Refinance Home Loan in Singapore: Compare Rates and Know If It’s the Right Time
Last updated: 2 October 2026
TL;DR: Rates aren’t falling yet. SORA (3-month) sits at 1.2337% as of 2 October 2026, and the US Federal Reserve just hiked, not cut, for the first time since 2023. If your lock-in is ending soon, that’s a reason to compare now. Use the tool below to check live rates from all 16 Singapore banks and see if refinancing makes sense for you.
What Is Home Loan Refinancing?
Refinancing means switching your home loan to a different bank for a better rate. It’s not repricing, where you stay with your current bank. People do it to lower their rate, free up cash, consolidate debt, or restructure their loan tenure.
Compare Live Refinance Rates From All 16 Banks
The tool below pulls live rates from all 16 banks Redbrick works with, so you can sort by bank, interest rate, and monthly instalments.
Summary of the lowest advertised refinance rates (Updated 2 October 2026)
| Property type | Rate type | Rate from | Example bank* |
| Private / condo | Floating (3M SORA+) | 1.484% p.a. | OCBC |
| Private / condo | Fixed | 1.800% p.a. | CITI |
| HDB | Floating (3M SORA+) | 1.484X% p.a. | OCBC |
| HDB | Fixed | 1.800% p.a. | CITI |
| HDB (for comparison) | HDB concessionary | 2.60% p.a. | HDB |
Is Now the Right Time to Refinance?
Short answer: no rate cut is coming, so don’t wait for one.
On 16 September 2026, the US Federal Reserve raised its benchmark rate to 3.75%-4.00%, a unanimous 12-0 decision and its first hike since 2023, citing elevated inflation. That’s the opposite of the rate cuts a lot of 2026 mortgage content has been predicting.
Why a US decision matters for a Singapore loan: most floating rate packages here are pegged to SORA (Singapore Overnight Rate Average), and SORA tracks US rate movements closely. As of 11 September 2026, 1-month compounded SORA sat at 1.2664% and 3-month compounded SORA at 1.1975%. A hike, not a cut, points toward SORA holding steady or drifting up, not down.
What this means for you: if you’re waiting for rates to drop before refinancing, the evidence doesn’t support that bet right now. If your lock-in period is ending soon, or your package’s “thereafter” rate is about to kick in, the case for refinancing now is stronger than it was a few months ago.
A simple way to decide:
- Lock-in ending within the next 3 months: start comparing rates now. Banks require about 3 months’ notice before you can port your loan to another bank.
- Lock-in has a year or more left: monitor rates, but don’t rush. The cost of breaking a lock-in early usually outweighs the savings.
- Already on a SORA-pegged package: your rate is already moving with the market. Compare against fixed packages to see if locking in now protects you better than staying floating.
Rate cycles can shift. Check the tool above for current numbers, and speak to a mortgage advisor for a read on your specific loan.
Are You Eligible to Refinance?
Before comparing rates, confirm you can actually refinance.
| Criteria | What it means for you |
| Lock-in period | Most packages lock you in for 2-5 years. Breaking it early typically costs ~1.5% of your outstanding loan. Check your letter of offer for your exact end date related to your existing home loan. |
| Loan tenure cap | Refinancing doesn’t reset your tenure to the maximum. Capped at 30 years minus years elapsed (HDB) or 35 years minus years elapsed (private), from original disbursement. |
| TDSR | Caps all monthly debt obligations at 55% of gross monthly income for any bank loan (60% if your Option to Purchase was granted before 16 Dec 2021). |
| MSR | Caps housing loan repayments at 30% of gross monthly income. Applicable to HDB flats and ECs bought directly from a developer only. |
| Stress-test floor | Both ratios are calculated against 4% p.a. (private) or 3% p.a. (HDB) — not your actual rate — effective since 30 September 2022. |
One exception worth knowing: refinancing an owner-occupied property doesn’t strictly require a TDSR or MSR check under MAS rules, though your bank may still apply its own credit criteria. For an investment property, the checks do apply, unless you commit to paying down at least 3% of the outstanding loan a year, for up to 3 years.
The one thing most guides don’t tell you: refinancing has no regulatory loan-to-value cap. New home loans are capped at 75% LTV for a first loan, 45% for a second, 35% for a third or more. Refinancing carries none of these caps — banks assess purely on your creditworthiness and the property’s current valuation, not a fixed ceiling. That’s a materially different starting point than buying a new property, and it’s rarely spelled out this plainly elsewhere.
Not sure where you stand on any of this? Speak to a Redbrick mortgage advisor before you commit to a package.
Refinancing vs Repricing: Which Should You Choose?
