Ushering in a new era in South Africa’s home loan and property financing sector, MortgageMe, a new online bond aggregator, has recently launched to give property-buyers full ownership of their financing opportunities. Cutting out the time-consuming hassle and paperwork of the traditional loan application process, the new, free platform is a convenient, simplified solution for making home-owning dreams a reality.
South Africans have been eagerly adopting international technological trends, including PropTech (property technology), which is changing the approach to real estate investment.
While the growing rate of first-time buyers in South Africa remains at a slow pace, with only 20 to 29 percent of approved home loans linked to new purchases, there is clearly much improvement required before aspiring homeowners are able to ‘buy into’ the financing process with ease.
MortgageMe is South Africa’s next step in redefining traditional methods of entry into the country’s property market, by simplifying traditional buying methods like never before.
The platform, which is accessible at no cost, initiates a super-fast digitised application process that efficiently automates tailored submissions to the country’s major banks and lenders on prospective property buyers’ behalf. Normally, this process requires five days’ worth of paperwork, which is then submitted through a real estate agent to a single ‘preferred lender’. The downside of this is obvious: receiving a single offer at whatever rate that lender feels is appropriate.
With MortgageMe’s instant access to a pool of South Africa’s most respected lenders, the best rates are shared with the user side-by-side, allowing them to get a full, realistic picture before making their decision.
MortgageMe is the brainchild of two forward-thinking companies, E4 and WeAreMonsters, both of which recognised the potential for better transparency in the country’s property market. E4 provides digital tools that are used to assist many financial service providers and real estate agencies in streamlining their services, making them more user-friendly for the general public. WeAreMonsters specialises in disrupting antiquated business models through the clever utilisation of technology and business design.
“We wanted to reduce the stress that comes with the lack of transparency and visibility of all the variables in the current home loan application process, and ultimately empower loan applicants with all the information they need to make a well-informed investment,” says Kurt Campher, Head of the MortgageMe Product at WeAreMonsters.
“In today’s real estate industry, it can be daunting to turn away from the safety net of what is commonly accepted as the ‘norm’,” adds WeAreMonsters’ Team Leader and Chief Revenue Officer, Andrew Price (who is also MortgageMe’s Director). “This is often due to major financing institutions’ heavy reliance on traditional application processes. Sadly, aspiring property owners wouldn’t necessarily know how else to approach the situation, even if they knew there were new ways to tackle it. This is why we’re excited to bring MortgageMe into view. We are giving property seekers the alternative of a cost-free, online home loan aggregator. The application process is paperless and quick, with results presented within 72 hours. Without deviating too much from what people are familiar with, MortgageMe works within the gaps of a longstanding traditional system, and is, therefore, a reliable solution to make the best property investment decision.”
As dedicated as MortgageMe is to helping aspiring property buyers find the right fit, the system voids the need for property seekers to be constantly looking over their shoulders when it comes to hidden fees and unforeseen expenses. It also protects users’ personal data and privacy.
The full digital home loan application process, affordability calculator and bond certificate services (which can assist buyers in being taken more seriously) will be available from August 2019.