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Website offers loan comparison and financial information

Wouldn’t life be better if all of us had personal assistants, private financial consultants and a team of experts helping and guiding us when it comes to dealing with financial institutions?

Given the working hours of most Malaysians, that is what we need as many of us are unable to find the time to visit banks to source for the best deals.

With more than 30 financial institutions in Malaysia, decisions are usually made based on advice from friends or family members.

Having gone through the same frustrations as the average Malaysian, Jared Lim decided to start Loanstreet — an independent Malaysian loan comparison website and a loan application service for customers.

“We want to help people to be informed of their options and ensure they get the best deals,” said Lim.

Incorporated in 2010, Lim started Loanstreet after he faced difficulties in buying a home.

He said it was difficult because banks were not open on weekends and there were just too many loan packages to choose from.

“There are 33 banks in Malaysia offering loans. These loans vary from one another and each has a unique selling point.

“I could only identify banks that had big advertising and promotion campaigns,” said Lim.

He added that he wished someone was there to walk him through the time-consuming process.

Lim quit his job and joined an IT solutions firm catering to banks to better understand how the system works.

It took two years of “studying” before Lim officially launched Loanstreet with a paid up capital of RM100,000.

On average, the website receives 6,000 unique visitors but Lim expects these figures to grow exponentially as more homebuyers become familiar with Loanstreet.

Unique selling point

Unlike any of the other loan comparison sites in the market, Loanstreet does not only compare best rates but also advises customers on the best product for them.

Loanstreet‘s mission is to simplify the entire loan application process for both banks and customers and provide convenience and savings in the process.

It makes the loan application process less cumbersome for customers, and provides a trusted alternative sales channel for banks.

For customers, aside from loan product aggregation online, free advice is provided on issues such as eligibility criteria and best match to needs.

Without having to hit multiple banks with an application, customers can save time by being matched to the most optimal loan packages in the market that they qualify for.

So how does it work?

The customer fills out a simple wizard form online and is matched against a database of loan packages for easy comparison.

The customer then receives a call from Loanstreet within 24 hours and the consultant will go through three-step process — validate, evaluate and educate.

Case assessment is written for each applicant and forwarded to banks, and in-principle approval is done by the bank, and indicative offer made to customer.

“Loanstreet has a strong culture of integrity and accountability, and has a strong reputation for delivery.

“Loanstreet is not content to provide only shallow and inaccurate comparisons to customers or unqualified sales referrals to banks,” said Lim.

According to a senior bank official, comparison websites have eased the burden of banks.

“Nowadays, most customers walk into a bank already knowing what they want and they know what suits them.

“This saves a lot of man hours and loans are processed faster as the customers will have a basic idea of they are getting.

“Sometimes an average Joe will not be familiar with the financial jargon that is commonly used in the industry.

“This can limit one’s understanding of what one is actually getting into.

“By seeking assistance from a third-party web page, you will be able to find all the necessary details quickly,” said the official.

Websites such as Loanstreet are definitely needed in a saturated financial market. It saves time and offers better options.

It can be challenging to choose the one that can offer you the best deal and for this reason, one should consider turning to comparison websites to help you make informed decisions.

And by getting all the necessary information from one source, not only will you be able to save energy, but you will also find numerous deals that suit your needs best and avoid making the wrong decision.

Last year, The Star reported that 14,327 people declared bankrupts as they defaulted their housing loan from 2005 to April 2012. - The Star

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Gabungan AQRS to sell land for RM50m

PETALING JAYA: Gabungan AQRS Bhd has proposed to dispose of two contiguous parcels of freehold land in Seberang Prai Tengah, Penang for RM50mil via its subsidiary Grand Meridian Development Sdn Bhd.

In a filing with Bursa, the builder said it expected to gain RM15.44mil following the disposal based on the market value of RM35.8mil as at March 12.

It is selling the 63,709 sq m vacant land to developer Ocean Mix Sdn Bhd. - The Star

Secondary property market transaction value to go up

PETALING JAYA: The Malaysian Institute of Estate Agents (MIEA) is targeting the transaction value of the secondary property market to increase by between 5% and 8% this year.

MIEA president Nixon Paul says: “Historically, the transaction value would increase at about that range every year.”

Speaking at a press conference on the Malaysian Secondary Property Exhibition (Maspex) 2013, Paul said for this year, the market would see a dramatic increase in residential properties priced from RM300,000 to RM700,000.

MIEA will be organising the inaugural Maspex 2013, featuring 32 real estate agencies from April 12 to April 14 at the Tropicana City Mall here.- 

“We are targeting at least 3,000 visitors per day. Property exhibitions are always a big draw,” said Paul.

“On average, the secondary market offers more than a 30% discount when compared with new properties,” he added, noting that the secondary property market guaranteed a mature location, with all conveniences thrown in such as public transportation.

Paul also said the exhibition provided a platform to better serve the public and further assist MIEA members to enhance their business activities.

Also present was MIEA deputy president Siva Shanker, who said that in terms of the volume of residential property transactions in Malaysia, the secondary market accounted for almost 87% of the total transaction in the first half of 2012.

“The primary market seems to be over-represented, in terms of advertisements, exposure as well as exhibitions,” he observed.

He expected residential terrace houses and semi-Ds to continue to be best-sellers in 2013. Meanwhile, the condominium market is expected to play catch-up, courtesy of government initiatives. - The Star

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