Discovery Bank has announced its new home loan product set to launch in 2024 that will give its clients up to 1.5% off their home loan interest rate for engaging and managing their money well.
“Discovery Bank will offer clients an entire home ecosystem which incorporates competitive home loans, protection for their homes and family, access to additional financing and exclusive solar solutions, on top of rewarding clients for managing their money well with up to 1.5% off their home loan interest rate,” said Hylton Kallner, Discovery Bank CEO.
This ecosystem enables clients to purchase, protect, power, and furnish their homes, by integrating with Discovery Insure for protection of their biggest investment and contents, and with Discovery Life Home Loan Protector to secure ones’ home in the event of a tragedy.
It also boasts Discovery Bank’s energy solutions giving clients access to solar, inverters and portable back-up power, with financing of up to 72 months and installation within 48-hours.
The fourth feature of this ecosystem is enabled by the introduction of the Discovery Bank Revolving Access Facility, providing clients with immediate access to a flexible credit facility to use as and when they need, whether it’s for transfer fees, home renovations, maintenance, or new furniture – the Revolving Access Facility can be drawn down and repaid according to the client’s financial planning.
Discovery Bank clients can also use their Discovery Miles to furnish their home with up to 30% off when shopping at retail partners including Coricraft, Makro, Takealot.com, YuppieChef and others.
This is all supported by world-class digital capabilities to manage their home loan and service their day-to-day financial needs. Clients can make payments using the digital payment solutions, top up electricity in a few taps, and store home shopping receipts in the Smart Vault.
Convenient features which prospective homeowners will be able to access directly through the Discovery Bank app include a preliminary offer in five minutes; up to 100% financing with terms up to 30 years; a dedicated consultant to manage the transfer process; access to prepaid funds when needed; no medical underwriting for life insurance to protect ones’ family and home in addition to financing for new home purchases, clients will also be able to switcher their existing home loans to Discovery Bank or refinance their existing home.
The Discovery Bank Home Loan will be administered by a dedicated SA Home Loans team. SA Home Loans have over 24 years specialist mortgage experience. A dedicated SA Home Loans consultant will guide clients through the administrative and regulatory requirements needed to complete a home purchase.
The introduction of Discovery Bank Home Loans means the bank will provide a full suite of banking services to make it a full-service bank just four years since its official launch as a branchless, digital bank in 2019.
Discovery employees and accredited financial advisers will be able to participate in a limited product pilot during the fourth quarter 2023 and clients will be able to apply for a home loan through the Discovery Bank call centre or with their Discovery Bank accredited financial adviser from the first quarter of 2024.