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Decision guide
Repricing vs Refinancing Home Loan Singapore
When to switch packages within the same bank and when to move your mortgage to a new bank.
Last updated: March 2026
Quick Answer
Homeowners reviewing their mortgage usually have two options.
Repricing (also called conversion)
Switch to a new loan package within the same bank.
Refinancing
Move your loan to another bank offering better terms.
Both options can lower interest costs depending on market conditions.
Repricing vs Refinancing
| Feature | Repricing (Conversion) | Refinancing |
|---|---|---|
| Bank | Same bank | Different bank |
| Process | Simple internal switch | Full new loan application |
| Legal fees | Usually none | Legal work required |
| Speed | Faster | Slower |
| When used | When current bank offers competitive packages | When other banks offer better rates |
What Is Repricing (Conversion)
Repricing means switching your mortgage to a new loan package offered by the same bank.
This is sometimes called conversion.
Benefits:
- faster process
- minimal paperwork
- usually no legal fees
However, the bank's new package may not always be the most competitive in the market.
What Is Refinancing
Refinancing means switching your mortgage to a different bank.
Benefits:
- access to better market rates
- promotional packages
- possible cash rebates or legal subsidies
But refinancing involves a new loan approval process.
Example Scenario
Loan amount
S$800,000
Current rate
3.20%
New bank rate
2.50%
Potential savings
Thousands per year depending on loan structure
Even small interest differences can significantly reduce long-term interest costs.
When Repricing Makes Sense
Your bank offers competitive packages
Repricing may achieve similar rates.
You want a faster process
Conversion can usually be completed quicker.
When Refinancing Makes Sense
Lock-in has ended
No penalty to switch banks.
Other banks offer much better rates
Refinancing can reduce interest costs.
You want a different loan structure
Example: fixed vs floating package.
Independent Mortgage Review
We help homeowners review both repricing and refinancing options before making a decision.
Our role includes:
- checking repricing packages from your current bank
- comparing refinancing offers across multiple banks
- calculating interest savings
- coordinating with banks during the switch process
This ensures homeowners choose the best option, not just the easiest one.
Typical Mortgage Review Timing
After lock-in period ends
Many homeowners review refinancing options.
When interest rates fall
Switching packages can reduce interest costs.
Every few years
A periodic review can prevent overpaying on your mortgage.
Related Guides
Free Consultation
Check if repricing or refinancing saves you money
We review both options and recommend the better strategy for your mortgage.
FAQ
What is repricing in Singapore home loans?
Repricing is switching to a new mortgage package offered by the same bank.
Is conversion the same as repricing?
Yes. Conversion is another term commonly used for repricing.
Is refinancing always better?
Not always. Sometimes your current bank's repricing package is competitive.
When should I review my mortgage?
Many homeowners review their mortgage when the lock-in period ends or when market rates change.