What you need to know about the SIBOR to SORA transition, and what you need to do if you have an existing home loan pegged to SIBOR rates. PSA: If you have a SIBOR-based mortgage or property loan, you need to know that SIBOR (Singapore Interbank Offered Rate) will be discontinued soon. In its place, SORA (Singapore Overnight Rate Average) will now be used as the main benchmark for SGD-denominated loans. So if you’re an affected borrower, you can either proactively switch now to a home loan of your choice i.e. convert your existing SIBOR-based home loans either to a SCP (SORA Conversion Package), or to one of the prevailing home loan packages offered by your bank. Otherwise, if you choose to do nothing during this period of active transition (until 30 April 2024), you will eventually be automatically converted by your bank in June 2024 at a fixed adjustment spread of 0.2426% and 0.3571% respectively for loans referencing 1-...