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Advise on refinancing
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5 Answers
Hi, appreciate your sharing over PropertyGuru, HDB or resale condo or new condo ?
Looking forward to assist you at WhatsApp +65 9696 4398 or email me at stewartlim96964398@gmail.com
Cheers
Stewart
PropNex Senior Associate Division Director Read More
Looking forward to assist you at WhatsApp +65 9696 4398 or email me at stewartlim96964398@gmail.com
Cheers
Stewart
PropNex Senior Associate Division Director Read More
Sure, drop me a message with your current home loan details and I advise accordingly. My contact details are below:
Kay Cloud
The Harvard Educated Agent
Propnex Realty Pte Ltd
cloud@propnex.com
Tel: (+6.5.) 8.5.6.7.4.5.8.5
Whatsapp -> https://wa.me/6585674585 Read More
Kay Cloud
The Harvard Educated Agent
Propnex Realty Pte Ltd
cloud@propnex.com
Tel: (+6.5.) 8.5.6.7.4.5.8.5
Whatsapp -> https://wa.me/6585674585 Read More
Hi, refinancing can be worthwhile if your existing home loan is approaching or already outside its lock-in period and another bank is offering a meaningfully better package.
Before refinancing, I would compare:
• Your current interest rate versus the new rate
• Outstanding loan amount and remaining tenure
• Whether your existing lock-in period has ended
• Any early redemption penalty or legal subsidy/cash rebate clawback
• Legal and valuation fees for refinancing
• Any cash rebate/subsidy offered by the new bank
• New lock-in period and subsequent interest rate after the promotional period
• Fixed versus floating/SORA package
You should also ask your existing bank for a repricing offer before moving to another bank. Sometimes repricing with the same bank can be more economical because you may avoid the legal and valuation costs involved in refinancing.
Ultimately, compare the total interest savings over the new lock-in period against all the costs of switching, rather than looking only at the headline interest rate.
If you share your current bank, outstanding loan amount, existing interest rate and when your lock-in expires, it would be easier to work out whether refinancing or repricing makes more sense.
Hope this helps! Read More
Before refinancing, I would compare:
• Your current interest rate versus the new rate
• Outstanding loan amount and remaining tenure
• Whether your existing lock-in period has ended
• Any early redemption penalty or legal subsidy/cash rebate clawback
• Legal and valuation fees for refinancing
• Any cash rebate/subsidy offered by the new bank
• New lock-in period and subsequent interest rate after the promotional period
• Fixed versus floating/SORA package
You should also ask your existing bank for a repricing offer before moving to another bank. Sometimes repricing with the same bank can be more economical because you may avoid the legal and valuation costs involved in refinancing.
Ultimately, compare the total interest savings over the new lock-in period against all the costs of switching, rather than looking only at the headline interest rate.
If you share your current bank, outstanding loan amount, existing interest rate and when your lock-in expires, it would be easier to work out whether refinancing or repricing makes more sense.
Hope this helps! Read More
1
**Refinancing your home loan is worth evaluating whenever your current lock-in period is ending or if your interest rate has reverted to a high bank board rate.**
In Singapore, prevailing bank loan rates sit around **1.40% to 1.65% p.a.** for 2-year fixed packages and **1.25% to 1.45% p.a.** for 3M SORA floating packages. Both options sit substantially lower than the statutory **2.60% HDB concessionary loan rate**.
---
### 1. Refinancing (New Bank) vs. Repricing (Existing Bank)
* **Repricing:** Switching loan packages within your current lender.
* *Pros:* Fast processing (2–3 weeks), minimal paperwork, zero legal/valuation fees (or nominal admin fee of S$200–S$500).
* **Refinancing:** Moving your mortgage to a completely new bank.
* *Pros:* Access to more competitive headline spreads and promotional subsidies.
* *Costs:* Incurs legal conveyancing (S$1,500–S$2,500) and property valuation (S$400–S$700). However, most banks provide **legal subsidies or cash rebates** for loan sizes of S$400,000 and above (subject to a standard 3-year clawback).
---
### 2. The Refinancing Timeline & Rules
1. **Serve 3 Months’ Redemption Notice:** Banks require a formal **3-month notice** of full redemption. Start comparing packages **4 months before** your lock-in expires to execute without overlapping penalties.
2. **Beware the Lock-In Penalty:** Never complete before your lock-in ends; banks impose a standard **1.5% penalty fee** on the outstanding loan balance.
3. **Regulatory Stress-Testing:** Refinancing residential owner-occupied properties still subjects you to MAS guidelines:
* **TDSR (Total Debt Servicing Ratio):** Capped at 55% of gross monthly income.
* **MSR (Mortgage Servicing Ratio):** Capped at 30% for HDB flats.
*(Note: MAS provides a TDSR exemption for owner-occupiers refinancing their primary home if you do not take cash out).*
---
### 3. Should You Refinance an HDB Concessionary Loan?
* If you hold an HDB concessionary loan (2.60%), refinancing into a commercial bank package (~1.40%–1.50%) lowers your monthly instalment and cuts overall interest cost.
