PropertyGuru announces its expansion into the housing mortgage market with the launch of its new platform, PropertyGuru Finance.
PropertyGuru says its latest offering will help consumers save money and experience a smoother journey in financing their home.
It’s new lending product, PropertyGuru Finance, claims to offer the best mortgage rates alongside digital tools to help buyers make smarter financing decisions, and
independent, personalised advisory for better long-term benefits.
According to PropertyGuru Chief Marketing Officer Bjorn Sprengers, Singapore is one of the most sought after property markets in Southeast Asia. Sprengers cites the PropertyGuru Consumer Sentiment Study H1 2020 which claims that while 70 percent of Singaporeans will ‘start saving before looking for a home to buy’, only 18 percent are ‘very familiar with the home loan process’.
The report claims that the complexity of the housing mortgage market is further reflected in knowledge gaps around the application process and procurement; almost 50% of home buyers are not familiar with the paperwork that is required to apply for a home loan, 2 in 5 Singaporeans are not aware that they can refinance their home loan and save on monthly costs, more so among lower income groups and, 30% of home buyers believe that online tools such as an Affordability Calculator would assist, but admit that they have never actually used one.
“Over the years, we have learnt that the excitement of finding one’s dream home, is often lost when it comes to financing it. The mortgage journey is full of uncertainty, doubt and inefficiency. More often than not, the process leads people to paying more than they should. Its complexity may even cost them the opportunity to own their dream home. As market leaders, we have a responsibility to help resolve these pain-points and much like PropertyGuru helped Singaporeans find their homes online, we now use technology to improve the process of how people will finance their homes,” says Sprengers.
Commenting on the launch, Sprengers says PropertyGuru’s entry into home finance is a key milestone in the company’s evolution from a property marketplace to becoming a ‘trust platform’ in Southeast Asia.
“The launch of the mortgage marketplace takes the company beyond its focus of ‘property search’ into ‘Find.Finance.Own’. Our vision is to integrate property search and financing into a seamless digitally intuitive experience for property seekers. This vision encompasses PropertyGuru’s own platform and solutions as well as the broader ecosystem including banks, regulators and other stakeholders. Our aspiration is to enable Singapore’s first digital straight-through mortgage application by 2022 and the first fully digital property transaction by 2025,” says Sprengers.
According to PropertyGuru Managing Director of Fintech Paul Wee, the company will offer digital housing financing services such as instant in-principle approval, instant offers, refinance checks, to enable property buyers to consume home financing services conveniently, securely and instantly online.
“As Singapore’s largest property marketplace, we have access to the best rates offered by banks. Because we are independent from these financial institutions, we can offer unbiased, personalised, inperson advice during and after office opening hours. Our loan advisors collectively have more than 100 years of experience. PropertyGuru’s technology allows us to uniquely offer a range of smart tools for every step of the home finance journey, from understanding loan eligibility and comparing loans to easily applying for multiple loans online. We use PropertyGuru’s proprietary data to constantly monitor home valuations and interest rates to help property owners optimally time moments of refinance and enjoy full benefit from capital gains,” says Wee.
Wee says PropertyGuru Finance also works B2B, acting as a real estate agent’s ‘personal mortgage assistant’ enabling them to offer potential buyers access to properties and financing options within one platform.
(Ed. Feature image of PropertyGuru Finance launch in March 2020 provided courtesy of PropertyGuru.)