45% of Singaporeans feel unwise to refinance within lock-in period, a top home loan misconception hampering opportunities to save money

SINGAPORE - MediaOutReach - 18 January 2021 - PropertyGuruGroup, ("PropertyGuru" or the "Group"), Asia'sleading property technology company, today revealed Singaporeans' topmisconceptions around home loan refinancing, according to new researchconducted between 23 October to 30 November last year.

When asked for thereasons for not refinancing their home loans, the research identified that 45%of Singaporeans feel that refinancing their mortgage during their lock-inperiod is an unwise decision, 34% perceive that a lot of effort is involved torefinance their mortgages, while 21% brought up the need to pay thousands ofdollars upfront when refinancing as a drawback.

Paul Wee, ManagingDirector (FinTech), PropertyGuru Group said, "These findings all point to common mortgagerefinancing misconceptions amongst property owners. Contrary to conventionalwisdom, there may be circumstances where refinancing during lock-in periods orincurring break costs may still make sense. We have helped homeowners attain arevised loan structure with lower monthly payments and higher savings in thelong run, despite having to incur a legal fee subsidy claw back. This isachieved by tailoring a cost-benefit analysis to determine if a homeowner'slong-term savings outweigh the costs incurred to their current loan."

Commercial banks'interest rates have also reached historical new lows due to the pandemic,serving as a good checkpoint for homeowners to review their current financialcommitments, including home loans, and ensure long-term household economichealth.

"Just like going for aregular health check, it is prudent to re-evaluate your finances periodicallyto ensure that the mortgage is serving your needs optimally. Everyone'ssituation is different, and so is each home. Singaporeans should take astrategic and holistic approach to mortgage refinancing by considering other keyfactors such as their current financial situation, employment outlook, personalcash flow, and even life plans," added Paul.

On the back of this discovery,PropertyGuru Finance's latest"#Switch2Save" campaign in Singapore aims to shed light on the process of homeloan refinancing -- thereby encouraging Singaporeans to act on the benefits ofrefinancing their home loans, thus saving money in the long run.

Bjorn Sprengers, Chief Marketing Officer & Head ofFinTech, PropertyGuru Group said, "Getting a mortgage is oftenassociated with uncertainty and inefficiency, as well as reams of paperwork,industry jargon, and tricky fine print. PropertyGuru's #Switch2Save campaignshares the benefits of seeking one's home loan through PropertyGuru Finance, atrusted mortgage advisor that is free, easy to work with and providesindependent, personalised services for consumers' better long-term financialbenefits."

To extend itsreach amongst consumers, the campaign will be progressively rolled out throughpaid, owned, and earned media channels, running from 11 January 2021 till 31March 2021, as part of a multi-channel marketing approach.

Why Refinance with PropertyGuruFinance?

• Choose from over 140 attractive rates

PropertyGuru Finance partnerswith all major banks in Singapore, including DBS, OCBC, Citibank, UOB, StandardChartered, and Maybank. This means that property owners can choose from a widerange of refinancing options to get the most competitive rates and promotions.PropertyGuru's proprietary data is also used to regularly monitor homevaluations and interest rates to help property owners optimally time moments ofrefinancing and enjoy the full benefit from capital gains.

• Get future-proof advice and enjoy a seamless transition ofhome loans

Being independent fromfinancial institutions, PropertyGuru's team of experienced Home FinanceAdvisors can offer unbiased, personalised advice, and recommend the right homeloan package. They will then navigate through the home loan marketplace, trackindicative property valuations, submit the home loan applications, and share regularupdates about the application status with homeowners/homeseekers -- absolutelyfree of cost.

• Smart, digital tools to simplify property finances

PropertyGuru'stechnology offers a range of smart tools and features for every step of thehome finance journey, from understanding loan eligibility and comparing loansto easily applying for multiple loans online. Some tools include a home affordability calculator, refinancing calculator, and a mortgage comparison tool. These services enableproperty owners to consume home financing services conveniently, securely, andinstantly online.

#Switch2Save with PropertyGuruFinance at https://bit.ly/Switch2SavePGF today!

About PropertyGuru Group

PropertyGuru.com.sg was launched in 2007.It revolutionised the Singapore property market by taking it online and makingproperty search transparent for everyone. For the past 13 years, PropertyGuru.com.sg has been helping property seekers in Singapore make confident propertydecisions. With over 5.5 million monthly visits* and 75%** consumer marketshare, PropertyGuru is the No.1 destination for Singapore homeseekers.

It is part ofPropertyGuru Group, Southeast Asia's leading property technology company andthe preferred destination for 24.5 million property seekers to find theirdesired home, every month. PropertyGuru Group of companies empower propertyseekers with the widest option of over 2.7 million homes, in-depth insights andsolutions that enable them to make confident property decisions acrossSingapore, Malaysia, Thailand, Indonesia, and Vietnam.

Over the decade, thegroup has grown from a regional property media powerhouse to a high-growthtechnology company with a robust portfolio of No.1 property portals across itscore markets; award-winning mobile apps; best-in-class developer salesenablement platform, FastKey; mortgage marketplace PropertyGuruFinance; and a host of industry-leading property offeringsincluding Awards, events and publications acrossAsia.

For more information, please visit propertyguru.com.sg;

*Source -- Google Analytics data, Jan-Jun 2020

**Source --SimilarWeb - Engagement market share, last six-month averageas of July 2020