Overseas Filipino Workers (OFWs) will soon be able to apply for a housing loan and pay amortizations through a seamless online process with online mortgage broker Nook and property development solutions provider AQWIRE. The partnership between the fintech and proptech companies aims to pave the way for more housing investments in the Philippines by OFWs.
Under this collaboration, OFWs will be able to obtain and complete a home loan process application and secure a trusted payment process despite being away from the Philippines. Through Nook, OFWs can find the right housing loan and submit documents online for the approval of a major local bank. Upon approval of the housing loan, settlements to the bank can be coursed through AQWIRE’s platform.
According to a survey done by New Perspective Media Group in 2019, property assets remain as the top investment choice for most Filipinos, especially in the United Arab Emirates and the Gulf. More Filipinos are still considering property in the country, specifically in Metro Manila, Cavite, and Laguna.
“This is definitely a game-changer for many OFWs who want to invest in real estate in the Philippines, whether it be for their dream homes or for an extra source of income. As a company that mainly services OFWs, we have heard many clients express their frustration with the housing application process in the country, which requires their physical presence. Our partnership with Nook enables us to provide OFWs the seamless online service that they have been looking for,” said AQWIRE Chief Executive Officer and Founder Ray Refundo.
Nook and AQWIRE have streamlined the process and made it more user-friendly for the OFWs. Users only need to click one button in their AQWIRE accounts to start the home loan application process with Nook. Nook allows a potential borrower to find the right housing loan from a major bank and assist them throughout the application process – thereby sparing them from having to go to different banks to compare what each one has to offer. Through the platform, one will be able to get a preview of the amount of monthly repayments they have to make, miscellaneous fees, and other requirements from each bank and get pre-qualified in just a few minutes. Following the successful approval of the housing loan, the user can continue to use AQWIRE for easy monthly bank settlements via its invoicing and billing platform.
For Nook, the partnership expands its services, making them a total solutions company. “Nook has grown tremendously since our launch beginning of this year, a testament to the conveniences that our online service brings. We realized that there is indeed a sizeable number of Filipinos who would pursue their dreams of buying a house if the process were simpler and online. This partnership with AQWIRE allows us to serve the large OFW market by bringing them a complete integrated solution to their housing needs,” said Nook Chief Executive Officer Chris Elder.
Demonstrating the market’s need for online housing loan services, Nook saw a big spike in new housing loan applications and inquiries during the lockdown period. Nook offered one of the very few ways people could still move ahead with a housing loan in the Philippines during the community quarantine, showing how technology can truly be transformative and enabling for consumers. Using Nook, a potential borrower can find a suitable housing loan and receive assistance throughout the application process – all done virtually and for free.
“We are currently receiving a lot of interest from OFWs based overseas. Many of them are located in countries where mortgage broking is firmly established, and they are therefore already familiar with what Nook does. Technology has allowed us to meet our clients’ needs at this time, and we will continue to play the role of innovator and disruptor as we reach out to home buyers in the new world order,” concluded Elder.