Know if switching is actually worth it
Compare the interest saved over your remaining tenure against legal fees, valuation, and any clawback before you commit to a refinance.
Lock-in ending soon?
Mortgage Refinancing in Singapore: When It Actually Pays to Switch
Credible.sg is a loan-matching platform, not a bank or mortgage broker — refinancing itself is arranged directly with a bank. This guide explains when refinancing beats repricing, what it costs, and how to time it. For comparing refinancing packages, head to our property site. For the cash costs refinancing does not cover, licensed lenders on Credible can help.
- Understand the difference between repricing and refinancing, and which one actually saves you money
- See what refinancing costs, legal fees, valuation, and any subsidy clawback, before you commit
- Time your move: most of the savings depend on starting the process months before your lock-in ends
Photo for illustration purposes only.
3–4 mths ahead of lock-in end to start comparing
S$2k–3k typical legal & valuation cost to refinance
0% penalty once your lock-in period has ended
55% TDSR ceiling still applies at refinancing
How it works
From one application to money in hand
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Check your lock-in end date
Most fixed-rate packages lock in for 2–3 years. Refinancing before it ends usually triggers an early-repayment penalty, so mark the date and start comparing 3–4 months ahead.
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Reprice with your bank first
Ask your current bank for their latest packages. Repricing is faster and cheaper than refinancing, since you skip new legal work, though the rate may not be as competitive.
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Compare refinancing packages elsewhere
our property site puts refinancing packages from multiple banks side by side, so you can see if switching banks beats staying put.
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Budget for the switching costs
Legal fees, valuation, and any clawback of subsidies from your current loan add up. Licensed lenders on Credible.sg can help cover that gap, free to compare.
Reprice or refinance
What actually changes when you switch
Repricing keeps you with your existing bank on a new package; refinancing moves your loan to a different bank entirely. The cheaper rate does not always win once you count the cost and effort of switching.
| Option | What it involves | Typical cost | Worth it when |
|---|---|---|---|
| Reprice (stay with your bank) | Move to a new package with your current lender | Usually a small administrative fee, sometimes free | Your bank’s new package is competitive and you want a fast, low-effort switch |
| Refinance (switch banks) | A new bank pays off your existing loan and issues a fresh mortgage | Legal fees and valuation, roughly S$2,000–3,000, plus any subsidy clawback | The rate gap is wide enough to outweigh the switching cost over your remaining tenure |
These figures are indicative and change with market conditions. Loan-to-value limits, TDSR, and legal and valuation costs are set by MAS, IRAS, and individual banks and are revised periodically. Confirm current terms with your bank or on our property site before committing. Credible.sg does not arrange mortgages or refinancing.
What a bank checks before approving a refinance
You can apply if you are…
- Total Debt Servicing Ratio (TDSR), reassessed at the point of refinancing, not just when you first took the loan
- Updated income documents, since a bank will not simply carry over your original approval
- Your outstanding loan amount against the current market value of your property, which affects the loan-to-value it can offer
Documents to have ready
- NRIC, latest Notice of Assessment or payslips, and CPF contribution history
- Your latest mortgage statement showing the outstanding loan amount
- Your CBS credit report, since new debt taken on since your last approval reduces TDSR headroom
- A property valuation report, usually arranged by the new bank
Why Credible.sg
Borrowing, with the guesswork removed
Compare packages without calling every bank
our property site puts refinancing packages side by side so you are not chasing quotes bank by bank.
Cover the switching costs
Legal and valuation fees land upfront. Compare offers from licensed lenders on Credible.sg for that gap, free and with no obligation.
Reprice or refinance: which actually saves you money
Repricing means switching to a new package within your current bank. It is faster, involves less paperwork, and usually costs little or nothing, but your bank has less incentive to offer you its most competitive rate since you are not threatening to leave.
Refinancing means a new bank pays off your existing loan and issues a fresh mortgage, resetting your lock-in period in the process. It typically secures a more competitive rate but comes with legal and valuation costs, and it only pays off if the interest saved over your remaining tenure clearly exceeds those costs.
What refinancing actually costs
Expect legal fees of roughly S$1,500–2,500 and a valuation fee of a few hundred dollars. If you are within a clawback period on your current loan, often around three years, refinancing away can trigger repayment of subsidies your original bank gave you, such as legal or valuation fee subsidies.
Many banks offer legal or valuation subsidies to new refinancing customers, which can offset some or all of these costs. Net out the subsidy against the clawback and the new bank’s fees before you compare the "savings" on paper against what actually lands in your pocket.
Timing your refinance around the lock-in
Start comparing 3–4 months before your lock-in ends. New loan approval and legal work take several weeks, and rates can move in that window, so leaving it to the last minute limits your options.
If you are already on a floating, SORA-linked package, your rate is already moving without any action from you, so refinancing matters most if the bank’s spread over SORA looks uncompetitive against the market, or if you are on a fixed package approaching the end of its lock-in and want to avoid reverting to an unfavourable rate.
Common questions
Mortgage Refinancing FAQs
Still unsure about something? Message us on WhatsApp and a real person will walk you through it.
What’s the difference between repricing and refinancing?
Repricing switches you to a new package within your existing bank, is faster, and usually cheaper. Refinancing moves your loan to a different bank entirely, typically secures a more competitive rate, but comes with legal and valuation costs and resets your lock-in period.
Will I be penalised for refinancing before my lock-in ends?
Usually yes. Most banks charge an early-repayment penalty, commonly around 1.5%–2% of the outstanding loan amount, if you refinance or fully redeem the loan before the lock-in period ends. Confirm the exact figure with your current bank.
How much does it cost to refinance a home loan in Singapore?
Budget roughly S$2,000–3,000 for legal and valuation fees. Some banks offer subsidies to new refinancing customers that offset part of this, and any clawback of subsidies from your current loan should be netted against those savings.
When should I start looking at refinancing?
About 3–4 months before your lock-in ends. New loan approval and legal processing take several weeks, and starting early gives you room to compare packages properly rather than rushing a decision.
Does refinancing affect my CPF usage?
CPF used towards your new loan follows the same withdrawal rules as any home loan. Refinancing does not change how much CPF you have already used, but it does reset how CPF is applied against your new loan going forward.
Does Credible.sg arrange mortgage refinancing?
No. Credible.sg matches borrowers with licensed lenders for personal loans, and mortgage refinancing is arranged directly with banks. This page is a guide, not an offer. For comparing refinancing packages, visit our property site. Credible.sg can help with the cash costs of switching that refinancing does not cover.
Learn with Credible
Guides to read before you borrow
Home Loan Singapore: Mortgage Rates, LTV and TDSR Explained
Read the guide →Bad Credit Loan Singapore: Compare Offers From Licensed Lenders
Read the guide →Debt Consolidation Loan Singapore: Combine Your Debts, Find the Lowest Rate
Read the guide →Understanding Your Credit Score in Singapore: CBS Explained
Read the guide →Financial Planning in Singapore: CPF, SRS and Where to Start
Read the guide →Browse by topic
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Refinancing? Budget for the switching costs
Legal fees and valuation land upfront, before any savings show up. One free application puts offers from licensed lenders in front of you, with no obligation to accept any of them.
