• MortgageWise singapore

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Best Home Loan Rates In Singapore

(Completed Residential Up To $1m, Min Loan Applies)

1M SIBOR + 0.80%
1M SIBOR + 0.80%
1M SIBOR + 0.95%
2 years
36FDR + 0.38%
36FDR + 0.38%
36FDR + 0.38%
2 years
3M SIBOR + 0.75%
3M SIBOR + 0.75%
3M SIBOR + 1.25%
1 year
1M SIBOR + 1.00%
2 years
(scroll to the right to see more)

See All Home Loans 2020

(Select Property Type And Fetch)

Market Pegs As Of 16-Nov-2020
(Source: ABS/MAS)

1-Month SIBOR3-Month SIBOR1-Month SORA3-Month SORA

Why Work With Us?

Most Updated Rates

Not only are our rates most updated, we get special deviated rates from banks at times because of the volume of business we refer.

Comprehensive Comparison

We send you a comprehensive summary – what we call Rates Report, that breaks down for you for each package the subsidy, lock-in, penalty, min loan, hidden terms, etc.

Trusted Partner

Not all brokers tell you everything like direct-to-bank packages online. We do. Why? Because we value your trust.  That’s why most choose to work with us in the end.

Recent Testimonials

“I am thoroughly impressed by the speed and professionalism of MortgageWise.

Amanda was thorough and represented my interests well in helping me get the best rates possible. I was able to get better rates, faster response and excellent customer service than dealing directly with the lenders!”

“We first heard about MortgageWise from a friend who recommended the firm’s services and we like that MortgageWise follows the client through the entire process, including re-financing the loan in future. Perks like the NTUC Fairprice vouchers were a plus too.

Kudos to MortgageWise’s Eileen for her efficiency and patience in explaining the different housing loan options to us! With her help, it was easy to decide on the best option for us within a day. The subsequent link-up with the bank and law firm was relatively fuss-free too.”

“Highly appreciate Mortgagewise and Amanda for the guidance and help in deciding my first home loan. Very responsive and knowledgeable, highly recommended!”

“I contacted MortgageWise for my first property purchase and Eileen was prompt in introducing me to the various BUC packages available and she patiently answered all my queries.  Thereafter, she swiftly linked me up with the relevant bankers and within a week I had my approved loan packages ready.

On top of that, MortgageWise offered me a discounted All-In legal package with their partner law firm, which I took up to smoothen my property purchase journey.

Overall I am very satisfied with Eileen as my mortgage consultant as she took extra steps to help me to appeal for a lower interest rate and she also assisted in liaising with the partner law firm during the initial stages. I am pleased with MortgageWise for offering such a convenient one-stop service (mortgage + legal). Thank you for the wonderful experience!”

“I heard about MortgageWise from a colleague and decided to give them a try for my refinancing. Their website is very transparent in quoting the available packages.

The lawyer fee subsidy and partial valuation fee rebate are very attractive features too. The whole process was smooth and Alvin was responsive to answer all my queries. I will definitely use their service again.”

“I was referred to MortgageWise by a friend who recently used their service.

They are very prompt and helpful. The entire transaction and loan process is very smooth and fast. It saved me a lot of time and effort. Thank you for helping me throughout.

I have already recommend you to my other friends!”

lady with hooray posture celebrating getting best home loan rates

Work with a trusted partner

And Make Every Cent Count!

Mortgage is probably the biggest commitment in life!  Yet few accord it with enough importance.  Despite what most believe (that they can manage mortgage costs on their own), our experience consistently shows otherwise – 7 out of 10 clients who contact us to review their mortgage rates do so late.  Often, it’s only upon receipt of notification letters from banks that their interest rate is going up the following month!  This is too late as there is a 3-month notice period to serve and they end up paying higher interest for a few more months which can run up to a few thousand dollars.

Few banks will give you a reminder call 3 months before your lock-in ends.  Work with us here at MortgageWise and let us partner you in your mortgage journey starting from the purchase.  Besides saving more, get rewarded every time you work with us, even when you refer your friends to us.  Plus our service is absolutely free.


1. What do you earn if this service is free?

Yes, our service is free to you as banks pay us a distributor fee for referring clients to them. But your interest and package stays the same otherwise we will tell you, and which you can easily validate.

2. How can the rate be the same then?

Unknown to many, bankers earn commissions on top of basic pay. So the bank pays either way be it an internal commission or an external referral fee.  This is a distribution cost to the bank which does not affect your interest rate.

