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PropertyGuru expands into home financing with new mortgage marketplace

PropertyGuru expands into home financing with new mortgage marketplace

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2 -min read
Listen to this article

REAL estate tech firm PropertyGuru has entered the home finance space with the launch of its mortgage marketplace, PropertyGuru Finance, in Singapore. 

The South-east Asian real estate portal on Thursday said its latest venture aims to "help Singaporeans save money on their home loans for the long term and simplify their home-buying journey". 

Among other things, PropertyGuru Finance will offer personalised advice and digital tools meant to help property buyers make smart financing decisions, the company said.

It will also provide online services such as instant in-principle approval, instant offers and refinance checks.

The loan advisers are independent from banks, and can offer in-person advice during and after office hours, according to Paul Wee, managing director of PropertyGuru Finance.

PropertyGuru's technology allows it to offer a range of smart tools for every step of the home finance journey, from understanding loan eligibility and comparing loans to applying for multiple loans online, Mr Wee said.

"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 the full benefit from capital gains," he added.

The group aims to integrate property search and financing into a digitally intuitive experience.

"Our aspiration is to enable Singapore's first digital straight-through mortgage application by 2022 and the first fully digital property transaction by 2025," said Bjorn Sprengers, the group's chief marketing officer and head of fintech.

In October last year, PropertyGuru abandoned its proposed listing on the Australia Securities Exchange (ASX), citing uncertainty in the initial public offering (IPO) market. If it were successful, the flotation would have raised up to A$380.2 million (S$354.7 million).

Subsequently in December, the company vowed to make a comeback. PropertyGuru said then that it was planning to double down on its efforts in Vietnam and expand its mortgage financing services business in Malaysia and Singapore in 2020.