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What is Home Loan Refinancing?

Home loan refinancing is when you take out a new home loan with a new lender, or renegotiate the rates with your current lender (called repricing in this instance). The point of doing so is almost always to secure a lower rate of interest that will save you money on your monthly repayments and possibly reduce the life of your loan.

Three Reasons You Should Plan Refinancing Your Home Loan

You will get a better interest rate, and consequently low monthly installment

Whether you’ve a fixed interest rate or a floating interest rate, there’s always a chance to get a better interest rate by refinancing your mortgage. Better if you do that before the next cycle of payments. That means you’ll also enjoy a lower monthly installment payment.

Your Lock-in period Is about to end

Usually, the lock-in period ends in a few years. And also, you need to give at least 3-months notice before refinancing. So plan at least 4 months before the new interest rate takes over after the lock-in period. You’ll save loads of money.

You want to extend your loan tenure

If your existing loan tenure is less than the maximum loan tenure on offer, you can go for a loan tenure extension using the home loan refinance option. Whether it’s an HDB or a private property, you can extend your loan period to up to 35 years or till the age of 75.

When Should I Plan Refinancing My Home Loan?

All you need to do is do an interest rate risk analysis. Here’s how it works

Interest Rates Hike Analysis for Home Loan Refinancing

Suppose, John took out a mortgage of a $1 million loan for 25 years. The interest rate he is getting is 1.4% per annum and he is paying $3,953 monthly. If interest rates rise to 1.5% per annum (a 0.1% hike), his monthly payments will increase by $47 a month or $564 a year.

Although he pays an extra $564 that year, John is actually paying $1,000 more in total interest that year. This is because as interest rates rise, a lesser proportion of his monthly instalment goes towards principal repayment and he will end up with a higher outstanding loan amount at the end of the year.

Rule of thumb 1

For every $1 million loan, a 0.1% increase in interest means an extra $1,000 a year in interest payments. Assuming interest rates rise by 1%, you are looking at additional $10,000 in interest paid yearly for every $1 million of loan. If your loan is $2 million, then every 0.1% increase means $1,000 X 2 = $2,000 increase in yearly interest.

*Above calculations are very close estimates.

Rule of thumb 2

For a $1 million loan, a 1% increase in interest rates is equivalent to additional $500 monthly repayment. Based on the government view of the average interest rate at 3.5%, the instalments will be expected to increase by $12,000 yearly for every $1 million (2% increase X $500)*.

*Above calculations are very close estimates.

How We Help You Save Money With The Best Interest Rates In Home Loan Refinancing

Recall: Check Your Current Home Loan

Call up your bank, or dig out your current mortgage contract and note down these details. Are you still in the lock-in period? Any clawbacks, such as legal, fire insurance, or valuation?

Review: Understand home Loan Interest Rates for Before and After

Find out what interest rates you are paying now and going forth. Also find out what your bank can offer you if you reprice with them. (Reprice = refinance within your existing bank. Usually a $500 – $800 fee.) Then compare to the best home loan interest rates in today’s market, which may vary based on certain conditions and validity. Or you can talk to a home loan consultant.

Realize: Call Our Home Loan Consultants for Free Analysis

Reach out to us for more details on the current best interest rates and how to refinance your home loan in Singapore. We can also provide ideas to obtain cheap financing using your property as collateral to place into investments like stocks, overseas property, or purchasing a car.


First home purchase was made easier with Home Loan Whiz. Great rates, but more importantly the education by the team on loan details was a strong plus factor. Not everyone is a finance expert, and it was easy and detailed from him.

After the bank loan was confirmed, good followup to check that everything is well with the banker and lawyer.

Overall, I strongly recommend!

– Weiguo Cai

I was served by Lorraine Lee and she was very patient with my queries and clarified them all. Not only that, she helped me to secure a good rate whilst the rate is changing almost everyday during that period.

Appreciated her initiative and I even recommended my friends to her.

– QQ

We work with all the leading banks of Singapore for home loan refinancing

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Want to know what home loan refinance option you should choose?

Home Loan Refinancing FAQs

Q. What does lock-in period mean for home loans?

A lock-in period refers to the minimum number of years that you are required to stay with the bank for a particular package. If you decide to refinance, repay partially, or repay fully, there is likely to be a penalty imposed.

Q. Is it worth it to refinance my housing loan?

Experts suggest that you should refinance your home loan every 2 to 3 years. And that’s because you will save a lot of money in the process by avoiding increased interest rates after the lock-in period. Even with floating interest-rate chances are your interest rates have increased in 2-3 years and you’re paying more. So it’s always advisable to refinance your home loan if it’s saving you money.

Q. What is the cost of refinancing a home loan?

You pay two types of cost: legal fee (to the law firm) and valuation fee (to the bank). In many cases, if your remaining loan is $300K or above, banks usually subsidise the legal and a part of valuation fee. This means that the total cost usually is minimal and definitely cheaper than repricing.

Q. What is the difference between refinancing and repricing a home loan?

Repricing refers to changing to a different interest rate package within the same bank. For repricing, there is usually a repricing fee of between $800 and $1000. Also for existing customers changing to another package, the package offered by the current bank will usually be worse off or at best the same as what they offer for new to bank customers.

Refinancing is to change to a different bank and to take up a new housing loan package from them. Banks will usually attract new customers by offering subsidies to keep the cost low for switching and their interest rate packages are usually more attractive. Therefore as long as you are eligible for the subsidies, it definitely is worthwhile to refinance.

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