Find The Best Home Refinancing In Singapore

Last Updated On 15/09/2017

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Introduction

Is your mortgage eligible for refinancing? If so, now’s the time to look into bettering your current home loan agreement to save yourself a lot of money

Refinancing your home is simple with Easy Rates. By filling up the Refinance Home Loan Questionnaire , you can receive home refinancing offers in seconds

 

If you’re new to refinancing and need a helping hand, let us know. Our professional consultants can guide you through the process while giving you valuable advice along the way

Have a question ?

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DBS 3 Years Fixed Rate COM Package

1.68%

S$ 2,693
mth

Fixed

3 Years

S$ 36,896

COMPARE

Features

Buyer Type:

Individual

Housing Type:

Private/HDB

Housing Status:

COM

Legal Subsidy:

500K-1mil = $2000 $1mil - 3mil = $2500 > 3mil = $3000

Interest Rates

Period Rate Net interest Monthly Repayment
Year 1 Fixed (1.68%) 1.68% S$ 2,693/mth
Year 2 Fixed (1.68%) 1.68% S$ 2,693/mth
Year 3 Fixed (1.68%) 1.68% S$ 2,693/mth
Year 4 FHR9 + 1.55% 1.80% S$ 2,737/mth
Thereafter FHR9 + 1.55% 1.80% S$ 2,737/mth

DBS FHR9 COM Package (2 Years Lock)

1.30%

S$ 2,554
mth

Floating

2 Years

S$ 28,484

COMPARE

Features

Buyer Type:

Individual

Housing Type:

Private/HDB

Housing Status:

COM

Legal Subsidy:

500K-1mil = $2000
$1mil - 3mil = $2500
> 3mil = $3000

Interest Rates

Period Rate Net interest Monthly Repayment
Year 1 FHR9 + 1.05% 1.30% S$ 2,554/mth
Year 2 FHR9 + 1.05% 1.30% S$ 2,554/mth
Year 3 FHR9 + 1.05% 1.30% S$ 2,554/mth
Year 4 FHR9 + 1.05% 1.30% S$ 2,554/mth
Thereafter FHR9 + 1.05% 1.30% S$ 2,554/mth

Ocbc MBR COM Package

1.40%

S$ 2,590
mth

Floating

None

S$ 32,143

COMPARE

Features

Buyer Type:

Individual

Housing Type:

Private/HDB

Housing Status:

COM

Legal Subsidy:

For Refinancing 500K-1mil = $2000 $1mil - 3mil = $2500 > 3mil = $3000

Interest Rates

Period Rate Net interest Monthly Repayment
Year 1 Ocbc MBR 1.40% S$ 2,590/mth
Year 2 Ocbc MBR 1.50% S$ 2,626/mth
Year 3 Ocbc MBR 1.50% S$ 2,626/mth
Year 4 Ocbc MBR 1.50% S$ 2,626/mth
Year 5 Ocbc MBR 2.25% S$ 2,909/mth
Thereafter Ocbc MBR 2.65% S$ 3,067/mth

SCB 48 Months Fixed Deposit Rate COM Package (ALL)

1.30%

S$ 2,554
mth

Floating

2 Years

S$ 28,484

COMPARE

Features

Buyer Type:

Individual

Housing Type:

Private

Housing Status:

COM

Legal Subsidy:

>500k = $1800

Interest Rates

Period Rate Net interest Monthly Repayment
Year 1 48m FD + 0.80% 1.30% S$ 2,554/mth
Year 2 48m FD + 0.80% 1.30% S$ 2,554/mth
Year 3 48m FD + 0.80% 1.30% S$ 2,554/mth
Year 4 48m FD + 0.80% 1.30% S$ 2,554/mth
Thereafter 48m FD + 0.80% 1.30% S$ 2,554/mth
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Refinancing Essentials

Home refinancing is an essential, yet often overlooked aspect of home ownership - where a home owner transfers their home loan from one bank to another to secure more favourable terms.

Refinancing ensures that your home loan interest rates are kept low, by ensuring that you always have the best home loan for your needs. Conscientious refinancing could mean saving tens of thousands of dollars in interest payments – money that could be put into better use around the home, or for your family.

The good news is, refinancing your home loan is a simple process with EasyRates. Need a reminder? Enter some basic information about your home loan into our Home Refinancing Alarm, and we’ll give you a friendly nudge when it’s time to look into refinancing your home loan.

 

The Home Loan Refinancing Checklist

If you answer “yes” to one or more of these questions, refinancing your home loan could save you a lot of money!

