Terms Of Use

MortgageWise.sg (the “Service Provider” or “We”), operated by LoanWise Pte Ltd (UEN201600715N), provides mortgage brokerage service to clients (or “You”) whereby we are authorized to market and distribute home loan solutions from the various financial institutions (the “FIs”) in Singapore via referral agreements signed with the FIs.

What Service We Provide

Our service comprises but not limited to the following:

  • Presenting and comparing the various mortgage rates and packages from the various FIs in a timely and organized manner
  • Advising on the best possible course of action to reduce mortgage interest costs based on all past and present information available to-date
  • Assisting in the process of application to the various FIs

The Scope We Cover

At the moment, we are only brokering mortgages for the following segments of property:

  • Singapore – residential, commercial and industrial
  • Australia – residential only in Melbourne, Sydney, Perth and Brisbane, subject to restrictions. The cities and restrictions might change from time to time.
  • UK – residential only in London up to Zone 3. Outside of Zone 3 and London, we work with our UK mortgage broker partner for the rest of United Kingdom to bring you access to FIs in UK but subject to loan size restrictions which may change from time to time, and which also attracts a small finder’s fee to be paid by you.

How We Provide The Service

On best effort basis, we will collate the latest available home loan rates and packages from our banker partners in the various FIs and present them in a format we deemed easy for comparison.

We will also maintain and analyse all historical data pertaining to interest rate movements which will aid in the decision-making process.  These historical data may be available publicly like SIBOR (Singapore Interbank Offer Rate) or where information is not readily available like FIs’ past deposit rates or internal BOARD rates, we will track it diligently on best effort basis.

We will then advise on the best course of action with regards to re-mortgaging after explaining the benefits and costs involved, looking at not just the headline interest rate per se, but the overall commercial terms of the home loan package including but not limited to lock-in period, repayment penalty, cancellation fee, refinancing legal fee subsidy and clawback period, valuation incentive, etc.  Occasionally we may use tools and charts at our disposal to simulate scenarios or demonstrate interest savings and interest offset benefit.

Warranty

Though every effort is made to ensure we provide the most accurate rates, loan package information and any other bank product information or information pertaining to conveyancing or regulatory matters, we do not warrant that these information presented will be 100% accurate and the onus is on you to check, verify, understand and agree to all terms before entering into any contracts with any FIs, property developers, vendors or sellers of property, or any other relevant parties.

The tools and charts we use to demonstrate interest savings and interest offset benefit are just avenues to illustrate an estimated savings which may differ from the actual savings.  You understand the nature of such interest simulations and estimations and you agree that you will not hold us to any such amount indicated.

The rates and home loan package information presented in all our reports and presentations to you do not constitute as an offer from any FI, and may be amended or withdrawn by the FIs at any point in time.

You agree that you are responsible for any decision you take where you have the sole and final right to act on your best interests and you will indemnify us against any losses suffered in any form as a result of our recommendation, or those by our recommended partners.

Cost To You

As we are paid a referral fee by the FIs, our service is provided to you free of charge.

Actual out-of-pocket costs arising from re-mortgaging transaction will come from FIs, law firms, valuation firms, which will be presented to you as accurately as we can.

Benefit To You

As part of our value-add, we will pass to you savings in transaction costs through economies of scale in our operations and the collective bargaining power of all our customers in the form of special rates from our partner firms and/or shopping vouchers from MortgageWise.

All such cost savings, rewards or benefit from MortgageWise must be contingent on the following:

  • You must put us as the referring party in the application of the loan
  • The FI is paying referral fee for the home loan package that you have applied for
  • We must also receive the referral fee from the bank successfully and in full

In event this referral fee is not received by us or is reduced for whatever reasons, we reserve the right not to award it to you at our sole discretion.

The payout of all such cost savings, rewards or benefit will only be effected after we receive the referral fee from the FIs, which can take from 1 month to 12 months at times.

You will also need to read and agree to specific terms and conditions under each of our programmes in the list (not limited to) below:

Right To Vary

We reserve the right to vary any of the Terms Of Service hereforth without prior notice to you.  Any dispute on such variation of terms will not be entertained 30 days after the last modified date indicated at the end.

Our Privacy Policy

Our privacy policy pertaining to the collection and use of your personal data is listed on our privacy policypage.

Your Consent

By using our service as defined by you applying for the loan through one of our assigned banker partner(s) and/or employing the service of our recommended partner firm(s), you consent to both our Terms Of Service and Privacy Policy.

Changes To Our Terms Of Service

If we decide to change our Terms Of Service, we will post those changes on this page.

This Terms Of Service was last modified on 11 Nov, 2018

Contacting Us

If there are any questions regarding this Terms Of Service you may contact us via the email below.

info@mortgagewise.sg

Terms Of Service updated as at 12 Sep 2019.