• MortgageWise singapore

Same Rates, Better Deal

When you use a broker. Find out why?

New Purchase LoanRefinance Loan
2014

Operating since

$650m

Loans originated (pa)

2,800

Clients served

2020 Best Home Loans

(Select Property Type And Fetch)

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

“We found MortgageWise via Google search and received immediate response.

Eileen has been very helpful, efficient and prompt in answering our queries. She recommended us good loan packages. With the refinance of our loans, we can save a substantial amount of interest being paid to the bank.

We are very thankful to her and would highly recommend Eileen and MortgageWise to friends.”

Steven & ChrisWaterfront@Faber, Jan 2020

“I am getting my home refinance and decided to email a few home Mortgage site for advice. Melissa from MortgageWise got back to me promptly.

Her analysis of the market and breakdown of all the available home loan packages are very comprehensive. Compare with the rest, their offer and promo is the best in Singapore. I am very happy and highly recommending Melissa if anyone is getting their home loan.”

Edward PohPrestige Heights, Jan 2020

“When i am having a lookout on refinance my condo, my friend introduce Darren to me. First time using his & his company services. Amazing! Responsive, informative and helpful!

Successfully sign up a new loan for my condo. Happy with that with good advice from Darren. Save a lot of time, will definitely use them again. Highly recommended.”

Lip ChuanWatercolours, Jan 2020
lady with hooray posture celebrating getting best home loan rates

When you work with us in long run..

Save On Average $10,000!

Starting with a purchase, you save $700 when you apply for your loan through us with our special $1,800 purchase legal fee.  Each refinancing later, based on a typical loan of $750,000, the average savings of 0.20% (else you won’t need to switch banks) translates into $1,500 over 2-year period (typical lock-in ).

 

Together with our special rewards* of $150 Fairprice gift card for each refinancing (min loan >$500,000), an average tenure of 10 years would mean the typical homeowner stands to save close to $10,000 with us!

Plus our service is absolutely free.

FAQs

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 come across MortgageWise while searching for bank rates for refinancing. I like the online chat whereby a representative find out about my requirements and then I am referred to Melissa via email.

Melissa is quick to respond to my queries in watsapps and call me at my convenient timing. She is quick in connecting me to the bank once I have decided which bank to go with. Down to earth and no overpromising, I will not hesitate to recommend her to anyone looking for refinancing options.”

Ms LimWoodsville 28, Dec 2019

“Thanks MortgageWise and Darren for helping us secure the best rate for our property!
Firstly, MorgageWise had the best rates, along with recommendations amongst the mortgage website that I have seen.
Secondly, Darren and his bankers were very proactive in contacting me, and patient in guiding me the process.

Overall, I would recommend MortgageWise and would definitely come back to refinance.
Thanks again!”

GabrielThe Visionaire, Dec 2019

“The experience of refinancing my bank loan has been made simple and pleasant by the excellent services of Alvin. He was professional and prompt in his replies. He was also able to provide useful advice when faced with various refinancing options. I didnt expect the refinancing process to be such a breeze and was thankful to MortgageWise and Alvin for a seamless experience. Would recommend their services to many others out there who need them!

Thanks once again!”

WilliamHDB Tampines, Dec 2019

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SIBOR Updates As At 22-Jan-2020
(Source: ABS Website)

  • 1-Month SIBOR
  • 1.68550
  • 3-Month SIBOR
  • 1.73800
  • 6-Month SIBOR
  • 1.82363

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 rate home loan
  • Choosing the right home loan mortgage peg: SIBOR, FHR or BOARD
  • Free conversion within or 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 1.80% to 2.00%.

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 who usually offers the lowest interest rate to acquire new customers to the bank.  This is a fact-of-life across all industries.

There are at least 6 factors to consider when choosing between fixed or floating rate home loan:

  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 indicated a pause after cutting rates 3 times in 2019, we are now projecting the 3-moth SIBOR to trade sideways for a while in the 1.6-1.8% range-bound.

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 home loan.  And for the former, the fixed rate is only fixed for the initial 1 to 3 years of the loan tenure, after which interest reverts back to a floating rate at usually at a higher spread.

Next, homeowners would also need to choose the type of mortgage peg and there are three broad categories in Singapore: SIBOR, 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.  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 lock-ins, 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 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.