8 Best Platforms for Refinancing Home Loans in Singapore | Best of Home 2022

Refinancing your home loan is something to consider if you want to save money by having a lower interest rate on your mortgage. Upon meeting the several rules set by the MAS that must be observed, such as the loan tenure cap and loan-to-value limit, you can be set on finding the right refinancing package for you. Having a platform where you can consult professionals and experts can be extremely beneficial when processing a home loan refinance. With an extensive number of platforms for refinancing home loans in the market, which then is the best home loan refinancing platform in Singapore? In our Best of Home series, we introduce the 8 Best Platforms for Refinancing Home Loans in Singapore, providing quality recommendations based on your needs and budget.

This article was last updated on 12 January 2022.

8 Best Platforms for Refinancing Home Loans in Singapore

1. PropertyGuru Finance

Find the best rates for any home loan

Through PropertyGuru Finance, not only will you receive essential advice on your loans but also find the best interest rates. The platform started as a way to make finding a home easier and more transparent and eventually became one of the leading property technology companies in South East Asia. Over the years, the company has established partnerships with major banks to offer their clients manageable interest rates on housing loans. They are able to provide refinancing services for either private property or HDB home loans.

With PropertyGuru, you only need to provide details on your current loan where they check your eligibility. Afterwards, they will provide rates from various banks for you to choose from. Their experts will also provide advice on choosing packages with long-term benefits that will suit your needs. Upon choosing a package, you can sit back and monitor the status of your loan as they process it.

Easy to monitor with regular updates

As a property technology company,  PropertyGuru provides its clients with regular reports on the status of their loans through their SmartRefi program. This program is specifically designed to keep track of mortgages and identify potential savings. Firstly, clients set up their loan profiles which is then automatically tracked daily for the best rates. Afterwards, clients can expect to receive notifications on optimal potential savings for your loan. Additionally, they can also provide an all-in breakdown of your savings 

2. Redbrick Mortgage Advisory

Get direct and simplified advice

The Redbrick Mortgage Advisory aims to provide their clients with straightforward and clear advice regarding the refinancing of their home loans. Whether their clients are looking for fixed or floating rates, their experts can offer plans that are well-suited to their client’s needs. They offer refinancing services for various properties such as HDB, private residential, and commercial property. Furthermore, the company makes consultations easier by simplifying terminologies which increases transparency in transactions. In other words, you can be sure that they will have you well-informed of any plan that you may like.

The company’s website has a simple interface where you can have a quick initial quote of packages from partnered banks. Their quote allows you to choose a package based on the listed rate types, lock-in periods, and interest rates. The rates they provide are updated weekly to regularly provide their clients with the lowest and most accurate interest rates. Furthermore, their list of packages also have details such as waivers and subsidies that help in saving more on your loan.

3. MoneySmart

Helps in finding packages with subsidies

One of the largest financial portals in South East Asia, Money Smart is a platform that can definitely help you in refinancing your home loan. If you are planning on refinancing an HDB home loan, the company can provide you with the latest rates from major banks in Singapore. Additionally, you can get quotes for personalized refinancing rates upon consultation with their experts. Furthermore, their advisors keep in constant contact with you throughout the process to ensure transparency and clarity.

MoneySmart helps clients by providing the best and lowest rates from both major banks and similar financial institutions to maximize savings. However, refinancing a home loan can be difficult and has the added expense of legal and lawyer fees. The mortgage specialists from the company can not only provide the necessary advice and information about refinancing but also help clients find the right refinance package with coverage of legal fees. With this, you will surely have an easier time refinancing your home loan and save a little more on fees.

4. ValueChampion

Provides advice based on research data

If you want comprehensive and data-driven advice, then ValueChampion can definitely help in taking care of your refinancing needs. The company uses both qualitative and quantitative analysis to provide clients with tools and guides for their financial concerns. Through their mortgage calculator, you simply need to input the current balance of your loan and property type in order to find deals from various banks that the company works with. Furthermore, the offers also have an overview of the interest rate structure to let you have an idea of the projected activity of the interest rate over the following years.

With regards to refinancing home loans, their website is updated daily with the best fixed and floating rates for refinancing. The company lists rates that are, according to their research, 5% to 15% lower than the market average for the type of interest rate. Thereby, you can choose a plan with your preferred bank, interest type and rate, and lock-in period. Additionally, ValueChampion provides advice on refinancing on jumbo home loans whose amounts usually start from $1,000,000 to $2,000,000. Given the amount of these loans, refinancing jumbo home loans can result in saving significant amounts of money over the tenure of the loan.

