AQWIRE and Nook Hook Up for Your Dream Home
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By EDD K. USMAN
(SDN/AQWIRE) — HAVE you a problem securing mortage loan to finance your dream home?
Then, help is just a matter of click of your laptop’s mouse or your smartphone’s button.
Starting soon, startups Nook and AQWIRE will be able to help you get that much-needed funding, and you could have that loan in a haste. Maybe not too quickly. But hopefully soonest as details of the deal between the two are being finalized.
Overseas Filipino workers (OFWs) and Filipino expatriates who have settled permanently in their country base of work will be able to avail themselves of the services of the two companies: a fintech and a property tech (proptech).
It’s because the two platforms that have been serving the same clients have finalized their partnership aimed at serving aspiring and current homeowners to secure their much-needed mortgage loans for their dream home.
SDN — Science & Digital News learned about this nice development from Inno Maog, chief marketing officer of AQWIRE (by QWIKWIRE).
Serving the same clients, AQWIRE and Nook immediately realized that there is synergy in how they are trying to address different sides of the same problem: home acquisition.
While AQWIRE is trying to solve the difficulties and redundancies in cross-border real estate payments and property management, Nook, on the other hand, is solving the tedious and intricate process of securing your mortgage loans.
Founded in 2018 by Chris Elder, alumni of Griffith University in Australia with IT consulting and accounting background with one of the top 100 BRW accounting firms, Nook quickly realized the opportunity to bridge the gap in financial inclusion for most Filipinos when it comes to mortgage loans.
Elder accomplished this by creating an online mortgage application system that is both simple to follow, with all the needed information neatly presented, and personal where the loan borrowers aren’t left alone in the middle of the whole process. Nook acts as an intermediary between borrowers and major banks.
Technology is at the heart of the system to get your home loan approved for free.
“Especially during this time, we aim to bridge our customers to their banks of choice at the comfort and safety of their homes. We are excited to add more banks to our list of partners as we continue to expand and understand the Filipino market,” the Australian national says.Many Filipinos are familiar with Pag-IBIG’s housing loan, but what is a mortgage loan all about? Though both terms refer to acquiring loans for your home, a mortgage loan is generally a loan acquired by the borrower from a financial institution, typically a bank, to pay off the house to the property developer.
Normally, home mortgages account for 80% of the property’s total value, which means that aspiring homeowners will need to come up with the remaining 20% by some other means.Once approved, you will have anywhere from 5 years to upwards of 25 years to pay your mortgage loan to the bank.
Together with Nook, AQWIRE aims to bring more value to its current customers by providing a platform that bridges the gap from their regular amortization payments to the property developer, to securing a mortgage from any of Nook’s bank partners. This means that overseas Filipinos, whether working contractually or have decided to migrate permanently, can still have an easier time investing and acquiring properties in the country.
“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.
— AQWIRE CEO/Founder Ray Refundo
With both startups fervently working on the finer details of the partnership, homeowners can expect a beta release of the product by mid-June 2020.
AQWIRE CEO and Founder Ray Reyfundo cited the vital role of the partnership for OFWs wherever they are.
“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,” Reyfundo emphasizes.
It can be recalled that AQWIRE by QWIKWIRE welcomed Revolution Precrafted Founder/CEO Robbie Antonio to the fold of AQWIRE.
Recall that Revolution Precrafted distinguished itself under the direction of Antonio as the Philippines’ first “unicorn” — a startup that has grown into at least a US$1 million entity.
“Revolution is a global company that is present in 6 continents & 24 countries which essentially makes us a true global player. We signed up developers where we provide structures to and supply to myriad of different land owners and such developers. In line with our global vision to actually penetrate & permeate throughout the rest of the world. AQWIRE will actually allow foreign developers to do global real estate transactions,.” Antonio remarks when he and Maog put inked into paper recently that sealed their partnership.
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