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Gain access to exclusive mortgage rates and benefits from all our partnered banks and financial institutions. We provide unbiased advice with no obligation and no hidden fees, ensuring you get the best mortgage options tailored to your needs. Our goal is to help you find the perfect loan with complete transparency and the lowest possible rates.
Enjoy extra cash rewards and home content insurance for every loan size*. Take advantage of our free refinance notification service, where our specialists will secure the best mortgage loan rate offers for you once your property is due for refinancing. This ensures you won’t pay a cent more throughout your entire mortgage repayment journey. With iQrate, you’re always getting the best value.
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Refinancing means switching your existing home loan to a new package, either with the same bank or a different bank, usually to enjoy lower interest rates or better terms. By refinancing, homeowners can reduce monthly repayments and save on overall loan costs.
It’s best to secure a refinancing offer 3 months before your lock-in ends, since banks take time to process applications and disburse funds. This ensures your new loan kicks in right after your old package’s lock-in period finishes.
Yes. You can use your CPF (Central Provident Fund) Ordinary Account (OA) savings to repay your home loan in part or in full before maturity. The steps differ depending on whether your loan is with HDB or a bank.
For HDB loans:
Ensure you have sufficient funds in your CPF OA and check your maximum CPF usage limit.
Apply online via the HDB website or submit a CPF withdrawal form at any HDB branch.
Processing usually takes about three working days for online submissions and three to five working days for branch submissions.
For bank loans:
First, obtain approval from your bank.
Confirm you have enough CPF OA savings and review your usage limits through the Homeownership dashboard.
Submit your application online using Singpass. If you intend to fully redeem your loan, attach the bank’s redemption statement and your lawyer’s legal bill (if applicable).
Processing typically takes around five working days.
An IPA is a bank’s conditional approval of your home loan, based on your income, credit profile, and debt obligations. It gives you clarity on your borrowing power.
Yes. Most banks charge penalties typically 1.5% of the outstanding loan amount, if you redeem or refinance during the lock-in period. Always check your loan terms before switching.
You should compare your current loan package with available rates and factor in costs such as legal fees or penalties. IQrate helps you run these comparisons easily so you can see whether refinancing leads to real savings.
When refinancing your home loan, there are several costs to keep in mind:
Legal fees – These cover the lawyer’s work in preparing and submitting the refinancing documents, handling the loan transfer, and updating the property title. The fee is usually calculated based on your loan amount, so higher loan amounts will result in higher legal fees. Depending on the bank and law firm, fees typically range from $1,500 to $2,000.
Valuation fees – Banks often require a current valuation of your property to determine its market value before approving the refinance. This fee typically starts from $150 , depending on the property type and bank.
Fire insurance / Home insurance – Some banks require that you maintain or purchase fire insurance (or home insurance) for the property as a condition for refinancing. The cost depends on the property size and coverage.
Early redemption / penalty fees – If you’re refinancing during your existing loan’s lock-in period, the bank may charge a penalty, often 1.5% of your outstanding loan.
Many banks offer subsidies or rebates on some of these fees to encourage refinancing. IQrate’s platform helps you compare packages, factoring in these costs so you can see the true savings after refinancing.
IQrate partners with all 16 major banks in Singapore, allowing us to present you with the most competitive rates and tailor-made options based on your financial profile, including income, existing debts, and property type.
Our Mortgage Specialist will also guide you through documentation, liaise with banks during the approval process, and highlight potential savings, ensuring you secure the most suitable mortgage package efficiently.
