Property & Home Loans

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

Finding the best home loan in Singapore can be challenging. There are so many variables to consider — lock-in period, fixed or floating rate, loan tenure, and more. We asked a first-time homebuyer in Singapore to share his story (and tips!) on how to find the perfect mortgage.

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 who was more familiar with property investments in Singapore. “My friend, who’s a seasoned property investor, introduced me to Redbrick Mortgage Advisory. Then after speaking with one of their representatives [Alvin Lock] over the phone, I decided to get his help on a bank loan matter.”

Jahnson and his wife met Alvin in-person for a more detailed discussion on the process of securing a home loan. “I remember having a very good first impression when I met Alvin. He was very professional and attentive, and he made my wife and I feel comfortable because he understood our financial situation and showed us home loan packages that were customised to our needs,” Jahnson said.

After the first meeting with Alvin, the young couple felt confident that working with a mortgage advisory firm would be better than trying to find a mortgage on their own. They decided to engage Redbrick Mortgage Advisory 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. It’s a bonus that 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,” said Jahnson.

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 2X 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. “Alvin 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.”

When asked if Jahnson had any other thoughts about Redbrick Mortgage Advisory, he exclaimed, “They save my time, they save my money, they solve all my problems, so I can just relax.”

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

Best tips for first-time home buyers 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:

  • 50% for essential needs
  • 30% for discretionary spending
  • 20% for savings, investments, and emergency expenses
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

Total Income100%S$7,000/Month
Needs50%S$3,500/Month
Wants30%S$2,100/Month
Savings and investments20%S$1,400/Month

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?

Type of PropertyMinimum Age to Buy Property in Singapore
HDB Property
  • At least 21 years old, if you’re purchasing the HDB flat with your:
  • Spouse and/or children, parents and siblings, children under your legal custody (if you’re widowed or divorced)
  • At least 21 years old, if you’re widowed or orphaned
  • At least 35 years old, if you’re single (unmarried) or divorced (no children)
Private PropertyAt least 21 years old
Executive Condo
  • At least 21 years old, if you’re purchasing with your family members, are widowed, or orphaned
  • At least 35 years old, if you’re single (unmarried) or divorced (no children)

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:

  • More than 25,000 properties
  • More than S$20 billion in mortgages
  • Mortgages from S$80,000 to S$25 million

Why Choose Redbrick Mortgage Advisory?

  • They are an established advisory firm with more than 80 mortgage advisors
  • They provide unbiased advice and provide professional loan restructuring based on your objectives and goals
  • They value integrity and handle confidential documents through secure encryption
  • They provide a one-stop streamlined service to ensure a prompt and smooth application process
  • They have access to the most competitive interest rates across all 16 banks in Singapore

Redbrick Mortgage Advisory Contact Details

WebsiteEmailPhone
Redbrick Mortgage Advisory[email protected](65) 9169 9662

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.

Pooja Khandelwal

Pooja is a Content Marketing Lead at ValueChampion Singapore. She is responsible for planning and executing sponsored content projects and building relationships with media partners. In addition, she evaluates financial products for consumers based on quantitative and qualitative analysis. Pooja holds degrees in Economics and Psychology from Rutgers University. Her prior work experience includes founding and leading a content marketing consultancy and working at eCommerce, AI, and B2B SaaS startups in Singapore. Pooja has contributed insights to Tech in Asia, Yahoo!, and many other publications. Connect with her on LinkedIn to collaborate on content.

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