40% of Singaporeans still don’t know about refinancing: Study

40% of respondents in PropertyGuru's Consumer Sentiment Survey H1 2020 said they do not know about refinancing

40% of Singaporeans still say that they do not know about refinancing, according to findings from PropertyGuru's H1 2020 Consumer Sentiment Study.    

Out of the 985 surveyed, 50% of respondents aged between 22-29 years old said that they were not aware that they could refinance their home and reduce their monthly home repayments, compared those aged between 30-39 years old (35%), 40-49 years old (40%), 50-59 years old (43%), and above 60 years old (43%). 

 

Respondents say home loan process is a challenge

In response to home loans, only 18% said that they were familiar with the process, while nearly half of the respondents said 'not being familiar with the paperwork process' as the biggest obstacle in the home loan process.

Meanwhile, 87% of those surveyed also felt that affordability/home loan calculators help them to plan their property purchase, with 57% said that they have used one before. 

 

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Singaporeans top the region as super savers

Singaporeans take the lead in Southeast Asia as super savers with 70% of respondents indicating that they will start saving before looking for a home to buy. This comes as no surprise, as buying a house is one of the biggest life decisions most Singaporeans will ever make.

On the other hand, younger Singaporeans who are still in the early stages of their lives, are more likely to start saving only after estimating the cost of the home they intend to buy.  

 

Moving towards a more sustainable future in homes

With climate change one of the topics addressed in Budget 2020, the government has introduced a slew of measures to combat climate change in Singapore, including setting up a new $5 billion coastal and flood protection fund and rolling out the HDB Green Towns Programme to make sustainable living a key feature in HDB estates. 

Surprisingly, 58% of Singaporeans said that they are willing to pay a premium for a sustainable home, with solar panels (73%) and a smart cooling system (68%) the top eco-friendly features preferred, perhaps because of Singapore's hot and humid climate. 

"We are happy to see that sustainability is gaining popularity among home buyers, and to meet the rising demands, more property developers have also incorporated sustainable solutions into their residential projects. Together with new government initiatives such as the HDB Green Towns Programme, we are definitely moving one step closer to the goal of a sustainable future,” says Dr. Tan Tee Khoon, Country Manager – Singapore, PropertyGuru. 

Want to see the full findings? Check out the PropertyGuru Consumer Sentiment Study H1 2020 now. Or read our helpful finance articles to plan your finances better. 

PropertyGuru Consumer Sentiment Study H2 2019 infographic

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