PropertyGuru Tackles Major Mortgage Refinancing Misconceptions Among Singaporeans In New Research | Taiwan News

45% of Singaporeans think it is unwise to refinance during the lock-in period, a common misconception about home loans that hinders money-saving opportunities

SINGAPORE – Media OutReach – January 18, 2021 – PropertyGuru Group, (“PropertyGuru” or the “Group”), Asia’s leading real estate technology company, today revealed top Singaporean misconceptions about mortgage refinancing , according to a new study conducted between October 23 and November 30 of last year.

When asked about their reasons for not refinancing their home loans, research identified that 45% of Singaporeans believe that refinancing their mortgage during their blocking period is a reckless decision, 34% perceive that many efforts are needed to refinance their mortgages. , while 21% cited the need to pay thousands of dollars upfront when refinancing as a downside.

Paul Wee, Managing Director (FinTech), PropertyGuru Group said, “These results all point to common misconceptions about mortgage refinancing among homeowners. Contrary to conventional wisdom, there may be circumstances where refinancing during deadlock periods or incurring breakage costs may still make sense. We have helped homeowners achieve a revised loan structure with lower monthly payments and greater long-term savings, despite recouping a statutory subsidy for child care costs. This is achieved by tailoring a cost-benefit analysis for determine if a homeowner’s long-term savings outweigh the costs incurred for their current loan. “

Commercial bank interest rates have also reached new all-time lows due to the pandemic, serving as a good checkpoint for homeowners to review their current financial commitments, including home loans, and ensure long-term economic health. Household.

“Just like with a regular checkup, it’s prudent to reassess your finances periodically to make sure the mortgage is meeting your needs optimally. Everyone’s situation is different, just like every house. Singaporeans should take a strategic and holistic approach. mortgage refinancing taking into account other key factors such as their current financial situation, job prospects, personal cash flow and even life plans, ”added Paul.

Building on this discovery, PropertyGuru Finance’s latest “# Switch2Save” campaign in Singapore aims to shed light on the home loan refinancing process – thereby encouraging Singaporeans to reap the benefits of refinancing their home loans, thereby saving money. long term money. Course.

Bjorn Sprengers, Chief Marketing Officer and Head of FinTech, PropertyGuru Group said, “Getting a mortgage is often associated with uncertainty and inefficiency, along with tons of paperwork, industry jargon and delicate fine print. The # Switch2Save campaign of PropertyGuru shares the benefits of finding your home loan through PropertyGuru Finance, a trusted mortgage advisor who is free, easy to use, and provides independent, personalized services for better long-term financial benefits for consumers. “

To extend its reach to consumers, the campaign will be gradually rolled out via paid, owned and earned media channels, from January 11, 2021 to March 31, 2021, as part of a multi-channel marketing approach.

Why Refinance with PropertyGuru Finance?

  • Choose from over 140 attractive rates

PropertyGuru Finance is a partner of all major banks in Singapore including DBS, OCBC, Citibank, UOB, Standard Chartered and Maybank. This means that homeowners can choose from a wide range of refinancing options to get the most competitive rates and promotions. Proprietary data from PropertyGuru is also used to regularly monitor home valuations and interest rates to help homeowners optimally plan when to refinance and take full advantage of capital gains.

  • Get long-term advice and enjoy a smooth mortgage transition

Being independent from financial institutions, PropertyGuru’s team of experienced real estate finance advisors can offer unbiased, personalized advice and recommend the right mortgage package. They will then navigate the home loan market, track indicative property valuations, submit home loan applications, and share regular demand status updates with homeowners / applicants – absolutely free.

  • Smart digital tools to simplify real estate finances

PropertyGuru’s technology offers a range of smart tools and features for every step of the real estate finance journey, from understanding loan eligibility and easy on-demand loan comparison of multiple loans online. Some tools include Affordability Calculator, Refinance Calculator, and Mortgage Comparison Tool. These services allow homeowners to take advantage of real estate finance services conveniently, securely and instantly online.

# Switch2Save with PropertyGuru Finance at today!

About the PropertyGuru group was launched in 2007. It has revolutionized Singapore’s real estate market by bringing it online and making property searching transparent for everyone. For the past 13 years, has helped property seekers in Singapore make property decisions with confidence. With over 5.5 million monthly visits * and a 75% ** consumer market share, PropertyGuru is the # 1 destination for home seekers in Singapore.

It is part of the PropertyGuru Group, Southeast Asia’s leading real estate technology company and the preferred destination for 24.5 million property seekers to find the home of their choice, every month. The PropertyGuru group of companies offers property seekers the broadest option of over 2.7 million homes, in-depth information and solutions that empower them to make confident real estate decisions in Singapore, Malaysia, Singapore, Malaysia. Thailand, Indonesia and Vietnam.

Over the decade, the group has grown from a regional real estate media powerhouse to a high growth technology company with a solid portfolio of leading real estate portals in its main markets; award-winning mobile applications; the best selling support platform for developers, FastKey; PropertyGuru Finance mortgage market; and a host of cutting-edge real estate offerings, including prices, events and publications across Asia.

For more information, please visit; Social media

* Source – Google Analytics data, January-June 2020

** Source –SimilarWeb – Engagement market share, average of the last six months in July 2020

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