard inquiry on your credit report, which can temporarily affect your credit score. However, making consistent on-time payments on your new loan can aid in improving your score over time.

Yes, having a variable income doesn’t automatically disqualify you from being able to refinance a private property loan. Lenders will typically ask for additional financial documentation like tax returns or bank statements to assess your creditworthiness.

An increased property value can be advantageous when you decide to refinance a private property loan. The higher value may improve your Loan-to-Value ratio, potentially qualifying you for a lower interest rate and better loan terms.

Absolutely, you can utilise your Central Provident Fund (CPF) to cover the upfront costs that come with refinancing a private property loan, subject to the guidelines and limitations set by CPF.

Refinancing a private property loan may cause you to forfeit certain benefits tied to your existing loan, such as promotional interest rates or rebates. Be sure to read your current loan agreement to understand what you might be giving up.

To determine whether refinancing your private property loan will be financially beneficial, calculate your potential savings by subtracting the total cost of the new loan from the remaining cost of your existing loan. If the result is positive, you’re likely to save money through refinancing.

You can still refinance a private property loan even with other outstanding debts. However, these debts may affect your Debt-to-Income ratio and could influence the terms of your new loan. Ensure you understand how this could impact your ability to secure favourable terms.

Major renovations or enhancements can increase your property’s value, which can in turn positively affect the terms when you refinance your private property loan. An improved Loan-to-Value ratio could potentially secure you a more favourable interest rate.

While there are generally no strict limitations on the types of private properties that can be refinanced, some lenders might have specific criteria that your property will need to meet to be eligible for refinancing.

Certainly, joint property owners can refinance a private property loan. Both parties will generally need to consent to the new terms and may both be subject to a credit check to qualify for the new loan.

Benefits of Private Property Loan Refinancing

Get a Lower Interest Rate and Monthly Payment 

When you decide to refinance your private property loan, one of the most compelling advantages is the opportunity to secure a lower interest rate. In a climate where interest rates fluctuate, a drop in rates can translate into substantial savings over time. By refinancing to a loan with lower interest rates, you’re not just optimising the terms; you’re also potentially reducing your monthly payment. This gives you the financial breathing room to reallocate funds to other vital areas of your life — be it investing, education, or simply enjoying a higher quality of life.

Pay Off Your Home Loan Early 

Another remarkable benefit when you refinance your private property loan is the possibility of shortening your loan term. Let’s say you initially took a 30-year mortgage. Refinancing could allow you to switch to a 15 or 20-year loan. Although this may result in a slight increase in your monthly payment, the long-term benefits are substantial. You’ll own your property outright much sooner and save significant amounts on interest payments over the life of the loan.

Lock In a Fixed Interest Rate

Refinancing also offers the strategic advantage of allowing you to switch from a variable interest rate to a fixed one. Variable rates can be unpredictable, sometimes rising to levels that stretch your finances. When you refinance your private property loan to lock in a fixed interest rate, you’re essentially buying peace of mind. You’ll have the assurance of predictable monthly payments regardless of market volatility, providing a level of financial stability that can be exceptionally comforting.

Obtain Funds for Home Improvements or Repairs

Do you have a list of home improvement projects you’ve been putting off due to lack of funds? Refinancing can be a ticket to getting those projects off the ground. When you refinance your private property loan, you can access your home’s equity and convert it into usable funds. Whether it’s a kitchen remodel, a new roof, or essential repairs, using your home’s equity can be an effective way to invest back into your property, thereby potentially increasing its value over time. 

Refinancing a private property loan is more than a financial transaction — it’s a strategic move that can have a long-lasting positive impact on your financial health. When navigated correctly, it can save you money, give you access to funds, and offer a stable financial environment. But like any significant financial decision, it’s crucial to weigh the pros and cons carefully and consult with experts, like DollarBack Mortgage, to guide you through the process.

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Start Your Journey to the Best Private Property Refinancing Package

If you’re considering how to refinance your private property loan, don’t navigate these complex waters alone. Turn to DollarBack Mortgage — the specialists who bring you transparent, cost-effective solutions tailored to your unique financial needs. We urge you to seize this opportunity and reach out to DollarBack Mortgage today. With our in-depth market expertise and a wide array of services, we are committed to helping you secure the lowest possible rates and the best refinancing packages. At DollarBack Mortgage, our professional consultants are standing by to assist you every step of the way.

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