3. Why can’t I search online on my own?

Certainly you may. But why go it alone when you can outsource this task to a broker who helps sift through important details and provide you a concise proposal at no cost?  Best part is you get additional perks from the broker.

4. Will my information be safe with you?

If you like, you may submit documents directly to the bankers, and all information will be kept private and confidential.  We take data protection very seriously as it is a now a criminal offence in Singapore.

More Testimonials

“I consider myself the more kiasu and kiasi type because taking a right mortgage loan is not something to be playing around with.  As my loan size is considered huge for my age group, I approached every mortgage expert that is available, including direct banker.

MortgageWise’s Alvin is a really dedicated person who is able to answer all my questions including the “stupid” one. He is also very patient and professional even though it took me a few weeks before finalizing my loan.

I trust MortgageWise because I did a lot of groundwork prior to talking with them and found that they are even able to obtain rates that are exclusive only when you call into the bank. If I knew MortgageWise from the get-go, they would have helped me save a lot of time and energy. They also have a promise to help us get the best deal or to stay-on when the lock-in period is ending which I think will be very useful.”

“Amanda from MortgageWise has provided excellent valued-added service in my recent search for a bank to help refi my loan.

She is very prompt in her responses to my queries and her explanation of the process is very clear and upfront. Her knowledge and experience had made the process very smooth and easy to complete.

I would recommend MortgageWise and Amanda anytime.”

“Eileen responded to my inquires almost instantly on a saturday morning when i first engaged MortgageWise.

From there, the referral process was swift and efficient and I managed to refinance my loan within a week – all this without the need to have any physical meeting at all!

This is the first time I’m refinancing loan through an agent and I’m feeling grateful for the advice and referrals that MortgageWise has provided me.”

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More Commonly Asked Questions..

There are different types of home loans in Singapore.  Besides choosing the lowest rates, there are many other considerations you should consider:

  • Fixed rate home loan or variable (floating) rate home loan
  • Choosing the right home loan mortgage peg: SIBOR, FHR or BOARD
  • Free conversion within or only at end of lock-in period
  • Waiver of penalty due to sale of property during the lock-in period
  • Prepayment partially without penalty within the lock-in period
  • Interest-offset mortgage loan
  • Locking down “guaranteed spreads” on loans with select lenders
  • Lowest valuation fees from select lenders
  • (For refinancing) Reimbursement or legal subsidy/valuation subsidy to defray fully all transaction costs

Find out the unique attributes of DBS Home Loan, OCBC Home Loan, UOB Home Loan and how to choose between the Big 3 local banks, plus a few other worthy international banks and why we recommend them.

Current home loan rates fluctuate in the range of 1.00% to 1.50%.

See comprehensive display of the Top 10 home loan packages in Singapore – both fixed and floating rate, using our interactive Rates Display.

Compare All Latest Rates 2020

Reprice means changing of a home loan package within the same bank; Refinancing refers to moving your home loan to another bank with better rates altogether.

Quite obviously a big part of the decision to stay or switch banks centres on who offers better rates and the cost of staying (conversion fee) vs. cost of refinancing (legal fee and valuation fee).  However, you may also want to explore the different loan features offered by various banks in Singapore which may sometimes outweigh the slight difference in rates per se.

Our observation from the collective experience of all our clients over the years has pointed to an obvious fact – it does not pay to stay loyal to the same bank which usually offers the lowest interest rate to new customers of the bank.  This is a fact-of-life that spans all industries.  So it pays to work with a professional mortgage broker who can compare for you the best home loan rates in Singapore before you sign.

There are at least 6 factors to consider when choosing between fixed rate home loan or floating rate home loan (or ARM – adjustable rate mortgage):