Am I out of the lock in period?
Do I need extra money for expenses?
Do I want to reduce Additional Buyer Stamp Duty for
Has it been more than 3 years since I last took up the loan?
Has my home equity increased?
Has my credit rating improved?

Calculating Refinancing

 
 

Calculate Refinance Savings

Discover just how much you could save by refinancing your home loan by using our Home Loan Refinance Tool. Try it for free, a few minutes could save you enough money to refurbish your entire living room.

Calculate Savings

 
 

Beginners’ Mistakes

There are numerous commercial property loans available. Before committing yourself to a loan, it is important to assess your level of risk. By evaluating all the possible commercial factors, you can avoid risks and anticipate shocks in the market.

When sourcing for a commercial property loan, think about the affordability of your desired property and the strength of your cash position. You should also ask if you have sufficient cash to tide you over an economic downturn, and if you can afford loans with fluctuating interest rates (or if you would prefer the security of a fixed interest rate).

Common Beginners’ Mistakes

Not bothering to refinancing your home loan.
Only looking at refinancing options after you are eligible to do so
Refinancing with your existing lender (without considering other options).
Having a low credit rating, or taking up additional lines of credit before refinancing.
Neglecting to consider all costs.
Not locking in rates. Don’t gamble with your loan, lock in your rate to hedge against unforeseen shifts in rates.
Not understand the details of your refinancing contract. Take note of the details, they’re important.
Assuming the lowest rate is the best (without considering overall costs).
Switching loans without clarifying the total costs (i.e. legal fees, stamp duty fees, etc.).
Not asking for advice. If you’re unsure, ask us ! We’ll be glad to help.

Why Us ?

At EasyRates, we understand that taking a home loan is a huge decision – possibly the largest financial decision you will make in your life

We want to assist you with taking this step by giving you the knowledge, tools and resources to make owning your dream home a reality.

We will provide you with as much (or as little) help as you want - whether this means simply giving you access to a suite of valuable tools to help you make an informed decision, or holding your hand and guiding you through each and every step of the home loan consideration, shortlisting and selection process.

Why Home Owners are Raving Over EasyRates

  • One-Stop Hub

    We provide more than just home loans, we are a one-stop hub for all complimentary needs, including refinancing, equity loans, commercial property loans, personal and business loans and insurance.

  • Personalised Guidance

    Lost? Don’t be. Chat with our consultants, they’ll guide you through the entire home loan selection and application process.

  • Prompt Response

    There’s no waiting around with EasyRates. We promise to reply to your applications and questions within 24 hours.

  • Best Rates

    Get offers for the most competitive home loan rates in Singapore.

  • Comprehensive Home Loan Comparisons

    Find the best, most suitable loans within seconds – from the convenience of your computer or mobile device.

  • Strong Partnership with Banks

    We partner with the top banks in Singapore to offer you the most attractive, comprehensive home loan offers

 
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Frequently Asked Questions (FAQ)

Refinancing your home loan is an essential part of good financial management for any home owner. By refinancing, you can:

  • Save money with lower loan interest rates.
  • Convert a portion of your equity into cash.
  • Consolidate debt, using any cash difference from your loan balance to pay off other loans and debts.
  • Change your loan type from a floating rate to a fixed rate, if you prefer the stability fixed rates provide (or vice versa).
  • Switch to a shorter term loan and pay off your mortgage sooner (if it suits your current income).
  • Decoupling so that one party can buy another property without incurring additional buyer stamp duty.

If you are out of the lock-in period from your current bank and do not have any clawbacks, the cost incurred will be around $2,500 to $4,000 (depending on property type). This consists of legal conveyancing, valuation report fees and a mortgage stamp duty. Be sure to check for specific costs with your loaning bank. If you need our advice and assistance with this, please contact us.

Your credit rating and history: The lending bank may look into your mortgage payment history, instalment debt payment history and credit card/credit use history. If you have been making regular, timely payments on all debts, you will likely be deemed as a “safe” borrower.

Your collateral: As your home will be used as collateral for your loan, the value of your home is an important factor in how much a bank will be willing to lend you.

Your capacity to repay a loan: A bank will determine is you have the capacity/ability to repay your loan, based on your monthly income, household expenses and total debt. The lender may also take into account other sources of funds, such as bank accounts, bonds, stocks, mutual funds, etc.

Yes you can refinance. However, we would recommend a no lock in package so that you do not incur any penalties on the loan

This is determined by the lending bank. Once you have contacted them (via EasyRates), they will tell you what documentation is needed.

This is dependent on your unique situation (and the lending bank). After you have contacted the lending bank (via EasyRates), they will inform you if an appraisal is necessary.

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