That’s right.  No gimmicks. Only real value. That’s the reason why so many clients have chosen to refinance their home loans through MortgageWise (see their testimonials).  And many have learnt that it pays to be a new customer again every three years, and to refinance through a mortgage broker.  You see, because the banks pay a commission whether you apply direct to the bank or through a broker like us (internal vs external sales commission).  You get the same interest rate.

HOME LOAN RATES 2018

(Simply Choose Your Rate Type & Fetch)

What Are The Costs Of Refinancing?

Before we explain how it works, you need to first understand what are the two typical costs involved in refinancing of Singapore residential property loans:

Legal Fees:
$2,000-$2,300 for private property (inclusive of mortgage stamp duty $500)
$1,600-$1,800 for HDB property

Most banks will offer legal subsidy or cash rebate of $2,000 (sometimes lower for HDB) for min. loan of $500,000 to help defray this cost. The only requirement is that you keep your loan with the bank for a minimum of 3 years else the cash rebate amount will be “clawed back” from you in full.  This is generally not a problem for most homeowners unless  you are planning to sell the property.

Valuation Fees:
$400-$600 for private property (condos up to $1.5M or 1,300 sqft)
$200-$250 for HDB property

Valuation is dependant on lenders and most will have some pricing guide based on valuation amount or the size of the unit in sqft.  The type of property be it condo or landed also matters.

How Does It Work?

We offset your valuation fee offset in two ways when you refinance your home loan through us, subject to a minimum loan size of $500,000 be it private property or HDB.

$1,800 Legal Fee For Refinancing

By refinancing your home loan through us, you enjoy a special refinancing legal fee rate of $1,800 all-in (including mortgage stamp duty and gst) from our law firm partner(s).  This rate is lowest in the market and exclusive to MortgageWise clients.

With most banks giving $2,000 cash rebate or legal subsidy for min. $500,000 loan, this means you would have $200 leftover savings after paying off the legal fees of $1,800 when you use our partner law firm(s).  This $200 would help to defray part of your valuation fees.

$200 Tangs Voucher From MortgageWise

Next, we give you a $200 Tangs voucher to help defray more of your out-of-pocket costs as we understand it takes some effort to submit all your documents to a new bank. But we will show you how this can done in a breeze with just 15 minutes when you refinance through us.

Now this $200 comes strictly from MortgageWise because you choose to work with us!  No complicated mechanics and tiering of rewards. No “up to” gimmicks.  As long as you refinance through us and your loan is above $500,000.  The usual terms will apply (see below).

Thus, with most private property valuations in the region of $500 (for condos up to $2m in valuation), we help to offset almost 80% of your valuation fees in total ($200+$200).  In fact for those with condo units up to $1.5m in valuation or built-up area less than 1,300 sqft, sometimes the valuation can be as low as $400, which means effectively it becomes a Zero-Cost refinancing! (Note: Landed valuations will be higher)

Speak to our consultants where you get a low-down on all packages available in the market for refinancing, and some packages might still be worth a serious look as the substantial interest savings outweigh any out-of-pocket expenses.

Yes I Want To Refinance Now

*Our Terms & Conditions For Refinancing Valuation Fee Offset

• For refinancing of residential property in Singapore only and subject to a minimum loan of $500,000.
• The $1,800 all-in refinancing legal fee applies only to a STANDARD residential property refinancing transaction be it private condominium or HDB.  It does not include non-standard items like but not limited to applying for use of CPF for the first time, courier charges for clients based outside Singapore, de-coupling of property involving refinancing, etc.  Certain banks may also be excluded which forms a very small group.
• Client would need to take his or her home loan with MortgageWise being indicated as the referral party and appoint the partner law firm recommended by MortgageWise to act in the refinance.  The bank must also be paying a distributor (or referral) fee in full to MortgageWise for the package that the client has chosen.
• The terms, mechanics, and administration of zero-cost refinancing privilege will be solely determined by MortgageWise and its partners who reserve their rights to decide in any dispute whatsoever.

Serving clients since 2014, read the growing list of accolades from all our happy customers … as we continue to strive for service excellence, in-depth analysis, unbiased recommendation, and always putting your interest first.