What actually differs between the banks?
Less than the marketing suggests, and not the things people usually compare on. Loan-to-value limits, the 55% TDSR ceiling and the 4% stress test are set by MAS and apply identically everywhere. No lender can offer you a larger loan than another on the same income and the same property.
What is genuinely different is the rate, the length of the lock-in, the size of any legal subsidy and its clawback window, and — the part most people ignore — what your options are when the package expires. A bank that reprices well is worth more over ten years than a bank that is fifteen basis points cheaper today.
How the main lenders compare
What follows is what is checkable about each lender and the question worth putting to them. It is not a rate table — see the note at the end of this section.
| Lender | What it covers | Worth knowing | Ask them |
|---|---|---|---|
| DBS | Private property, executive condominiums and HDB flats, on fixed and SORA-pegged packages. | DBS and POSB lend from the same book. A POSB refinancing quote and a DBS one are the same lender, so comparing them against each other achieves nothing. | Whether the package includes a free conversion after lock-in, and what the clawback window is on any legal subsidy. |
| OCBC | Private property, ECs and HDB flats, fixed and SORA-pegged. | Generally known for flexible repricing once a package's lock-in has run — which matters more than the headline rate if you expect to switch again in two or three years. | What repricing options exist at the end of the package, and whether they are cheaper than moving lender again. |
| UOB | Private property and HDB flats, fixed and SORA-pegged. | UOB packages commonly include a free conversion option once lock-in ends, letting you reprice with UOB rather than refinance away. | Whether free conversion is included and how many times it can be used. |
| Maybank | Private property and HDB flats. | Often competitive on headline fixed rates, with eligibility criteria that are worth checking early rather than late. | The eligibility conditions attached to the advertised rate, since these are where Maybank's pricing tends to differ. |
| Standard Chartered | Private property, fixed and floating. | Packages are often bundled with banking relationship conditions. Read what the rate depends on. | Whether the rate requires a salary crediting or deposit relationship, and what happens to it if that lapses. |
| HSBC | Private property, with packages often aimed at higher loan quantums. | Frequently structured around relationship banking tiers, so the rate can depend on assets held with the bank. | The minimum loan quantum, and whether the rate is tied to a banking tier you would have to maintain. |
| CIMB | Private property and HDB flats. | A smaller lender that periodically prices aggressively to win volume — worth a quote even if it is not on your shortlist. | How long the advertised rate is held for, since smaller lenders move pricing more often. |
No rates here. Per-bank refinance rates could not be confirmed on the lenders' own pages, so this site does not state them — the same rule it applies everywhere else. Get the current number from the bank, then put it into the break-even calculator.
Why does DBS come up twice, as DBS and POSB?
Because they are the same lender. POSB has been part of DBS since 1998 and POSB home loans are underwritten by DBS from the same book. A POSB refinancing quote and a DBS refinancing quote are the same institution pricing the same product.
This matters when you are collecting quotes. Treating them as two of your three comparisons leaves you with one real alternative rather than three.
Is the lowest rate the right choice?
Only if you plan to move again the moment the lock-in ends, and most people do not. The rate you are quoted holds for the package period — two or three years — and then you are back in the same decision with whatever that bank offers you next.
On our standard example, S$600,000 over 20 years moving from 4.2% to 3.1%, the saving over the 2-year package is S$9,928 after S$3,000 of fees. A quarter-point difference between two lenders changes that by a few thousand dollars. A bank that reprices badly at the end can cost you the same amount again, every cycle, for the rest of the loan.
Ask every lender the same closing question: what happens at the end of this package, and what will it cost me to stay?
Does the TDSR exemption apply whichever bank I move to?
Yes. MAS exempts owner-occupiers from the TDSR threshold when refinancing a housing loan on the property they live in, and that is a rule about the borrower and the property, not about the lender. It applies whether you stay put or move to any other bank.
Investment property loans are not exempt anywhere either. They can still refinance above the threshold, but only where the borrower commits to a debt reduction plan repaying at least 3% of the outstanding balance over no more than three years and passes the lender's credit assessment — again, at any bank.
How should I actually collect quotes?
Get two or three real quotes, then take the best one to your existing bank and ask them to match it. Banks reprice more competitively against a concrete competing offer than against a request, and repricing avoids the legal and valuation fees entirely.
- Start four to five months before your lock-in expires — most lenders need about three months' notice of redemption.
- Ask for the rate, the lock-in length, the legal subsidy amount and its clawback window. All four, not just the first.
- Ask what the package reverts to, and what repricing will cost at that point.
- Remember DBS and POSB are one lender when you count your quotes.
- Put each quote through the break-even calculator with its own fees, rather than comparing headline rates.
Work out your own number
Refinance Break-Even Calculator
Enter each quote with its own rate and fees. The result is the saving over the package period, not an inflated lifetime figure.
Open the calculator →Frequently asked questions
Which bank is best for refinancing in Singapore?
There is no single answer, because the rates move constantly and the right choice depends on your balance, your lock-in position and how long you intend to stay. What is stable is the shape of the decision: compare the rate, the lock-in, the legal subsidy and its clawback, and what the package reverts to — then run each quote through a break-even calculation with its own fees.
Is a POSB home loan different from a DBS home loan?
No. POSB has been part of DBS since 1998 and POSB home loans are underwritten by DBS from the same book. If you are comparing a POSB quote against a DBS quote, you are comparing the same lender twice.
Can one bank lend me more than another?
Not on the same income and property. Loan-to-value limits, the 55% TDSR ceiling and the 4% stress test are MAS rules that apply identically at every bank. Shopping around changes your rate, not your borrowing limit.
What is the current DBS refinancing rate?
We do not publish per-bank refinance rates, because they could not be confirmed on the lenders' own pages and a rate we cannot source is a rate we will not state. Get the current figure from DBS directly, then put it into the break-even calculator with the fees they quote.
Should I refinance to a smaller bank?
Smaller lenders periodically price aggressively to win volume, so they are worth a quote. Check how long the advertised rate is held for and what the package reverts to, since smaller books tend to reprice more often.
Do I need an account with the bank to refinance to them?
Not usually, but some packages — particularly from the international banks — tie the rate to a banking relationship such as salary crediting or a deposit balance. Ask what the rate depends on and what happens to it if that condition lapses.
Can I refinance to the bank I am already with?
That is repricing rather than refinancing, and it is usually the cheaper route because there is no conveyancing and no valuation. Get a refinancing quote elsewhere first, then ask your existing bank to match it.
Does refinancing to a different bank affect my CPF usage?
CPF rules on using Ordinary Account savings for a housing loan are set by the CPF Board and do not change with the lender. What can change is the loan structure, so confirm with the new bank how CPF servicing will be set up before completion.
Sources
Every rate on this page was read directly from IRAS on . Stamp duty rules change with little notice — confirm against IRAS before you commit to a purchase.
- ↗ MAS — Who TDSR applies to, including the refinancing exemption
- ↗ MAS — SORA benchmark rates
- ↗ DBS Bank, including POSB — home loans
- ↗ Oversea-Chinese Banking Corporation — home loans
- ↗ United Overseas Bank — home loans
- ↗ Maybank Singapore — home loans
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