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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.