What is mortgage repricing in Singapore?

Mortgage repricing is when you stay with your existing home loan bank but switch to a different loan package they offer — typically one with a lower interest rate. Because you remain with the same lender, you skip legal fees, valuation fees, and the lock-in penalty risk that comes with refinancing to a different bank. Most Singapore banks (DBS, OCBC, UOB, SCB, Maybank) offer repricing 3-6 months before your existing lock-in ends.

Repricing vs refinancing — what's the difference?

Repricing keeps you with the SAME bank, just a new package. Refinancing moves you to a DIFFERENT bank. Repricing has minimal cost (typically a small bank admin fee of $200-$800) and faster process (1-2 weeks). Refinancing requires fresh legal work ($1,800-$3,000), property valuation ($200-$500), and possibly a lock-in penalty (1.5% of outstanding if you break a lock-in). Refinancing can deliver a bigger rate cut if a competing bank is meaningfully more aggressive.

When can I reprice my home loan?

Most banks allow repricing once you're close to (or past) the end of your current lock-in period. Lock-in is typically 1-3 years on fixed-rate packages. Banks usually proactively send repricing letters 3 months before lock-in ends. If you reprice inside the lock-in, you'll typically trigger a 1.5% penalty — same as if you refinanced to another bank during lock-in.

Does repricing reset my lock-in period?

Yes — if you reprice INTO a new fixed-rate package, the lock-in resets for that new package's tenure. A 3-year fixed package gives you 3 fresh years of lock-in. Floating-rate packages typically have shorter or no lock-in. Always check the new lock-in period before signing the repricing letter.

What's the rule of thumb for choosing repricing vs refinancing?

Quick rule: if the refinancing offer beats your bank's repricing offer by LESS than ~0.4% per year, repricing usually wins after factoring in legal fees, valuation, and potential lock-in penalty. If the gap is more than 0.4% per year AND you have at least 5 years left on the loan, refinancing typically pays back. For loans under $500K with less than 5 years remaining, repricing nearly always wins on net friction-adjusted savings.

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Mortgage Repricing vs Refinancing in Singapore (2026)

verifiedBy Smart Calculator Editorial·Verified against official .gov.sg sources·21 May 2026

Repricing keeps you with the same bank (no legal fees, no valuation, 1-2 weeks). Refinancing moves you to a different bank (legal $1.8-3K, valuation $200-500, 6-8 weeks). How to decide for DBS, OCBC, UOB, SCB, Maybank home loans.

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If you took out a home loan 2-3 years ago in Singapore, your fixed-rate or lock-in package is probably ending soon — and your bank is about to either auto-revert you to a punishing variable rate, or send you a repricing letter with a lower offer. At the same time, you'll probably see competing offers from rival banks. The decision between repricing (same bank, new package) and refinancing (different bank, fresh legal work) shapes the next 2-5 years of your monthly payments. This guide walks through the maths, the process for each major SG bank, and when each option wins.

Quick answer: repricing vs refinancing

Repricing = stay with your existing bank, switch package. No legal fees, no valuation, no lock-in penalty (if past lock-in). Faster process (1-2 weeks). Refinancing = move to a different bank. Higher friction ($1,800-$3,000 legal, $200-$500 valuation, possible 1.5% lock-in penalty), but can deliver a bigger rate cut. Rule of thumb: repricing wins unless a competing bank beats your repricing offer by more than ~0.4% per year AND you have 5+ years remaining. Use the Mortgage Repricing Calculator to see exact break-even maths for your loan.

The cost gap that decides everything

Cost item	Repricing	Refinancing
Bank admin fee	$200 – $800 (often waived)	typically waived by new bank
Legal fees	$0	$1,800 – $3,000
Property valuation	$0	$200 – $500
Lock-in penalty (if applicable)	$0 if past lock-in	1.5% of outstanding
Time to complete	1 – 2 weeks	6 – 8 weeks
Typical break-even (rate gap 0.4%, $500K loan)	1 – 3 months	12 – 20 months

The friction gap is real money. On a $500,000 outstanding loan with 20 years remaining, a 0.4% rate cut saves roughly $1,000/month at first — but refinancing eats $3,000 in upfront costs that take 3+ months to recover, vs repricing's near-instant payback.

When repricing wins

Your bank's offer is close to market. If your bank's repricing rate is within ~0.4% of competing offers, the friction savings on repricing typically beat the small extra rate cut from refinancing.
You're past your lock-in period. Repricing past lock-in costs you nothing beyond a possible small admin fee. Inside lock-in, both options trigger penalty — so you might as well shop bank rates if you're going to pay penalty anyway.
Remaining tenure is short (under 5 years). Refinancing legal + valuation fees ($2,000-$3,500) don't amortise well across a short remaining tenure.
Loan outstanding is modest (under $500K). Absolute savings on a smaller loan don't justify the $3,000+ refinancing overhead.
You value speed and minimal paperwork. Repricing is 1-2 weeks, mostly via online banking. Refinancing is 6-8 weeks of conveyancing, valuation appointments, and signing sessions.
You want to maintain the existing bank relationship. Mortgages are often the anchor for cross-sell offers (credit cards, investment accounts). Staying with one bank can preserve preferred status.

