Tell us about your current home loan. A verified home loan professional who covers your area will get in touch to explain your options, including staying with your bank, and what each would really cost.
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The right choice depends on your costs, how long you plan to stay and how much certainty you want.
Often worth trying first, since a bank may lower your rate to keep you.
Move to a new package with the same bank, usually when the lock-in ends.
Move your loan to a different bank for a better rate or features.
Possible in some cases, but generally a one-way move.
For example from floating to fixed, or the other way round.
Stay as you are, if the numbers show a switch wouldn't save you anything.
Charged if you leave before the lock-in ends.
Needed to discharge the old loan and register the new one, sometimes covered by a subsidy.
A valuation of your home for the new lender.
Charged by some banks.
A subsidy you may have to repay if you leave the new bank too soon.
A lower rate with high costs or a longer tenure can cost more overall.
Check the MAS directory yourself.
And why do you recommend this loan.
A commission from the bank, a fee from me, or both.
Including any penalty, fees and clawback.
After every cost, over the time I plan to stay.
Ask what a better rate from them would look like.
We connect you with one verified provider who understands what you need. No hard sell, and no obligation.
Penalties, fees and clawbacks change what a switch really costs. You hear how to compare them.
Your current bank may offer a better rate if you ask. You hear how that compares with switching.
You get the options explained. Whether to change anything is always your decision.
Repricing means moving to a new package with the same bank. Refinancing means moving your loan to a different bank. Both are usually done when your lock-in period ends, to get a lower rate or different features, and each has its own costs.
Usually when your lock-in period ends, since leaving earlier can mean a penalty. Many banks need notice, often a few months, before you repay a loan early, so start looking well before the lock-in ends. Check your loan letter for the dates.
There can be a penalty for leaving before the lock-in ends, usually a percentage of the loan, legal fees, valuation fees and a processing fee, though some banks offer a subsidy for legal and valuation costs. Some banks claw the subsidy back if you leave within a few years. Ask for all costs in writing.
Some banks pay for your legal and valuation costs when you refinance, on condition you stay for a set period. If you leave before then, you may have to pay it back. Ask whether a clawback applies and for how long.
It's worth trying. Banks often have a team that can offer a lower rate to keep you. Having a quote from another bank can help you negotiate. Compare what you are offered with what a switch would give you.
Yes, in some cases, but it is usually a one-way move: once you have refinanced an HDB loan to a bank loan, you generally can't go back. Ask about the rate difference, the fees and what you would lose, before you decide.
A fixed rate stays the same for a set period, and a floating rate moves with a benchmark such as SORA. Ask for the total cost over the period you plan to stay, and what the rate becomes after the first period.
Sometimes, within limits that depend on your income, your existing debts, your age, the property and the rules that apply to your type of property. Borrowing more increases what you owe, and your home is at risk if you can't repay.
With a new bank, yes. They look at your income, debts and credit report, and may check your repayments against the limits that apply to your type of property. Staying with your bank may involve fewer checks.
If you used CPF for your home, the rules on refunding CPF with accrued interest apply when you sell, not generally when you refinance. Check with your adviser and the CPF Board about your own situation.
Not necessarily, but brokers can compare several banks. Ask how many banks they compare, how they are paid and whether you would pay a fee.
Complain to the firm first. If you're not happy with the answer, you can take it to the Financial Industry Disputes Resolution Centre, which helps resolve disputes between consumers and financial institutions at low cost.
Your current bank, your rate and package, when your lock-in ends, roughly how much you owe, the value of your home and your postal code. If you don't have everything, send the request anyway.
No. Namoye is a free matching service. It is not a lender, broker or adviser, and it doesn't give financial advice. Any advice or offer comes from the firm that contacts you.
No to both. A verified professional contacts you, and Namoye is free for you.
All SG finance · Purchase Mortgage · Personal Loan
Namoye is a free matching service. It is not a lender, broker or adviser, and it doesn't give financial advice or make credit decisions. Any advice or offer comes from the firm that contacts you. Check a lender's licence with the Monetary Authority of Singapore before you share personal or financial details. Your home may be at risk if you can't keep up your loan repayments.
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