Get a Discovery Bank Home Loan and save on your interest rate!
27 May 2024
Make the move to the Future of Home Loans with a personalised interest rate, plus a further discount of up to 1% when you manage your money well. South Africa, there's the potential to save a collective R12 billion a year in interest.
Discovery Bank is excited to bring you South Africa's first and only shared-value home loan. Whether you're a first-time buyer or looking to upgrade, you'll enjoy a full ecosystem of benefits and tailor-made service in minutes in your banking app. Plus, pay up to 1% less on your personalised home loan interest rate, when you manage your money well.
Discovery Bank Home Loans is the latest shared-value offering from Discovery Bank. It rewards you with a market-first reduction of up to 1% off an already personalised interest rate for managing your money well and protecting your biggest asset.
With a Discovery Bank Home Loan, you can apply for a new home loan, switch your current home loan to Discovery Bank, or refinance a paid-up property. All home loans, with Discovery Bank qualify for the interest rate discount.
More about Discovery Bank Home Loans
Read more about Shared-value Banking to see how managing your money well creates less risk and more value for Discovery Bank and for you.
- With Discovery Bank Home Loans , you can be certain of an accurate risk-based interest rate.
- Discovery Bank offers home loans up to 100% of the value of properties, with personalised interest rates over a range of repayment terms up to 30 years.
- You'll get a personalised home-loan preliminary offer in under 5 minutes, and a completely digital application process in our award-winning Discovery Bank app.
Hylton Kallner, CEO of Discovery Bank, says, "This is a highly anticipated milestone for us as we open the virtual doors to our home loans ecosystem. Those looking to buy a new home or wanting to upgrade, can enjoy a full ecosystem of benefits and tailor-made services in the Discovery Bank app. Our clients have comprehensive homeowner support, which incorporates our home loans with protection products for their homes and family, access to additional financing of energy solutions, and various rewards."
That's right, Discovery Bank offers competitive, personalised interest rates based on your individual risk profile. Then, through our established Shared-value Banking model, we enable you to further reduce your interest rate by up to 1%. It's all good for your financial wellbeing. All it takes, is to manage your money well with Vitality Money and protecting your home loan and home with the relevant insurance products Discovery offers. So, you can lock in a market-related rate upfront, and dynamically reduce interest repayments by managing your money well to save over the long term.
What this dynamic interest rate saving means for SA
Through this shared-value approach, the current Discovery Bank client base could save up to R2.8 billion in interest repayments on their current loans. With the same model, South Africans could save up to R12.2 billion a year in interest.
Kallner says, "We feel motivated to change the landscape of homeownership. The unique nature of home loans means client and asset risk typically reduce over time. With high costs negatively impacting repricing or switching to a different bank, the result is that an estimated 60% of our clients are overpaying on their existing home loans today. The solution is not only a once-off credit reassessment, but a client controlled dynamic interest rate that adjusts based on real-time changes in financial behaviour."
The Discovery Bank Home Loan unlocks access to a full home ecosystem
As a Discovery Bank client, you can initiate a home loan application through the Discovery Bank app in minutes. With the banking app, you can:
- Get a preliminary offer in five minutes.
- Enjoy up to 100% financing for your home.
- Select repayments terms up to 30 years.
- Apply with up to three co-applicants.
- Save on bond attorney fees.
- Unlock an additional up to 1% off your interest rate and other rewards.
You'll get a dedicated consultant to manage your application and guide you through the process, and you'll save up to 50% on bond attorney fees. Plus, as a client, you can take comfort in home loan protection to protect your home with comprehensive building and contents insurance, seamlessly activated as part of your home loan application.
The Discovery Bank Home Loan ecosystem also includes:
- Flexible access to your prepaid home loan funds with a built-in bond access facility, where you can access any extra money in your bond for home improvements or personal needs.
- Exclusive access to the Energy Solutions benefit with a range of bespoke solar and off-grid installations and optional financing. Plus, 10% off a selection of portable back up power solutions.
- Access to additional funds of up to R1,000,000 with a Revolving Credit Facility that offers affordable repayments from as little as 2.5% of the outstanding balance, flexible terms, and you only pay monthly fees when you use it.
- Access to exclusive discounts at a premium partner network. You can furnish your home for less with up to 30% back in Ðiscovery Miles in the first six months of activating your Discovery Bank Home Loan. You'll save at our premium partners, including Coricraft, Dial-a-Bed, Nespresso, Patio Warehouse and Volpes.
Get a quote in the Discovery Bank app now!