SINGAPORE – Media
OutReach – 24 March 2020 – In the last decade, Singaporeans, individuals and
families alike, often contend with financial pressures, resulting from the
rising cost of living and changes in lifestyle. Especially for young couples, purchasing
their first property is often a financial burden they struggle with once the
marital bliss of the ‘honeymoon’ period fades. And with recent events, both in
Singapore and abroad, financial stress has heightened.
Building a solid financial foundation is therefore more
essential than ever to meet our needs at different stages of life and secure a
financially stable future. Launched by FinTech start-up BetterTradeOff (BTO) to
help individuals make informed financial decisions, ‘Up’ (upplan.sg) simplifies
the financial planning process by providing people with a do-it-yourself tool
for exploring and understanding different financial choices and outcomes.
Along with a myriad of features such as retirement
planning, education planning and insurance planning for users to choose from
and build their own financial plan, ‘Up’ eases the financial stress and anxiety
of purchasing a home, with a mortgage comparison tool for refinancing.
Up lets first time home owners run real-time home
purchase simulations– property type, purchase value and year of purchase (or
projected year of purchase) — making it easy to build a home purchase plan. The
platform even shows the projected purchase value, which takes into
consideration a 5% real estate appreciation rate per annum.
Users can also plan how to finance the property by
deciding on the down payment; type of loan (HDB or bank); how much CPF savings
they can use to pay for their home loan; and how CPF monthly repayments are split
between them and their partner. The platform makes it easy to explore the best
repayment method for their needs.
Based on the input provided, Up helps users determine the
property they can afford and how to make it happen.
For more information, please refer to the dropbox