Be smart and save when you refinance your home loan

Why should you refinance your mortgage?

Save on Interest Payments: Switch to the latest promotional home loan package!

Manage your risk: Move between fixed and floating rate

Leverage on cashbacks for extra savings! Up to $10,000!*

*T&Cs Apply

Our Mortgage Partners

What is Refinancing?

Refinancing a mortgage home loan refers to the process of switching from your current home loan to another bank's home loan. The main reason for refinancing is usually to obtain a lower mortgage interest rate in order to save on interest payments or to obtain a larger loan amount for additional cash (known as cash-out refinancing). It is important to note that repricing and refinancing are not the same. Repricing involves negotiating for a better interest rate with your current bank, while refinancing requires moving to a different bank and incurring legal fees.

What happens after your promotional rates end?

Like how people use to re-contract their phone lines with telco every one or two years, most Singaporeans refinance their mortgages every 1-2 years. The mortgage lock-in period is typically accompanied by a promotional rate which ends after the contract. This rate is typically priced at 0.5% more than the promotional one which could cost you $5,000 more yearly on a $1mil loan. If your contracted rate is fixed, it will automatically revert to a non-promotional variable rate

In that case, why do I not reprice with the same bank?

Repricing involves switching to a different interest rate package offered by the same bank. This typically incurs a repricing fee ranging from $800 to $1000. When existing customers change to a different package within the same bank, the package offered is usually less favorable or, at best, equal to what is offered to new customers. Refinancing involves moving to a different bank and obtaining a new housing loan package from them. Banks often entice new customers with subsidies to reduce the cost of switching, and their interest rate packages tend to be more appealing. Therefore, if you are eligible for the subsidies, refinancing is generally a wise decision. Plus, you get an additional cashback from Lendingpot if you do it with them. Think of it like a port over fee when you switch telcos.

Is refinancing different for private property of HDB loans?

As you can see, if you are refinancing from a HDB concessionary loan to a bank loan, it is irreversible, and you will not be able to refinance back with HDB anymore. In this current interest rate environment, a HDB loan is still recommended as it comes with the concessionary rate of 0.1% over the CPF rate of 2.6%. This is compared to the rates offered by banks at upwards of 3.7%. However, when interest drop like from the 2009 – 2019, bank rates could be much lower than the HDB concessionary loan rate.

When should I refinance my home?

It is important to approach home loan refinancing as a strategic decision. Banks typically require a 3-month notice period before you can refinance and switch to a new bank. Therefore, it's crucial to determine when your lock-in period will end, so you can plan ahead and initiate the refinancing process at least 4 months before the new interest rate cycle begins. Although it is possible to refinance during your lock-in period, doing so will result in a penalty fee.

Can’t remember when your contract ends? You can always call your mortgage loan hotline to know your current contract details or simply reach out to us at Lendingpot to help you with your checks.

How do I apply to refinance my home loan?

Refinancing your mortgage can be daunting because you usually won't find all the information you need online. This means you'll have to reach out to different banks yourself, which can take a lot of time and effort.

However, at Lendingpot, we aim to simplify the loan application process for you. All you have to do is provide us with your details, and we'll take care of the rest. This includes checking all the home loan packages available in the market and recommending the one that suits you best. If you decide to go ahead with the loan, we will guide you along the way to ensure it is the most optimal position for you. If you are worst off, we will always recommend you to reprice or simply stick with your current lender.


Compare the best refinancing packages

First, compare the latest home loan interest rates and packages on the market. Our fully automated assistant via WhatsApp, guides you through a series of questions tailored to your mortgage requirements and gives you a list of the best home loans tailored for you.


Consult with a mortgage specialist

While, our user-friendly online application makes the process hassle-free, our dedicated Mortgage Loan Officers are ready to assist you every step of the way. They're ready to help with any questions you may have and provide unbiased advice on your application. If you're uncertain about terms or new to the refinancing process, don't hesitate to set up a one-on-one session for additional support.


Apply to refinance

After you've consulted with a mortgage specialist and found a package that meets your needs, it's time to apply for the loan. With the support of the mortgage specialists, you can complete the application process within a few working days. It's worth noting that some foreign banks may take up to a week for approval, so you may need to be patient during this stage.

Why choose us for your home loan?

Access special rates & we guarantee to match yours, else your next coffee is on us.

(Enjoy a $20 Starbucks Voucher). T&Cs apply.

One-on-one service from our mortgage officers
Get additional cashback and vouchers

Mortgage Calculator

After you have understood the three concepts, it is time for you to put your affordability to the test. Simply key in the few details and it will let you know the maximum value of the property you can afford.

Loan Amount
Loan Term
1 Year
35 Years
Interest Rate (Per Year)
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Total Payable
$ 0.00
Monthly Repayment
$ 0.00
*Loans are typically subject to an administrative fee of 3-5% deducted upfront from the loan disbursement

Get your dream home financed of S$200,000 with the most competitive home loan rates in Singapore based on a loan term of 25 years, starting from as low as

$ 0,000.00
$ 0,000.00
Monthly Instalments Year 1
Interest Rate Year 1
Lock-in Period
2 years
Rate Type
Rates and fees as of 8 May 2024
The home loan recommendations is an estimate. The results do not include other factors such as lock-in period. To obtain a more comprehensive understanding of your potential savings, we recommend reaching out to one of our mortgage specialists.

Frequently Asked Questions

Why should I talk to a mortgage broker when I can go directly to the bank?

Mortgage brokers assist you in comparing home loan offers from all Singaporean banks and financial institutions. We are aware of the most affordable fixed and SORA home loan rates. The best housing loan rates in Singapore may be found right here if you're seeking for them. Lendingpot also has access to exclusive rates and packages that are not accessible to the general public as a result of our long-standing connections with our partners. We also collaborate with trustworthy banks and legal companies, to whom we entrust our clients with. They make sure the procedure for applying for a house loan is quick and easy. The best part is that our service is always free and we share rebates with our clients.

Should I get fixed or floating rates for my mortgage? 

The fixed rate is safer and more reliable since it won't move in response to market changes. It is often higher than the floating rate, though, and if the market is down, you run the danger of getting locked in at a high rate. The SORA variable or floating rate is more unstable and subject to fluctuation. Recent COVID-19 epidemic has caused floating rates to reach a new low. They have however recovered above pre-covid levels. Therefore there is a risk to either rate choice. Simply said, there is no absolute better option. Your future expectations, risk tolerance, and anticipated market swings will all play a role in determining whether a fixed rate or variable rate is better for you.

When should I refinance my mortgage? 

Generally speaking, if your lock-in and claw-back periods for your mortgage loan are due to end or if there is a sizable disparity between your loan interest rate and current market rates, it is a good time to refinance. If unsure, don't hesitate to get in touch with us for a free consultation.

What are the other cost of refinancing? 

Usually, one must pay for valuation and legal expenses. Some banks may additionally levie a one-time processing fee for commercial properties. There may be additional costs if there are unique situations. However, the subsidies provided by the new bank can typically cover the cost entirely or in part. In order to prevent you from paying extra or hidden fees now or in the future, we make sure you understand all the charges and translate any technical terms.

Back to top

Still have doubts on your personal loan? Let us help!

We’re happy to answer your queries.


Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.