OCBC PartnerCare is designed for all 35,000 property agents in Singapore.

Singapore, 8 July 2024 – OCBC has launched OCBC PartnerCare, the first comprehensive financial and personal wellness programme designed for more than 35,000 property agents in Singapore. This is a strategic move to strengthen OCBC’s network of property agents, who are key partners contributing to a sizeable portion of its home loans business. Valued at up to $5,000 a year per agent, the programme comprises preferential home loan rates, discounts on Great Eastern insurance plans, bonus interest on referral fees credited to an OCBC 360 account and access to physical and mental wellness events. Over a third of property agents in Singapore who are already registered with OCBC for the purpose of making home loan referrals have been automatically enrolled and will therefore be the first to benefit from the programme.

Being self-employed, property agents may not have access to benefits and privileges that some organisations avail to their full-time employees. The comprehensive benefits of OCBC PartnerCare addresses this gap and the programme has thus received strong support from the property industry. Singapore Estate Agents Association and leading property agencies in Singapore, including the top two agencies by size of agency force PropNex Realty and ERA, have come onboard to promote the programme.

All property agents in Singapore that have not registered with OCBC yet, can sign up for the programme through the OCBC Agent Portal.

OCBC PartnerCare benefits
The programme leverages the diversified strengths of OCBC Group to provide a range of financial benefits across banking, insurance and trading. Personal wellness and other benefits round out the comprehensive package. The main benefits are as follows:

Please refer to the appendix for more details on the programme.

Mr Sunny Quek, Head of Global Consumer Financial Services, OCBC, said: “Homeownership is a significant milestone in life, and many often rely on property agents to guide them through the process. Property agents are therefore our key partners, working closely with our mortgage specialists to assist individuals who need a home loan. However, as property agents are self- employed, they often miss out on certain benefits. Hence, we introduced the OCBC PartnerCare programme to close this gap. The programme draws on the strengths of OCBC Group, including not just banking benefits, but also trading and insurance benefits. We will monitor the programme to ensure that the offerings meet property agents’ evolving needs, and if the programme is well- received, we will consider expanding the programme beyond property agents to even more of our partners.”

Mr Adam Wang, President, Singapore Estate Agents Association, said: “OCBC PartnerCare is a welcoming and supportive programme. OCBC cherishes its partnership with property agents, recognizing the value they add by referring clients to the bank. With OCBC PartnerCare, agents can now enjoy a range of benefits including preferential home loan rates, bonus interest when OCBC home loan referral fees are credited to a OCBC 360 account, access to market research resources, wellness events and dedicated meeting place. This programme will be especially beneficial for agents who are new to this fast-paced industry and therefore need that extra support."

OCBC PartnerCare complements wellness programmes that property agencies have rolled out for their agency force and aligns with wider efforts to strengthen support for self-employed individuals in Singapore.

Mr Ismail Gafoor, Chief Executive Officer, PropNex Realty, said: “OCBC PartnerCare is an innovative and holistic initiative. It complements PropNex’s commitment to support our self-employed real estate salespersons in their professional pursuits. With OCBC PartnerCare, real estate salespersons are aligned with similar benefits as OCBC staff. They can now enjoy various privileges from Healthcare, Insurance, Trading and Preferential Home Loan Rates on owner-occupied properties.”

Mr Marcus Chu, Chief Executive Officer, ERA Singapore, ERA Asia Pacific & APAC Realty, said: “At ERA, we believe in supporting our agents to achieve their fullest potential. Our core values are always to care for our people. This is aligned with OCBC. OCBC PartnerCare is a groundbreaking programme that strongly affirms the importance of property agents. This holistic programme addresses a whole range of needs, enabling agents to continue to flourish in their real estate careers. We are excited to see this positive impact and will continue to collaborate with our esteemed partner, OCBC.”

Ms Yeena Liew, a property agent who has been in the industry for 8 years, said: “Being self-employed property agents, it can be difficult to manage business expenses such as advertising, especially with irregular income flows. In the competitive real estate industry, newcomers are particularly susceptible to burnout.

OCBC PartnerCare is a comprehensive package that tackles these issues. Banking benefits such as preferential home loan rates and the bonus interest on agent referral fees will help to mediate business costs. Equally important is maintaining physical and mental well-being, and I appreciate that OCBC PartnerCare supports these aspects.”

APPENDIX

OCBC PartnerCare Benefits

Preferential OCBC home loan rates
Home loan rates offered under OCBC PartnerCare will be up to 0.07% lower than the OCBC home loan rate.

Discounts on Great Eastern insurance plans
Under the programme, discounts of up to 45% on Great Eastern insurance plans will be offered. This includes the Great PA personal accident insurance plan that covers death and permanent disablement as well as reimbursement of medical expenses and outstanding credit liabilities in the case of an accident. In addition, discounts will be offered on the Explorer Travel Insurance and the GreatHome Insurance that covers fire damages to household assets.

Bonus interest for OCBC 360 account
As property agents do not have a regular stream of income, they are currently ineligible to earn the bonus interest that others get from crediting their monthly salary into certain high-yield deposit accounts like the OCBC 360 account. Under the programme however, property agents who receive OCBC home loan referral fees of at least $1,800 directly credited to their OCBC 360 account, will qualify for the Salary bonus interest for the month. This amounts to an additional effective interest rate of 2.50% a year on the first $100,000 in their OCBC 360 account, which is in addition to the base interest rate of 0.05% a year on the total account balance.

Personal wellness and other benefits
Other programme benefits include rebates for trades made with OCBC Securities (applies to new accounts), access to dedicated client meeting areas at selected OCBC branches and exclusive resources on market outlook and macroeconomic trends. Property agents enrolled in the programme will also be invited to participate in curated physical and mental wellness events.

Additional benefits for top property agents
Property agents that make at least $10 million in referrals annually will receive additional benefits under the programme. These include unlimited coverage for their medical bills where they will only need to co-pay $10 per visit at more than 650 panel clinics in Singapore and a designated telemedicine provider. In addition, they will be covered for up to $1 million with Great Eastern’s worldwide personal accident coverage. Agents can also enjoy the privileges of the OCBC VOYAGE credit card with no annual service fees, giving them access to benefits such as unlimited airport lounge access, concierge services and complimentary transfer service.

For more information, please visit go.ocbc.com/partnercare.