5. DBS Bank 

Maximize savings on your refinancing package

Whether refinancing an HDB or private property, DBS Bank can provide you with the package with the most savings. The bank can handle the refinancing of home loans for any property such as HDB, private properties, and executive condominiums. Firstly, if you are planning on refinancing your home loan with them, you can use the various calculators on their website to compare your current payment plan versus the plans offered by the bank. Afterwards, you can choose your preferred package and simply submit your details online. Their lawyers would then get the process started for you and update you on its progress. 

DBS offers interest rates of 1.0% and 1.65% for their floating and fixed packages, respectively. Furthermore, you can have an overview of an estimated repayment schedule from the start to the end of your loan through their calculator. Not only do the bank’s refinancing packages have low-interest rates, but they also offer cash rewards for private property home loans of a certain amount. Additionally, there are other benefits, such as appliances and equipment, and discounts on related packages, such as their renovation loan promotion.

6. OCBC Bank

Have access to specialized packages for refinancing

For specialized refinancing plans with plenty of benefits, you can take a look at the rates offered by OCBC Bank. They have a comprehensive range of low-interest packages where you can maximize your potential savings. Some of the packages they offer include a 2-year or 3-year fixed interest rate, OCBC mortgage board rate, and 1M Compounded SORA. With packages such as these, you are sure to find the plan that fits your budget and savings plan. Moreover, the bank also has special packages that you can apply for if your home loan meets the requirements.

If your home has been certified as energy efficient and complies with the Tropical Home Energy Efficient Assessment by the BCA, then you can take a look at the bank’s special Eco-Care Home Loan. This package has a promotional 1M Compounded SORA pricing. It also has the benefit of earning OCBC$ that can be exchanged at their STACK marketplace for various vouchers. Furthermore, the bank has other special promotions included in packages such as complimentary staycation packages and cash rewards.

7. United Overseas Bank

Choose from a broad selection of refinancing deals

With United Overseas Bank, you will be surprised to find a number of plans with low-interest rates and great benefits. You can choose from packages with a floating rate, fixed-rate, 3M Compounded SORA and a combination package of fixed-rate and 3M SORA. Each package has benefits such as free conversion for a set period, a lock-in period of up to 2 years, and flexibility on prepayment. Furthermore, the bank has special benefits that you can receive when you apply for a refinancing package online. These benefits include not only cash rewards starting from $2,200, but also discount vouchers for various establishments such as Secretlab.

8. HSBC Bank

Get more home loan discounts with your bank account

Manage your finances and maximize your savings with the home loan refinancing plans from HSBC Bank. Take a look at their Sora-pegged plans for highly transparent and flexible payment plans or their fixed-rate plan for more stability. Furthermore, you can receive cash incentives of up to $2,500 depending on your loan amount. Furthermore, through their SmartMortgage program, you are able to get more savings upon linking your home loan with your current HSBC account. Using this system lets you offset the payable interest on your loan using the interest earned on your current account. Additionally, this program lets you exercise flexible control over your finances and savings. 

FAQs

Which is the best platform for refinancing home loans in Singapore?

It is hard to tell which is the best platform for refinancing home loans in Singapore. This is because different platforms have partnerships with banks to offer lower interest rates. Additionally, some platforms offer special packages and benefits such as cash rewards and gift cards.

Are there any rules for refinancing your home loan in Singapore?

Before refinancing, consider first if you meet the rules set by the MAS for refinancing. These rules include the loan tenure cap and the loan-to-value limit. As there is no regulatory limit to the LTV, financial institutions can provide the full amount outstanding if the borrower meets the criteria set by the FI. You also have to comply with the Borrower-Mortgagor and Guarantor-Borrower Requirements. Additionally, your bank may need to calculate the mortgage servicing ratio or total debt servicing ratio depending on the property type.

What to consider when looking for a platform for refinancing home loans in Singapore?

Firstly, you have to take into account the lock-in period for your loan. Home loans usually have a fixed interest rate or lock-in periods that last for several years. After the lock-in period, you can expect an increase in the interest rate. Therefore, you have to strategize when you will refinance your home loan based on your current finances and your loan’s lock-in period. Mortgage advisors usually advise you to explore refinancing options 3 to 4 months before your lock-in period ends. Having the right platform for refinancing makes planning easier alongside having access to mortgage experts that can give useful advice.

Secondly, you need to take into account the costs associated with refinancing. Mainly, legal fees and valuation fees are what you need to keep in mind during the process. In addition, some banks add penalties when refinancing. To help with the refinancing process, some platforms offer packages with coverage of the legal fees that ease your mind of the added expense.

We hope that our guide on the 8 Best Platforms for Refinancing Home Loans in Singapore has helped you to find the best platform for refinancing home loans for your home loan payment and budget needs. Do also read out home buying guides and similar articles. Please share this with your family and friends if you have found it useful.

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