How To Find The Best Mortgage As A First-Time Homebuyer In Singapore

Like most newly married Singaporean couples, Jahnson and his wife were excited to move away from their parent’s nest and create a new home together. They had their sights set on a cosy HDB resale flat located within close proximity to an MRT station, eateries, and shopping malls.

As a first-time homebuyer, Jahnson initially considered doing his own research to learn about mortgage packages in Singapore. “At first I thought of reading about home loans myself, then with all the property jargon and different rates offered by various banks, I felt clueless and I realised it would take a lot of time for me to do all the research,” Jahnson said.

Since he was busy with work and didn’t have enough time to compare home loans, Jahnson turned to a friend, a seasoned property investor who introduced him to Redbrick Mortgage Advisory. They eventually decided to engage Redbrick to help them secure a home loan.

“We were given a very short time for getting a home loan after buying the HDB flat. So, my priority was to find the best interest rate very quickly. If I had to contact the banks and apply for a home loan all by myself, I would end up delaying the purchasing process,” said Jahnson.

When describing his experience engaging with Redbrick Mortgage Advisory, Jahnson mentioned that he appreciated receiving professional advice as well as an easy-to-understand summary of the benefits and drawbacks of each home loan package. Having all the comparisons laid out in front of him made it easier to decide which home loan to choose.

“My mortgage advisor was very efficient in understanding my needs and recommending suitable home loans during our first meeting. Redbrick Mortgage Advisory has good relationships with banks, so the application process is smooth and fast. I could really depend on them to handle the entire home loan application process from A to Z for me, and they even sent me reminders and updates along the way,” he said.

From start to finish, the complete process of securing the right home loan took Jahnson just 10 days. “Redbrick Mortgage Advisory made the home loan process more than two times faster compared to applying for mortgages on my own.”

After Jahnson and his wife secured their home loan, Redbrick Mortgage Advisory stayed in the picture. “The advisor said he will give me a review periodically after my lock-in period to save me some money by getting a cheaper loan when it’s time to refinance. I appreciate how they’re involved even after the process is completed.”

His parting advice to other first-time homebuyers in Singapore: “If you are busy like me and you want the best interest rates, home loan advice, and on-going services in Singapore, then you should engage with Redbrick Mortgage Advisory.”

Tips For First-Time Homebuyers In Singapore

1. Create a Realistic Budget

Plan a monthly budget by following the 50-30-20 rule, which advocates splitting your income into three main categories:

For example, if you and your spouse earn a combined income of S$7,000/month (after all taxes and deductions), then according to the 50-30-20 rule, here is how you would create a monthly budget:

How to Create a Monthly Budget in Singapore

2. Know What You’re Eligible to Buy

Factors such as age and marital status can affect the type of property that you are eligible to purchase in Singapore.

What is the Minimum Age to Buy a Property in Singapore?

3. Ask for Professional Advice

Having the right mortgage advisor can make all the difference when it comes to securing your perfect home loan in Singapore. First-time homebuyers can contact Redbrick Mortgage Advisory, an independent advisory firm that works with 16 banks and financial institutions in Singapore. Redbrick Mortgage Advisory has achieved an excellent track record of financing:

Why Choose Redbrick Mortgage Advisory?

Redbrick Mortgage Advisory Contact Details

This article was written in collaboration with Redbrick Mortgage Advisory. While we are sponsored by them, we still review products and services with an objective lens and stay true to our mission— providing you with the best recommendations and advice to make smarter financial decisions.