Discovery Bank will offer a home loan product to customers in 2024 with up to 1.5% off their interest rates.
“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, in a media statement.
According to the bank, prospective home owners can access the following home loan features from the Discovery Bank app:
- A preliminary offer in 5 minutes
- Up to 100% financing with terms up to 30 years
- A dedicated consultant to manage the transfer process
- Access to prepaid funds when they need it
- No medical underwriting for life insurance to protect ones’ family and home
It also said in addition to financing for new home purchases, clients will also be able to switch their existing home loans to Discovery Bank or refinance their existing home.
Discovery Bank’s 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.
This ties into Discovery’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.”
And finally, Discovery Bank clients can use Discovery Miles to furnish their home with up to 30% off when shopping at retail partners including Coricraft, Makro, Takealot.com, YuppieChef and others.
Discovery employees and accredited financial advisers can 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.
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