* **One-Way Street:** Once you refinance an HDB loan to a commercial bank, you **cannot switch back to HDB financing**.
---
1. What is your current outstanding loan balance, property type (HDB or private condo), and current interest rate?
2. When does your existing lock-in period officially expire?
---
Gan Eng Joo Onassis 颜荣裕, REALTOR®
MSc BIT (Middlesex, England, United Kingdom); BBA (South Australia)
CEA Reg No: R021244C | Singapore Line: (+65) 88899918
Email: onassis@sgagent.com
Singapore First and Most Established Branding for Real Estate Services:
SGAgent.com | SGRealtor.com | SGCommercial.com | SGCBD.com
New Launch & Showflat Portals: SGSHOWFLAT.COM | SGNEWLAUNCH.COM
SG Residential and Commercial Real Estate Specialist with over 1,000 Properties across Singapore
Pioneering 1-Stop Integrated Property Ecosystem:
• Property Financial & Capital Solutions: SGCASH.COM
• Property Repair, Maintenance & Reinstatement: SGREPAIR.COM
• Property Legal Advisory & Conveyancing Network: SGLEGAL.COM
Social (Facebook & TikTok): @sgcommercial Read More
In Singapore, prevailing bank loan rates sit around **1.40% to 1.65% p.a.** for 2-year fixed packages and **1.25% to 1.45% p.a.** for 3M SORA floating packages. Both options sit substantially lower than the statutory **2.60% HDB concessionary loan rate**.
---
### 1. Refinancing (New Bank) vs. Repricing (Existing Bank)
* **Repricing:** Switching loan packages within your current lender.
* *Pros:* Fast processing (2–3 weeks), minimal paperwork, zero legal/valuation fees (or nominal admin fee of S$200–S$500).
* **Refinancing:** Moving your mortgage to a completely new bank.
* *Pros:* Access to more competitive headline spreads and promotional subsidies.
* *Costs:* Incurs legal conveyancing (S$1,500–S$2,500) and property valuation (S$400–S$700). However, most banks provide **legal subsidies or cash rebates** for loan sizes of S$400,000 and above (subject to a standard 3-year clawback).
---
### 2. The Refinancing Timeline & Rules
1. **Serve 3 Months’ Redemption Notice:** Banks require a formal **3-month notice** of full redemption. Start comparing packages **4 months before** your lock-in expires to execute without overlapping penalties.
2. **Beware the Lock-In Penalty:** Never complete before your lock-in ends; banks impose a standard **1.5% penalty fee** on the outstanding loan balance.
3. **Regulatory Stress-Testing:** Refinancing residential owner-occupied properties still subjects you to MAS guidelines:
* **TDSR (Total Debt Servicing Ratio):** Capped at 55% of gross monthly income.
* **MSR (Mortgage Servicing Ratio):** Capped at 30% for HDB flats.
*(Note: MAS provides a TDSR exemption for owner-occupiers refinancing their primary home if you do not take cash out).*
---
### 3. Should You Refinance an HDB Concessionary Loan?
* If you hold an HDB concessionary loan (2.60%), refinancing into a commercial bank package (~1.40%–1.50%) lowers your monthly instalment and cuts overall interest cost.
* **One-Way Street:** Once you refinance an HDB loan to a commercial bank, you **cannot switch back to HDB financing**.
---
1. What is your current outstanding loan balance, property type (HDB or private condo), and current interest rate?
2. When does your existing lock-in period officially expire?
---
Gan Eng Joo Onassis 颜荣裕, REALTOR®
MSc BIT (Middlesex, England, United Kingdom); BBA (South Australia)
CEA Reg No: R021244C | Singapore Line: (+65) 88899918
Email: onassis@sgagent.com
Singapore First and Most Established Branding for Real Estate Services:
SGAgent.com | SGRealtor.com | SGCommercial.com | SGCBD.com
New Launch & Showflat Portals: SGSHOWFLAT.COM | SGNEWLAUNCH.COM
SG Residential and Commercial Real Estate Specialist with over 1,000 Properties across Singapore
Pioneering 1-Stop Integrated Property Ecosystem:
• Property Financial & Capital Solutions: SGCASH.COM
• Property Repair, Maintenance & Reinstatement: SGREPAIR.COM
• Property Legal Advisory & Conveyancing Network: SGLEGAL.COM
Social (Facebook & TikTok): @sgcommercial Read More
✔1 Sure, feel free to drop me a message with your current home loan details.
✔2 I’ll review the information and advise you accordingly based on your situation.
✔3 My contact details are provided below. Feel free to reach out anytime.
“Clarity comes from taking the next step.” — Unknown
WhatsApp me at >> ✔✔9856 9255 or through this link.:https://wa.me/6598569255.
-----------------------99Years------------------------999Years---------------------->>>
IF YOU NEED more assistance with PROPERTY matters such as RENTING, SELLING, BUYING, or INVESTING, I’m here to help.
