Answer
When to Reprice Your Mortgage in Singapore
Repricing is the easiest way to lower your mortgage rate — same bank, no legal fees, done in days.
Answer: Reprice your mortgage when your lock-in period is ending and your current rate is 0.2%+ above the best package your bank offers. The process takes 1–2 weeks, costs $0–$800 in admin fees, and requires no lawyer. On a $500K loan, a 0.3% reduction saves ~$900/year. If your bank's best rate is still not competitive, then refinance to another bank instead.
5 Signs It's Time to Reprice
- →Lock-in is expiring — Most fixed-rate packages lock you in for 2–3 years. Your bank will send a letter 2–3 months before expiry. This is your window.
- →Your rate jumped after lock-in — Many packages revert to a higher board rate (e.g., 3M SORA + 1.0%) after the promotional period ends. Check your letter of offer.
- →Market rates have dropped — If SORA-based rates have fallen 0.2%+ since you locked in, your bank likely has cheaper packages now.
- →You're on a floating rate with no lock-in — You can reprice anytime. No penalty. Just ask your relationship manager.
- →Your bank is offering a retention package — Banks sometimes proactively offer lower rates to retain borrowers near lock-in expiry. Always negotiate.
Repricing Savings Calculator
How much you save depends on your outstanding loan and the rate gap:
| Outstanding Loan | 0.2% Drop | 0.3% Drop | 0.5% Drop |
|---|---|---|---|
| $300,000 | $360/yr | $540/yr | $900/yr |
| $500,000 | $600/yr | $900/yr | $1,500/yr |
| $800,000 | $960/yr | $1,440/yr | $2,400/yr |
| $1,200,000 | $1,440/yr | $2,160/yr | $3,600/yr |
Approximate annual savings on interest. Actual savings vary slightly based on remaining tenure and amortisation schedule.
How to Reprice: Step-by-Step
Check Your Current Rate
Log in to your bank's app or check your latest loan statement. Note your current interest rate and when your lock-in period ends.
Ask Your Bank for Current Packages
Call your mortgage hotline or RM and ask: "What repricing packages are available?" They will list fixed and floating options. Request the rate sheet in writing.
Compare with Market Rates
Check other banks' published home loan rates (MoneySmart, PropertyGuru Finance). If the gap between your bank's best offer and the market best is under 0.1–0.15%, repricing makes sense. If the gap is larger, consider refinancing.
Submit the Repricing Form
Most banks let you do this online or via your RM. You'll sign a supplemental letter. No valuation, no lawyer needed.
New Rate Takes Effect
Typically within 1–2 weeks. Your next mortgage payment will reflect the new rate. A new lock-in period usually starts (2–3 years for fixed packages).
Reprice vs Refinance: Quick Decision Guide
| Factor | Reprice | Refinance |
|---|---|---|
| Cost | $0–$800 admin fee | $2K–$4K (legal + valuation) |
| Timeline | 1–2 weeks | 2–3 months |
| Paperwork | Minimal (1 form) | Full application + lawyer |
| Rate range | Limited to your bank's packages | Best rate across all banks |
| Best when | Gap < 0.2% vs market | Gap > 0.3% vs market |
Rule of thumb: If your bank's repricing offer is within 0.15% of the best market rate, reprice. The $2K–$4K saved on legal fees usually outweighs the slightly higher rate. If the gap is 0.3%+ and your loan is above $300K, refinance — you'll break even on fees within 12–18 months.
Common Mistakes to Avoid
- →Doing nothing after lock-in expires — Your rate automatically reverts to a higher board rate. This is free money left on the table.
- →Not comparing before accepting — Your bank's first offer may not be their best. Ask if there are better retention packages, especially if you mention other banks' rates.
- →Repricing during lock-in — Some banks charge a 0.75%–1.5% prepayment penalty even for repricing within the lock-in period. Check your letter of offer first.
- →Ignoring the new lock-in terms — Every repricing resets your lock-in clock. A 2-year fixed repricing means you're locked in again for 2 years. Factor this into your decision.
See How Rate Changes Affect Your Monthly Payment
Plug in your loan amount and compare different rates to see the exact monthly difference.
Calculate Your NumbersFAQ
What does repricing a mortgage mean?
Repricing (also called rate conversion or rate switch) means switching to a different interest rate package within your current bank. Unlike refinancing, you stay with the same bank so there are no legal fees, no new valuation, and no conveyancing. The process takes 1-2 weeks and typically costs $0-$800 in admin fees.
When is the best time to reprice my home loan?
The best time is when your lock-in period is ending or has ended, and your current rate is at least 0.2-0.3% higher than the best rate your bank currently offers. Banks usually notify you 2-3 months before lock-in expiry. If you are on a floating rate with no lock-in, you can reprice anytime.
How much can I save by repricing?
On a $500K outstanding loan with 20 years remaining, a 0.3% rate reduction saves roughly $900 per year or $75 per month. A 0.5% reduction saves about $1,500 per year. Over the remaining tenure, the total savings can reach $15K-$30K depending on the rate gap and loan size.
Should I reprice or refinance?
Reprice if your current bank offers a competitive rate within 0.1-0.2% of the best market rate. Refinance if the rate gap is 0.3%+ and your outstanding loan is above $300K (to justify $2K-$4K in legal and valuation fees). If your lock-in has not expired, you will pay a 1.5% prepayment penalty to refinance, making repricing the smarter move.
Can my bank reject a repricing request?
Yes, but it is uncommon. Banks may decline if your income situation has changed significantly, your property value has dropped below the outstanding loan, or you have defaulted on payments. Most banks approve repricing requests within days since they would rather keep you as a customer at a lower rate than lose you to a competitor.
Related
Last updated Feb 2026. Repricing fees and timelines vary by bank. Rate comparisons are illustrative based on typical SORA-based packages. Always request your bank's current rate sheet before deciding.