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Chris Chong (HoneyMoneySG) Saved S$6,000 Refinancing His HDB Loan: Here's How
Financial blogger Chris Chong (HoneyMoneySG) successfully reduced his mortgage interest rate from 2.6% (HDB loan) to a 1.8% fixed bank loan, leading to a net savings of approximately S$6,000 over three years. If you are an HDB homeowner, you could be overpaying: check the best available rates on Cashew or contact a Cashew advisor today to see how much you could potentially save.
20 Years of Data Prove It: Bank Loans Beat HDB Loans
Over the last two decades, HDB’s 2.6% home loan rate has stayed rock solid — while SORA-based bank loans have floated up and down with the market. But when you crunch 20 years of data, a clear pattern emerges: despite a few short spikes, bank loans have been cheaper almost 80% of the time. A borrower with a $500,000 loan over 20 years would have saved roughly $70,000 by going with a typical SORA + 0.5% bank package instead of sticking with HDB’s fixed rate. The takeaway? Start safe with an HDB loan when buying your BTO, but once you’ve collected your keys, refinance to a bank loan — and let the data work in your favour.
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Chris Chong (HoneyMoneySG) Saved S$6,000 Refinancing His HDB Loan: Here's How
Financial blogger Chris Chong (HoneyMoneySG) successfully reduced his mortgage interest rate from 2.6% (HDB loan) to a 1.8% fixed bank loan, leading to a net savings of approximately S$6,000 over three years. If you are an HDB homeowner, you could be overpaying: check the best available rates on Cashew or contact a Cashew advisor today to see how much you could potentially save.
Sarah Chen
20 Years of Data Prove It: Bank Loans Beat HDB Loans
Over the last two decades, HDB’s 2.6% home loan rate has stayed rock solid — while SORA-based bank loans have floated up and down with the market. But when you crunch 20 years of data, a clear pattern emerges: despite a few short spikes, bank loans have been cheaper almost 80% of the time. A borrower with a $500,000 loan over 20 years would have saved roughly $70,000 by going with a typical SORA + 0.5% bank package instead of sticking with HDB’s fixed rate. The takeaway? Start safe with an HDB loan when buying your BTO, but once you’ve collected your keys, refinance to a bank loan — and let the data work in your favour.
Sarah Chen
Best Condo Mortgage Rates in Singapore (Updated on 10 October 2025)
Discover the best condo mortgage rates in Singapore as of 10 October 2025. Fixed and floating packages now start from just 1.5%, down sharply from past years. See today’s lowest rates, compare loan sizes, and learn how much you can save on your condominium loan.
Sarah Chen
Why Paying 2.6% on Your HDB Loan No Longer Makes Sense
With HDB concessionary loans fixed at 2.6% and banks now offering rates as low as 1.60%, many homeowners are paying more than they need to on their mortgages. By refinancing, a typical homeowner with a $500,000 loan could save around $6,000 in just two years — with most banks even subsidising legal and valuation fees for loans above $250,000. The process takes about 6–8 weeks and, while you can’t revert back to an HDB loan once you switch, refinancing is an attractive option for those looking to sell in the near future or pay down their mortgage faster. Cashew makes the process simple by comparing over 500 live packages across all major banks and guiding you to secure the best rate with confidence.
Sarah Chen