Home Loans News:
Industry specialists believe that the internet is set to become one of the biggest influences on Home Loans in South Africa.
According to a report on Property24.com, in the US already 50% to 70% of homeloans are processed online, while less than 15% of homebuyers in South Africa are using the internet to find a mortgage.
Rechard Gahagan, MD of Property24, says that there is a growing number of consumers using the internet to find information on home loans, but many still prefer to speak directly to a consultant.
Gahagan believes that in the next five year as such as 40% of consumers will be using the net to find a home loan.
Saul Geffen, MD of MortgageSA, believes that he internet is the fastest growing home loan distribution channel. His mortgage origination company currently submits over 10 000 online home loan applications per month to the various mortgage leaders in South Africa.
SA Home Loans currently source about 15% of all their business online and expect the percentage to over up to 20% or 25% over the next 23 years.
As property24.com explains, this is good news for homebuyers, as it will no doubt encourage other mortgage lenders to become more competitive.
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