1 reviews | Active since Aug 2013
Homeloan process needs some work and Interest Rate shocker.
While I am very happy with the overall banking experience, I do have concerns about the relationship with SA Homeloans to provide the homeloan management service on behalf of Discovery Bank.
There was a number of inaccuracies in the offer letter provided by SA homeloans even though the information was provided upfront as part of the application process. Secondly documentation which was submitted as part of the application was again requested from SA Homeloans during the Credit Assessment process.
I am planning on moving all my banking services to Discovery Bank from my primary bank. This is dependent on the rate offered. I was shocked about the big difference of the rate offered by Discovery Bank (SA Homeloans) compared to the rate I pay with my current bank. I had discussions with colleagues who is busy with the same process and they had the same process.
If Discovery want to entice clients to move their existing homeloans then they have to provide something that will be worthwhile.
The interest rate discount is a benefit we offer for Discovery Bank Home Loans and is recalculated each month based on the main applicant’s behaviour. This means, you could reduce your effective interest rate if the main applicant enhances their Discovery product portfolio and uses Discovery Bank as their primary bank.
Your effective interest rate will be made up of a contracted interest rate less the interest rate discount (which is discretionary and re-calculated each month). The summary of estimated rates you see in the home loan application isn’t final. You will see your final, effective interest rate in the Letter of Acceptance document after the loan is approved.
If you have any further questions or concerns, please do not hesitate to contact us on our toll-free number ***and we will be more than happy to assist you further. We are open 24/7.
Thank you,
Yuvna
The interest rate discount is a benefit we offer for Discovery Bank Home Loans and is recalculated each month based on the main applicant’s behaviour. This means, you could reduce your effective interest rate if the main applicant enhances their Discovery product portfolio and uses Discovery Bank as their primary bank.
Your effective interest rate will be made up of a contracted interest rate less the interest rate discount (which is discretionary and re-calculated each month). The summary of estimated rates you see in the home loan application isn’t final. You will see your final, effective interest rate in the Letter of Acceptance document after the loan is approved.
If you have any further questions or concerns, please do not hesitate to contact us on our toll-free number ***and we will be more than happy to assist you further. We are open 24/7.
Thank you,
Yuvna