CAPE TOWN - Digital home loan startup, MortgageMarket.co.za plans to disrupt the home loan market by changing the slow and cumbersome traditional home loan application process.
It is South Africa’s first independent online mortgage marketplace, and as an incentive to customers, it is offering a portion of its profits back to customers.
“The home loan industry has been slow to adapt to the digital revolution but MortgageMarket aims to change that,” said property finance expert and founder of MortgageMarket Timothy Akinnusi.
“Imagine moving into your new home and getting up to R25 000 back to spend on anything of your choice?,” he said in a statement on Monday.
The online platform has been designed to improve and automate the application of home loans, simplifying what has always been a complex process.
The customer creates a profile and is able to complete the entire application 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, making it easier to choose the best option.
They can shop and compare without worrying about hidden costs. Once they have chosen the best offer, MortgageMarket works with the client, the bank and the estate agent, to close the deal.
“Home loan applications usually take a while to process and can be admin intensive. We can reduce the process to just 2 days, while increasing their chances of getting a home loan by over 70 percent, at no cost to the borrower,” said Akinnusi.
He said the mortgage industry was poised for massive disruption and his company was looking forward to putting power back in the hands of increasingly tech-savvy consumers.
“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,” he said.
“For today’s consumers, time and money are precious commodities. People are increasingly looking for efficiencies such as control, choice and convenience in their purchasing decisions.”