Simple Refinancing Fixed Fees

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$1,500 nett - for HDB flats

$1,800 nett - for private properties

(except for cases under SBI, ICBC and Hong Leong Finance).

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What is Simple Refinancing?

(except for cases under SBI, ICBC and Hong Leong Finance).

It is a common practice for owners of private properties and HDB flats (“Owners”) to refinance their existing housing loan(s) (“Existing Loan”) from their existing banks/financial institutions (“Existing Financier”) to another banks/financial institutions to enjoy better or lower interest rate on the new housing loan(s) (“New Loan”) offered by the new banks/financial institutions (“New Financier”) to them.

At PKWA, we have a strong and dedicated team of experienced lawyers and staff to facilitate your refinancing, who will ensure a smooth transition of your Existing Loan to your New Loan.

Steps To Take

(except for cases under SBI, ICBC and Hong Leong Finance).

We set out below briefly the steps to be taken by the Owners and PKWA.

  • Owners to obtain a letter of offer from the New Financier for the New Loan to refinance the Existing Loan with the Existing Financier.
  • Owners to appoint us to act for them in the refinancing of the Existing Loan with the New Loan.
  • New Financier to appoint us to act for them in the New Loan.
  • PKWA to give 3 months’ redemption notice to the Existing Financier on behalf of the Owners. Before giving the redemption notice, the Owners will have to ensure that their Existing Loan is not subject to any lock-in period, interest reset/review date, legal and/or valuation fees claw-back and penalty. The Existing Financier will not reveal this information to us owing to banking secrecy or personal data protection policy.
  • Existing Financier to appoint us to act for them in the redemption of the Existing Loan.
  • Owners to attend at our office to sign the mortgage documents for the New Loan, usually 1 month before the date of completion of the refinancing
  • Completion of the redemption and refinancing will take place 3 months from date of the redemption notice.
  • Where applicable and upon completion, we will liaise with CPF Board to cease the Owners’ CPF monthly repayment to the Existing Loan and commence their CPF monthly repayment to the New Loan (if the Owners are using their CPF money).

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