When refinancing wins

A competing bank beats your repricing offer by 0.5%+. That's roughly the threshold where extra annual savings exceed friction over 5+ years.
You have 5+ years remaining. Refinancing fees amortise over the full remaining tenure — a longer tenure means more years to recover the upfront cost.
Loan outstanding is large ($500K+). Absolute monthly savings on a large loan quickly exceed the friction cost.
You want to switch package type. Refinancing is often easier than repricing if you want to move from floating to fixed (or vice versa) — some banks are more flexible on new applications than existing customers.
The new bank offers material cashback. Some banks bundle $1,500-$3,500 cashback or vouchers with refinancing — that effectively cancels the friction cost.
Your existing bank's service has been poor. Mortgage is a 10+ year relationship; if your bank has been unresponsive on previous queries, refinancing is a clean reset.

Bank-by-bank repricing process

DBS

How to apply: Log into DBS iBanking → My Mortgage → Reprice Now, OR call your DBS mortgage specialist
Available packages: 1y / 2y / 3y / 5y fixed, plus SORA-pegged options
Typical admin fee: $300-$500 (sometimes waived)
Repricing letter received: 3 months before lock-in ends
Acceptance window: 14 days to sign
New rate effective: Start of next interest period (next month for floating, next reset for SORA)

OCBC

How to apply: Call OCBC mortgage hotline (1800 363 3333) or visit a branch
Available packages: Fixed-rate (1-5y) and SORA-pegged floating
Typical admin fee: $500
Repricing letter received: Sent automatically near lock-in end
Distinctive feature: OCBC's RateLock+ allows mid-tenure rate locking for an additional fee

UOB

How to apply: Contact UOB mortgage specialist (typically tied to the original application)
Available packages: Fixed and SORA-pegged
Typical admin fee: $200-$500
Repricing letter received: 60-90 days before lock-in ends
Distinctive feature: UOB sometimes offers existing-customer-only packages not available to new applicants

Standard Chartered

How to apply: Online via the SC banking app or via your mortgage specialist
Available packages: Fixed, SORA-pegged, and the SC MortgageOne offset facility
Typical admin fee: $0-$500
Repricing letter received: Closer to lock-in end (occasionally less proactive than other banks)

Maybank

How to apply: Maybank2u online banking or call mortgage hotline
Available packages: Fixed and floating
Typical admin fee: $200-$500
Distinctive feature: Smaller share of SG mortgage market — competitive rates but smaller package menu

Worked example: $500K outstanding, 20 years remaining

Scenario: SC homeowner, currently on a 3-year fixed at 3.5% ending next month. Bank A (current bank) offers repricing to 2.8%. Bank B (competing) offers refinancing at 2.5%. Bank C offers refinancing at 2.6% with $2,000 cashback.

Path	Monthly	Net cost over 5 years	Net benefit vs current
Stay at 3.5%	$2,900	—	$0 (baseline)
Reprice to 2.8% (no friction)	$2,711	$0 upfront + $0 penalties	+$11,340
Refinance to 2.5% (legal $2,500 + val $350)	$2,649	$2,850 upfront	+12,210
Refinance to 2.6% with $2,000 cashback (net $850 upfront)	$2,669	$850 net upfront	+12,990 ← winner

Bank C wins here because the cashback nearly cancels the friction cost, leaving a meaningfully better net benefit. Without cashback, refinancing to 2.5% wins by only ~$870 over 5 years — too close to the friction gap to justify the extra paperwork.

Use the Mortgage Repricing Calculator with your exact numbers to see your specific break-even.

Common mistakes

Looking only at headline rate. A 2.5% rate with $3,000 legal fees often loses to a 2.8% rate with $0 fees on shorter tenures or smaller loans.
Reprictng during lock-in. Both repricing and refinancing typically trigger the 1.5% lock-in penalty inside lock-in. Wait until you're past it.
Forgetting the new lock-in. If you reprice into a 3y fixed package, you've just signed up for 3 fresh years of lock-in. If you may sell or refinance again sooner, prefer a floating package or a shorter fixed term.
Not negotiating. Banks have multiple packages at any given time; the first offer isn't always the best. Ask for the "best alternative package" or "current promo" — sometimes there's a better tier they don't volunteer first.
Ignoring SORA reset dates. If you're on a SORA-pegged package, the rate resets monthly or quarterly. Repricing changes apply from the next reset date — not immediately.

Related calculators and guides

Mortgage Repricing Calculator — exact break-even maths
Mortgage Refinancing Calculator — refinancing-only detailed math
Mortgage Calculator — base mortgage payment maths
TDSR Calculator — confirm you still pass TDSR if changing tenure
HDB Loan vs Bank Loan guide — the prior decision (and when to switch from HDB to bank)