Mid-2026 remains a cheap-money window by recent standards: the lowest packages we track start at 1.35% in the first year — a long way below the 4% stress-test rate banks must still use to size your loan (see our TDSR guide). The spread between the cheapest and priciest packages on the same day is over a full percentage point, which on a $1.35 million loan is roughly $1,100 a month. Package selection is not a rounding error.
Current packages, cheapest first
| Lender | Reference | Year 1 | Year 2 | Year 3 | Key features |
|---|---|---|---|---|---|
| DBS | Board | 1.35% | 1.35% | 1.35% | Switch to SORA before TOPFC at TOPCW |
| DBS | Board | 1.35% | 1.35% | 1.38% | Switch to SORA before TOPFC at TOPCW |
| OCBC | 3M SORA | 1.39% | 1.39% | 1.39% | 2× FC — disbursement / TOPCW |
| DBS | 3M SORA | 1.41% | 1.41% | 1.41% | 2× FC — disbursement / TOPCW |
| DBS | 3M SORA | 1.46% | 1.46% | 1.46% | 2× FC — disbursement / TOPCW |
| RHB | 1M SORA | 1.46% | 1.46% | 1.46% | FC anytime after disbursementCW |
| OCBC | 1M SORA | 1.46% | 1.46% | 1.46% | 2× FC — disbursement / TOPCW |
| Bank of China | 3M SORA | 1.51% | 1.51% | 1.71% | FC at TOP |
| HSBC | 3M SORA | 1.61% | 1.61% | 1.61% | FC anytime after disbursementCWIO — SmartMortgage |
| HSBC | 1M SORA | 1.68% | 1.68% | 1.68% | FC anytime after disbursementCWIO — SmartMortgage |
| DBS | 3M SORA | 1.71% | 1.71% | 1.71% | 2× FC — disbursement / TOPCW |
| Standard Chartered | 3M SORA | 1.71% | 1.71% | 1.71% | FC after 1st disbursementIO — MortgageOne (private only) |
| HSBC | 3M SORA | 1.86% | 1.86% | 1.86% | FC anytime after disbursementCWIO — SmartMortgage |
| Standard Chartered | 3M SORA | 1.91% | 1.91% | 1.91% | FC after 1st disbursementIO — MortgageOne (private only) |
| HSBC | 1M SORA | 1.93% | 1.93% | 1.93% | FC anytime after disbursementCWIO — SmartMortgage |
| Hong Leong Finance | Board | 2.38% | 2.38% | 3.50% | 1st drawdown within 9 mths of offerFC within 6 mths of TOP |
How to read this table
Board vs SORA. The cheapest packages here are board-rate: priced off the bank's internal reference, adjustable at the bank's discretion with notice. The SORA packages cost 4–35 basis points more in year one but reprice transparently against a published MAS benchmark. The current board packages sweeten the trade-off with a pre-agreed switch to SORA pricing before TOP — effectively a cheap bridge for the construction years.
1M vs 3M SORA. The compounding window sets how fast market moves reach your instalment: 1M packages transmit rate cuts (and hikes) within weeks; 3M packages smooth them over a quarter. Borrowers expecting rates to drift lower tend to prefer 1M; borrowers who value stability prefer 3M.
Features are worth real money for new launch buyers. Buying a building under construction means your loan disburses over 3–4 years (mapped stage by stage in our new launch payment guide). Two features matter disproportionately: a free conversion at TOP, which lets you reprice to prevailing packages just as the loan reaches full size without refinancing costs; and a cancellation-fee waiver on the undisbursed loan if you sell, which protects sellers-in-construction from penalty fees on money never drawn. Interest-offset facilities (HSBC SmartMortgage, StanChart MortgageOne) suit borrowers holding six-figure cash buffers — the 20–50 bps premium buys the ability to neutralise interest while staying liquid.
Frequently asked questions
What is SORA?
The Singapore Overnight Rate Average — the volume-weighted average of overnight interbank SGD lending, published daily by MAS. Floating home loans are priced as compounded SORA plus the bank's spread; it replaced SIBOR as the standard benchmark.
1M vs 3M SORA — which should I pick?
1M resets monthly and tracks the market faster in both directions; 3M resets quarterly and smooths the ride. If you expect rates to fall, 1M passes the cuts through sooner; if you value predictability, 3M.
What is a board rate?
The bank's own internal reference rate, adjustable at its discretion with notice. Board packages can undercut SORA pricing — as they do at the top of this table — but carry repricing opacity as the trade-off.
What does free conversion mean?
The right to switch to another prevailing package from the same bank without a repricing fee, usually at disbursement or TOP. For BUC buyers it is effectively a free mid-loan reprice at exactly the moment the loan reaches full size.
What is an interest-offset account?
A linked deposit whose balance earns the loan's rate on an equivalent loan portion, cancelling that interest while the cash stays withdrawable. Valuable for cash-rich borrowers; typically priced 20–50 bps above the cheapest packages.
Why might my bank quote me something different?
Pricing moves with loan size, lock-in, property status and promotions, and banks reprice frequently. Use this table to benchmark, then verify live terms with the lender or a broker before committing.
Update history
- Rates table compiled: 16 packages across 7 lenders, first-year rates 1.35–2.38%.
Methodology & sources. Packages compiled from bank and mortgage broker quotes as at the stated date. Where a lender offers multiple variants at different rates, each is listed separately; variants typically differ by lock-in period and loan quantum tier.
Disclaimer. Rates are indicative only and change without notice. Nothing on this page is financial advice or a recommendation of any lender or package. Verify all terms with the relevant bank and seek advice from a licensed professional before committing to any loan.
Talk it through with an advisor
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