WhatsApp me at ✔✔ ABLE TOH (65) 9856 9255 , Property Agent (Director ) or via this link:
* https://wa.me/6598569255
* Unfortunately, this platform does not allow direct contact, but you can easily reach me on WhatsApp.
* ✔✔✔You can READ my REVIEWS here:Able S K Toh
* https://www.propertyguru.com.sg/agent/able-s-k-toh-61591
* For PRIVATE HOME BUYERS
* ✔✔ I offer solutions for sourcing resale and new PRIVATE homes at ZERO charge
* ✔✔ Most PRIVATE seller agents are willing to share commission with buyer agents
* DEVELOPER SALES TEAM
* ✔✔ BEST PRICES ✔✔ NO AGENT FEES
* ✔✔ LOWEST PRICE GUARANTEED
* For UPDATED INFO, E BROCHURE, FLOOR PLAN, and PRICE LIST for New Launches Condominium in Singapore, contact me directly.
* ✔✔ Connect Singapore Line (ABLE TOH): (65) 9856 9255 , Property Agent (Director )
* ✔✔ WhatsApp: https://wa.me/6598569255
* ✔✔ Email: Able.selling@gmail.com
* ---///------
* CHINESE VERSION // 中文版本
* 如需房产相关协助，
* 包括出租、出售、购买或投资，
* 欢迎联系我。
* ✔✔ 房地产经纪（董事) 诗强:/ABLE TOH (65)9856 9255
* WhatsApp：https://wa.me/6598569255
* ✔✔✔查看我的客户评价：
* Able S K Toh,房地产经纪（董事) 诗强
* https://www.propertyguru.com.sg/agent/able-s-k-toh-61591
* 私人住宅买家服务
* ✔✔ 协助转售及新私人住宅
* ✔✔ 买家无需中介费
* 发展商销售团队
* ✔✔ 最优惠价格
* ✔✔ 无中介费
* ✔✔ 保证最低价
* 新推出私人公寓资料、电子手册、户型图及价格表，
* 欢迎随时联系。
* ✔✔ 新加坡联系号码（ABLE TOH）/ 诗强：（65）9856-9255
* ✔✔ 电子邮箱：Able.selling@gmail.com
* --------------- 结束 / The END ------------------ Read More
✔2 I’ll review the information and advise you accordingly based on your situation.
✔3 My contact details are provided below. Feel free to reach out anytime.
“Clarity comes from taking the next step.” — Unknown
WhatsApp me at >> ✔✔9856 9255 or through this link.:https://wa.me/6598569255.
-----------------------99Years------------------------999Years---------------------->>>
IF YOU NEED more assistance with PROPERTY matters such as RENTING, SELLING, BUYING, or INVESTING, I’m here to help.
WhatsApp me at ✔✔ ABLE TOH (65) 9856 9255 , Property Agent (Director ) or via this link:
* https://wa.me/6598569255
* Unfortunately, this platform does not allow direct contact, but you can easily reach me on WhatsApp.
* ✔✔✔You can READ my REVIEWS here:Able S K Toh
* https://www.propertyguru.com.sg/agent/able-s-k-toh-61591
* For PRIVATE HOME BUYERS
* ✔✔ I offer solutions for sourcing resale and new PRIVATE homes at ZERO charge
* ✔✔ Most PRIVATE seller agents are willing to share commission with buyer agents
* DEVELOPER SALES TEAM
* ✔✔ BEST PRICES ✔✔ NO AGENT FEES
* ✔✔ LOWEST PRICE GUARANTEED
* For UPDATED INFO, E BROCHURE, FLOOR PLAN, and PRICE LIST for New Launches Condominium in Singapore, contact me directly.
* ✔✔ Connect Singapore Line (ABLE TOH): (65) 9856 9255 , Property Agent (Director )
* ✔✔ WhatsApp: https://wa.me/6598569255
* ✔✔ Email: Able.selling@gmail.com
* ---///------
* CHINESE VERSION // 中文版本
* 如需房产相关协助，
* 包括出租、出售、购买或投资，
* 欢迎联系我。
* ✔✔ 房地产经纪（董事) 诗强:/ABLE TOH (65)9856 9255
* WhatsApp：https://wa.me/6598569255
* ✔✔✔查看我的客户评价：
* Able S K Toh,房地产经纪（董事) 诗强
* https://www.propertyguru.com.sg/agent/able-s-k-toh-61591
* 私人住宅买家服务
* ✔✔ 协助转售及新私人住宅
* ✔✔ 买家无需中介费
* 发展商销售团队
* ✔✔ 最优惠价格
* ✔✔ 无中介费
* ✔✔ 保证最低价
* 新推出私人公寓资料、电子手册、户型图及价格表，
* 欢迎随时联系。
* ✔✔ 新加坡联系号码（ABLE TOH）/ 诗强：（65）9856-9255
* ✔✔ 电子邮箱：Able.selling@gmail.com
* --------------- 结束 / The END ------------------ Read More