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New fintech startup aims to shake up SA home loans industry

“Home loan applications usually take a while to process and can be admin intensive, depending on the lenders,” Akinnusi says. “It makes sense for homebuyers to access the entire home loan market without ever stepping into a bank. We can reduce the process to just two days, while increasing their chances of getting a home loan by over 70%, at no cost to the borrower.”
How it works
The MortgageMarket customer creates an online profile and is able to complete the entire application journey without any human intervention, unless they request assistance. One application goes to five of South Africa’s major mortgage lenders in real-time. Consumers can view competitive quotes on one page. Once they have chosen the best offer, MortgageMarket works with the client, the bank and the estate agent to close the deal.
“The company is lean and built on a robust technology backend that has allowed us to save on costs. We believe in a shared value model and have taken these cost savings and converted them into money we can offer back to consumers as a MoneyGuarantee promise,” adds Akinnusi. The company provides an added R25,000 incentive for applying for a home loan via the platform.
Related
Discovery Bank introduces home loans with up to 1% interest rate savings 27 May 2024 MortgageMarket expands into Namibia, pioneering online home-loan marketplace 17 Apr 2024 There's a Proptech revolution happening in 2024 25 Jan 2024 Capitec says worst over in bad loans, shares up 9% 28 Sep 2023 Africa Proptech Forum signals new possibilities for real estate 27 Sep 2023 SA's mortgage loan landscape faces unprecedented jump in charges 15 Aug 2023
