These Terms & Conditions (“T&Cs”) govern the Best Rate Guarantee (“Guarantee”) offered by Cashew, operated by NMAKI SG PTE LTD (“the Company”).
1. Scope of the Guarantee
- The Guarantee applies only to mortgages arranged through the Company.
- It ensures that, at the time of loan approval, the customer has not missed out on a better publicly available interest rate under identical conditions.
- The Guarantee does not cover subsequent changes in market conditions after the mortgage has been approved.
2. Eligibility
To qualify for the Guarantee, the customer must:
- Have submitted a complete and accurate mortgage application with all required documentation.
- Have secured the mortgage through the Company (evidenced by loan approval).
- Submit any Guarantee claim within 14 calendar days from the date of mortgage acceptance. The alternative rate relied upon for the claim must have been publicly available on the same calendar day that the customer submitted their mortgage application.
- Be eligible for, and able to obtain, the alternative mortgage package relied upon for the claim, including meeting all lender criteria such as borrower profile, property type, loan amount, and any other applicable requirements.
3. Valid Comparisons
For a claim to be valid:
- The alternative mortgage rate must have been publicly available from another licensed lender in Singapore on the same calendar day that the customer submitted their mortgage application.
- Loan conditions must be identical in all respects, including but not limited to:
- Loan type (fixed, floating, hybrid, etc.)
- Loan amount and loan-to-value ratio
- Lock-in period, loan tenure, and repayment structure
- All applicable fees, subsidies, and promotional conditions
- Borrower profile (such as credit bureau score, income or others)
- Comparisons are limited strictly to bank or licensed lender offers. Rebates, cashback, or other incentives offered by mortgage brokers or intermediaries are excluded.
- Acceptable evidence includes a published rate sheet by the licensed lender, official lender communication, or formal offer letter from the same time period.
4. Exclusions
The Guarantee does not apply to:
- Private, negotiated, or non-public rates (including but not limited to employer-only programs, relationship manager concessions, or discretionary offers not generally available to all customers).
- Promotional offers restricted by quotas or limited to specific distribution channels.
- Rates that require bundled products, special deposits, or other conditions not identical to the customer’s approved loan.
- Situations where the customer provided incomplete, inaccurate, or misleading information in their application.
5. Compensation
- If a valid claim is accepted, the Company will provide compensation equivalent to one (1) year’s interest difference between the secured rate and the lower eligible rate. This interest difference will be calculated as (secured rate - lower eligible rate) × approved and disbursed loan amount × 1 year, using simple interest.
- The calculation will be based on the approved and disbursed loan amount.
- Compensation will be provided as a cash rebate within 90 days of claim approval.
- The maximum compensation payable is capped at SGD 2,000 per mortgage transaction.
6. Claim Process
- Claims must be submitted in writing to [email protected] within 14 days of mortgage approval.
- All supporting documents must be included to demonstrate eligibility.
- The Company will acknowledge receipt of a claim within 7 business days and aim to provide a decision on the claim within 30 business days of receiving all necessary information and supporting documents.
- The Company reserves the right, with the customer's explicit consent, to verify any information directly with the lender offering the alternative rate. By submitting a claim, the customer agrees to provide such consent for verification purposes.
7. Limitation of Liability
- The Guarantee applies once per mortgage transaction.
- The Company’s liability is strictly limited to the compensation described in Section 5.
- No further claims or remedies will be entertained beyond the terms set out in this Guarantee.
8. Amendments & Termination
- The Company reserves the right to amend, suspend, or terminate the Guarantee at any time without prior notice.
- Claims submitted for mortgages already approved and still within the 14-day eligibility window will continue to be honored in accordance with these T&Cs.
9. Force Majeure
The Company shall not be liable for any failure or delay in performing its obligations under these T&Cs if such failure or delay is due to circumstances beyond its reasonable control, including but not limited to acts of God, war, terrorism, riots, embargoes, acts of civil or military authorities, fire, floods, accidents, pandemics, or strikes.
10. Governing Law and Jurisdiction
These Terms & Conditions shall be governed by and construed in accordance with the laws of Singapore, and the customer agrees to submit to the exclusive jurisdiction of the Singapore courts.
11. Effective Date
This Best Rate Guarantee is effective from 1 September 2025 and will apply to mortgage applications approved on or after this date. The Company reserves the right to announce an end date for this Guarantee at its sole discretion, with such notice being posted on its official website or other communication channels. Claims for mortgages approved before the announced end date and within the eligibility window will still be processed. For the avoidance of doubt, the Guarantee only applies to alternative rates that were publicly available on the same calendar day as the mortgage application.