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 “Zero-Cost” Work?

We bring you “zero-cost” by giving you 3 benefits when you refinance your home loan through us, subject to a minimum loan size of $500,000 be it private property or HDB.  Do also read the next section on our simple terms & conditions.

Benefit 1: $1,800 Legal Fee For Refinancing

By taking your home loan through us, you enjoy a special rate of $1,800 all-in legal fee from our law firm partners.  This rate is lowest in the market and exclusive to MortgageWise clients.

With most banks giving $2,000 cash rebate for min. $500,000 loan, this means you would have $200 leftover savings after paying off the legal fees.  This $200 would help to defray part of your valuation fees.

Benefit 2: A $250 Tangs Voucher From MortgageWise

Only for refinancing clients with more than $500,000 loan, we are giving you a $250 Tangs voucher to help defray some 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 be a breeze in just 15 minutes when you refinance through us.

Benefit 3: Valuation Fees At $450 Or Lower

At $450 valuation fees, this is now zero out-of-pocket costs for refinancing as we have given you $200 savings from legal fees and $250 Tangs voucher to help offset costs.

The only criteria here for valuation fee to be within $450 is that the property must be a condominium unit or HDB and its value must not be above $1.5M OR the size is not above 1,300 sqft (dependant on the bank’s valuation pricing guidelines).

We achieve this by working closely with our dedicated team of bankers from five banks for a start, which represented approximately 90% of the packages available for refinancing out there.  The five banks are DBS, OCBC, UOB, MAYBANK and HSBC.

This does not mean the few banks left out here are not available for refinancing through MortgageWise.  Or that you will not enjoy the 3 benefits listed here if your property is a landed house, or its value is more than 1.5M with area more than 1,300 sqft.  Just that as the valuation fees involved will most likely be more than $450, there will be a small amount of out-of-pocket expenses incurred in the range of $200-300 which cannot be offset fully.

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 Zero-Cost Refinancing

• For refinancing of residential property in Singapore only and subject to a minimum loan of $500,000.
• For condo/HDB valuation up to $1.5m OR built-in area of up to 1,300 sqft, dependant on the bank’s valuation pricing guidelines.
• Zero-cost applies to refinancing to DBS, OCBC, UOB, MAYBANK, HSBC.
• For other banks, or properties with valuations more than $1.5m, or built-in area more than 1,300 sqft, or landed properties, refinancing may or may not be zero-cost based on the final valuation fees quoted (usually above $450) and the amount and type of legal subsidy or cash rebate granted by the new bank.  In such cases, additional out-of-pocket expenses is estimated to be around $200-$400 for property valuations up to $2m.
• 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.
• Zero-cost refinancing is awarded only for cases where the enquiry to us for refinancing is received on and after the launch date of 11 May 2018.
• 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.

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