Homeloans online to grow

The Internet continues to penetrate the massive R515bn homeloan market, with a growing number of mortgage originators, lenders and property listing portals using online mortgage information and application facilities. Despite a growing number of consumers using the Internet to find information on home loans, the percentage of buyers actually transacting an application online is still relatively low.

Most consumers prefer to discuss home loan terms and conditions with sales consultants. Nevertheless, Saul Geffen of MortgageSA says MortgageSA submits more than 10 500 electronic home loan applications per month. Although no time or cost savings accrue in the online application process, customers benefit from the financial wizards and calculators. The web will also encourage mortgage lenders to become more competitive in terms of product range and pricing.

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