  1. Owner-occupied versus investment property
    In general, floating rate is more suitable for investment property as there is rental income to offset increases in monthly repayment.  On contrary, mortgages on owner-occupied properties are serviced entirely from employment income and any interest hikes is felt more acutely.  Hence fixed rate home loan for own-use property makes sense especially when there is less chance of a sale during the fixed rate lock-in period.
  2. Intention to sell
    As fixed rate home loan comes with a penalty of 1.50% if the loan is redeemed in full due to sale within the lock-in period, it is better to choose a floating rate home loan for those who are selling.  Albeit, from time to time, there are banks offering full or 50% waiver of this penalty if due to sale.
  3. Gap between fixed and floating rate
    As a rule of thumb, is the gap between the lowest fixed and floating rate is less than 50 basis points or 0.50%, it justifies the decision to go fixed while the interest cycle is going up.
  4. Size of the outstanding home loan
    Smaller loans below $500,000 generally costs more to refinance or reprice and you would be better off on a floating rate home loan where the spread stays constant and does not step up after the promotional years.
  5. Job stability
    Similarly, if there are headwinds in your industry with risk of potential job loss leading to temporary loss of income, floating rate home loan with constant spread will be preferred.
  6. Outlook on interest rate over the next few years
    In general when rates are rising (like from 2015 to 2018), you will benefit more by locking down a fixed rate home loan at early stage of the cycle.  The reverse will be true then when rates are falling where floating rate home loans will be favoured.  Between the cycles is when the decision becomes tougher and it is here that professional mortgage brokers make the biggest difference in terms of dispensing the right advice.  After all this is what they do day in and day out – monitoring macro environments and tracking interest rate movements.

SIBOR (Singapore interbank offer rate) is the rate that banks lend to one another in the interbank or money market, and is administered by ABS in Singapore.

The 3-month SIBOR is the benchmark interest rate used to price loans and is highly correlated with US Fed funds rate.

As Fed has now crashed the fed funds rate to near zero sine March 2020, we are now projecting the 3-moth SIBOR to retrace back to levels last seen in 2008 crisis ie. 0.30-0.40% and then trade sideways for quite a while until the macro outlook improves which will be a considerable time from 3 years to even 6 years or longer.

As home loans from Housing Development Board are pegged to CPF Ordinary Account rate (currently at statutory low of 2.50%) + 0.10%, ie. 2.60%, this is way above market interest rates at the last peak (2019) and indeed so for much of the last decade.

We are of the view that with massive liquidity coming from repeated rounds of QE (quantitative easing) from central banks all over the world, and the dearth of inflation in this century, interest rates may no longer go back to the heights of above 2.50%.  As such, we do recommend in general for HDB homeowners to refinance to the best HDB home loans from private banks as the gap (between HDB loan and bank loan) is simply too wide to be ignored.

(Note: We do have a minimum loan criteria of S$300,000 before we will broker any loan.  Find out why)

For refinancing home loans in Singapore, or purchase of completed property, homeowners would first need to choose between fixed rate home loan or variable rate (floating rate) home loan.  For fixed rate mortgages, Singapore banks generally only to fix the rate only for the initial 1 to 5 years of the loan tenure, after which interest reverts back to a floating rate and comes with a higher spread thereafter.

Next, homeowners would also need to choose the type of mortgage peg and there are three broad categories in Singapore: SIBOR (Singapore Interbank Offer Rate), FDR or traditional BOARD rate.  SIBOR or the Singapore Interbank Offer Rate, analogous to LIBOR, has been used commonly to price home loans in Singapore since 2007.  However the central bank MAS (Monetary Authority of Singapore) and ABS (Association of Banks in Singapore) have been preparing financial markets in recent years to switch over from SIBOR to SORA (Singapore Overnight Rate Average) loans within the next 3-4 years.

In 2014, lenders start to introduce FDR (fixed deposit rate) home loan mortgage pegs whereby the bank selects a pre-designated Singapore dollar fixed deposit tranche as the base rate to benchmark its home loans.  It goes by different names according to the banks eg. FHR, FDR, TDMR, etc.  We do extensive coverage of this FDR concepts in our blogs, something unique to the Singapore mortgage market.

Finally, besides interest rate, there are many other factors to consider when choosing a mortgage loan.  This can come in the form of home loan lock-in periods, flexibility to prepay in parts or in full, legal fee subsidy or cash rebate (for refinancing), free conversion, to interesting home loan features like interest offset, combo loan (combining fixed and floating rate home loan), etc.  Speak to a professional mortgage consultant in Singapore to understand the breadth of the market, dynamics involved, and how to navigate the changing regulatory framework on TDSR (Total Debt Servicing Ratio) etc.

MortgageWise.sg has been legally contracted to represent all major mortgage lenders in Singapore and the packages we broker include (but not limited to) : DBS Home Loans, UOB Home Loans, OCBC Home Loans, HSBC Home Loans, Maybank Home Loans, Stanchart Home Loans, Citibank Home Loans, Bank of China (BOC) Home Loans, CIMB Home Loans, RHB Home Loans, State Bank Of India (SBI) Home Loans, Hong Leong Finance (HLF) Home Loans.