Discovery Bank has introduced a new home loan with competitive rates tailored to clients’ risk profiles.
The company said clients will be able to reduce their interest rate further by up to 1% if they use Vitality Money and take out homeowner’s and household contents insurance with Discovery.
“This will be done by managing their money well with Vitality Money and protecting their home loan and home with the relevant insurance products Discovery offers,” the company said.
Discovery further explained that:
Clients can secure a market-related rate upfront and reduce their interest repayments by managing their money well. With this shared-value approach, current Discovery Bank clients could save up to R2.8 billion in interest, and all South Africans could save up to R12.2 billion a year.
“Discovery Bank offers home loans up to 100% of the value of properties, with personalised interest rates over a range of repayment terms up to 30 years. In addition to financing for new home purchases, Discovery Bank clients can also switch their existing home loans, or refinance their homes with this new offer. With both switching to Discovery Bank and refinancing unbonded homes, clients can unlock equity in cash based on the value of their homes” the bank said in a statement.
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