Refinancing and repricing both get you a better rate. The difference is effort and cost.
| Repricing | Refinancing | |
| Bank | Same bank | Different bank |
| Legal and valuation work | Not required | Required |
| Typical cost | ~$800 | ~$2,000 or more |
| Typical timeline | ~1 month | ~3 months |
Repricing makes sense when your current bank’s new packages are competitive and you want a faster, cheaper switch. Refinancing makes sense when other banks are offering meaningfully better rates, or your current bank’s repricing options don’t move the needle. It costs more and takes longer, but you’re not limited to one bank’s rate sheet.
This page focuses on refinancing since it’s where the 16-bank comparison tool above does the most work for you. Read our full reprice vs refinance breakdown for the complete decision, including when repricing wins outright.
Step-by-Step: How to Refinance Your Home Loan in Singapore
- Evaluate your current loan. Check your rate after the lock-in ends, remaining tenure, and outstanding balance.
- Confirm eligibility. Check your lock-in end date, TDSR/MSR position, and tenure cap (see above).
- Compare rates. Use the tool above to see live packages across all 16 banks.
- Calculate total costs. Weigh legal, valuation, and admin fees against your projected savings (see fees below).
- Prepare your documents. NRIC, income statements, CPF contribution history, and your current loan’s letter of offer.
- Submit your application. Your mortgage advisor or the bank reviews your financials and arranges a property valuation.
- Get approval and sign. Once approved, you sign the new loan agreement.
- Old loan gets redeemed. The new bank pays off your existing loan in full, and the old account closes.
- Monitor your new loan package terms. Track your new rate, especially if it’s SORA-pegged, and note your new lock-in period.
Fees, Subsidies and Clawbacks to Watch For
| Cost item | Typical amount | Notes |
| Legal and valuation fees | ~$2,000 or more | Some banks offset with a subsidy |
| Clawback window | 2-3 years from disbursement | Triggered by refinancing, selling, or full early repayment |
| Subsidy repayment if clawed back | $1,500-$3,000 | Varies by bank |
| Lock-in exit penalty | ~1.5% of outstanding loan | Separate from the clawback clause |
Cash rebates aren’t free money. Some banks advertise cash rebates on refinancing, sometimes a few thousand dollars. These are usually bundled into the same clawback pool as legal and valuation subsidies, not a separate, unconditional payout. The terms aren’t always spelled out on the product page itself, so ask directly what triggers repayment before factoring a rebate into your decision.
Is it worth it? A rough check: add up your total switching costs (legal, valuation, admin, minus any subsidy), then divide by your expected monthly savings. That’s roughly how many months it takes to break even. If you’re planning to sell or refinance again before you hit that point, the switch may not be worth it.
Cash-Out Refinancing: Unlocking Equity From Your Property
Cash-out refinancing, technically a Equity Term Loan, lets you refinance for more than your outstanding loan balance and take the difference as cash. It’s a way to unlock equity you’ve built up in your property.
The LTV limit depends on your existing debt: up to 75% if you have no other outstanding housing loan, or up to 45% if you have one or more. Most guides mention cash-out refinancing as a benefit without naming this split, so it’s easy to overestimate how much you can actually withdraw.
People typically use this to consolidate higher-interest debt into their home loan, or to fund renovations. It’s still subject to the same eligibility checks as a regular refinance, including TDSR or MSR where applicable.
Your Next Move on Refinancing
Where things stand: SORA is holding around 1.2%, and the Fed just hiked, not cut, for the first time since 2023. If you were banking on rates falling before you refinance, that bet hasn’t paid off yet.
If your lock-in is ending in the next few months, use the comparison tool above to see what all 16 banks are offering today. If you’re unsure about your eligibility, your tenure cap, or whether cash-out refinancing makes sense for you, speak to a Redbrick mortgage advisor and get a read on your specific numbers before you commit.
FAQ
Do I need to refund my CPF if I refinance to a different bank?
CPF Board lists two refund triggers: selling the property, or transferring a share to someone else. Refinancing while keeping your own ownership isn’t one of them, based on CPF’s published rules. Confirm your specific case with the CPF Board or your advisor, and see the full CPF rules for homeowners.
Does refinancing hurt my credit score?
A hard credit check runs during your refinancing application. One check alone has minimal impact. Applying to several banks in a short window compounds the checks and can affect your score more noticeably.
How often can I refinance my home loan?
No regulatory limit exists. In practice, you’re gated by each loan’s lock-in period and the 2 to 3 year clawback window. Refinancing again before the clawback period ends usually triggers subsidy repayment.
What happens to my old loan when I refinance?
Your new bank disburses funds to fully redeem your old loan. The old loan account closes, and your new loan’s rate and tenure take over from the completion date.
Can I refinance an HDB loan to a bank loan?
Yes. Compare against the 2.60% HDB concessionary rate before switching. The move is irreversible, which means you can’t switch back to an HDB loan later. Eligibility and CPF mechanics differ from bank-to-bank refinancing, so check the details before committing.