Fiscus Finance · Property
Mortgage refinancing in Singapore: compare the full cost
A lower advertised rate does not, by itself, prove that switching your home loan will save money. Compare costs and restrictions over the period you expect to keep the loan.
Refinancing and repricing are different choices
MoneySense distinguishes moving to another lender from repricing or converting a package with your existing bank. Before shopping elsewhere, ask your current lender for the options available to you. Compare the written terms of keeping the existing package, repricing and refinancing rather than assuming one route always wins.
Read the fact sheet and your current contract
MoneySense describes the property-loan fact sheet as a key document showing features such as loan amount, tenure, lock-in period, interest structure, repayment illustrations and penalty fees. Check when any fixed-rate period ends, what rate or benchmark applies afterwards, and what triggers a fee. A fixed promotional period does not mean the rate is fixed for the entire loan tenure.
Compare costs over the same period
List interest, legal and valuation charges, conversion fees, early-repayment penalties and any clawback of subsidies that applies. Use the same outstanding amount, tenure and comparison period for each option. A longer tenure can lower a monthly instalment while changing total interest. Ask the lender for a written explanation of any claimed saving and all assumptions behind it.
Understand the HDB-to-bank trade-off
MoneySense states that an existing bank loan for an HDB flat cannot be refinanced with an HDB housing loan. Do not treat switching out of an HDB loan as an option you can freely reverse. Eligibility, permitted CPF use and financing conditions still need to be checked. This guide does not publish a current bank-rate ranking or recommend that every HDB borrower switch.
Use the calculator as a scenario tool
Our repayment calculator assumes a constant annual rate and equal monthly payments over the tenure entered. Real floating rates and package conditions can change. The result excludes fees and is not a lender quotation, eligibility check or prediction. Try alternative assumptions, then reconcile them with the lender's actual repayment schedule.
Questions to take to your lender
Ask: What happens after the introductory period? What is the total cost over my intended holding period? What fees apply if I sell, prepay or refinance? Are there subsidy clawbacks? What remains subject to approval? Resolve these points before giving notice or accepting a replacement package. For a property-planning enquiry, use the relevant Fiscus contact route; for a loan offer, confirm terms directly with the lender.
Related guides and tools
Primary sources
Official rules, eligibility and product terms can change. Check the source and your own documents before acting. Editorial standards and limitations.
