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Lihle Z Mtshali
A new mortgage lender which promises to cut the response time to your home loan application from about seven days to within 48 hours was launched yesterday.
The new company, Integer, whose chief executive is Simon Stockley - the founder of South African Home Loans - is targeting middle income households who want to buy houses worth between R300000 and R2,5million.
The majority of the home loans the company plans to issue will be between R600000 and R900000. Loans will be offered up to 85percent of the home value and borrowers will have to raise a deposit. "In a mortgage market characterised by poor service and high costs, we believe that the market is crying out for a fresh option," said Stockley.
He admits that there is nothing unique about Integer's offering, but the company aims to put together a productive offering that is competitive.
Each home loan comes with a debit card that gives you access to free Internet banking and 1percent of your home loan as a credit facility. Interest on the credit facility will be charged at the same rate as your home loan as opposed to the high credit card rates.
Stockley said Integer would be moving away from the traditional repayment option and would be offering a 240 month amortized home loan with two payment variations. A portion of repayment would go towards paying off the interest while another portion would go towards capital. Traditionally, in the beginning most of the repayments go to interest and a small portion to capital.
"Another feature we are offering is the capital deferment option where you can choose not to pay back any capital in the first two years," said Stockley.
He said the company had no pretensions about radically changing the face of the home loan industry but it was the competition it was bringing into the industry that would help consumers indirectly.
Integer can be contacted through its call centre on (021) 488 2150 or visit www.integer.co.za.