Refinance Your Private Property Home Loan With No Upfront Costs
Maximise your savings by refinancing your private home loan to a lower mortgage rate in Singapore. Get bank subsidies and cash rewards and enjoy no upfront fees.
Exclusive Rewards
Private Property home loan refinancing Rates (Feb 2023)
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. But 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. Also, preferential refinance packages have a lending limit and are therefore only offered for a limited time.
Our mortgage consultants help you take advantage of these promotions when they are launched so as to secure the lowest refinancing package for your housing loan.
*Do note that there are lower rates available which we are unable to advertise publicly in the table below.
Speak to a mortgage consultant for lower rates and rewards!
Updated As Of
How we refinance your home loan with the best rates
Get the Lowest Refinancing rates
As we have close working relationships with all 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 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.
What to know about refinancing your private home loan
The best home loan for a refinancing in Singapore is usually dependent on your loan amount and the amount of deposits or savings that you have with a specific bank. If you have most of your funds with a certain bank, the chances of getting the best home loan refinancing rate is very high. But do note that banks are competitive and are hungry for your business. Therefore, do check with a DollarBack Mortgage consultant on the best bank for the cheapest home loan refinance rates.
The most common tip to refinance your home loan is after the teaser period of your existing home loan (usually 2 to 3 years from your first monthly instalment). Interest rates increase after the teaser period and do take note to start your refinancing process 3 months before your lock in period (if any) ends.
Usually within 2 to 3 working days. If a certain bank is facing a very high number of applications due to a very attractive refinance package, approval can take up to 5 working days.
The usual upfront costs for a home loan refinance are legal fees within the range of $1,800 to $2,300 depending on your loan amount and valuation fees which differ for different banks. You will be informed upfront of all legal and valuation fees together with cash rewards enjoyed by our mortgage consultants.
Cash rewards from DollarBack Mortgage will be made via a bank transfer within 1 month from signing of the home loan letter of offer from a bank. Any rewards from the bank in the form of cash or subsidies will be as per the terms and conditions in the letter of offer which will be informed to you by our mortgage consultants.
Comparing between a refinancing vs repricing for your home loan depends on 2 key factors, the interest rate package offered and the upfront fees applicable. Usually, banks offer subsidies and cash rewards to fully offset all upfront costs for a refinancing while repricing almost all the time has fees within the range of $800 to $1,000. Also, a repricing takes 1 month to be effective while a refinancing usually is around 3 months. Therefore, you should refinance if there are no upfront fees applicable and the interest savings enjoyed by refinancing exceeds a repricing over a longer period.
Yes, home loan rates have decreased in 2021 and are expected to remain low atleast for the next 3 to 4 years. Lending rates in Singapore are closely tied to the US Federal Reserve rates and with the US Fed committing to keep their rates at 0% for the longer term, we can expect to enjoy lower home loan rates in 2020 and beyond in Singapore.
