{"id":67106,"date":"2024-05-28T06:16:36","date_gmt":"2024-05-28T06:16:36","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year"},"modified":"2024-05-28T06:38:43","modified_gmt":"2024-05-28T06:38:43","slug":"discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year","title":{"rendered":"Discovery Bank\u2019s new home loans could save South Africans R12 billion a year"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Discovery Bank has launched its new home loan product, offering clients personalised interest rates using its shared-value banking model \u2013 reducing their interest rates by up to 1%.<\/p>\n

To achieve this reduction in the interest rate, clients will have to manage their money well with Vitality Money and protect their home loan and home with the relevant insurance products Discovery offers.<\/p>\n

Clients can lock in a market-related rate upfront and dynamically reduce interest repayments by managing their money well to save over the long term.<\/p>\n

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.<\/p>\n

Through this shared-value approach, the current Discovery Bank client base could save up to R2.8 billion in interest repayments on their current loans and with the same model, South Africans could save up to R12.2 billion a year.<\/p>\n

\u201cThis is a highly anticipated milestone for us as we open the virtual doors to our home loans ecosystem,\u201d CEO of Discovery Bank Hylton Kallner said.<\/p>\n

\u201cThe unique nature of home loans means client and asset risk typically reduce over time. With high costs negatively impacting repricing or switching to a different bank, an estimated 60% of our clients are overpaying on their existing home loans today,\u201d he explained.<\/p>\n

Discovery Bank\u2019s shared-value approach is based upon a win-win system whereby clients manage their money well, creating less risk for the bank.<\/p>\n

This enables the bank to offer their clients benefits, such as reduced interest rates, based on their personal data and money management.<\/p>\n

The behaviours that are rewarded include saving, being adequately insured, investing for retirement, and paying off home loans faster.<\/p>\n

Discovery Bank shares the value from these financial behaviours back with clients in the form of better interest rates and other rewards linked to the Vitality Money programme.<\/p>\n

The better clients manage their money, the higher their Vitality Money status and the better their rewards.<\/p>\n

With the new Discovery Bank Home Partner Network, clients will also get up to 30% back in \u0110iscovery Miles on Discovery Bank purchases at select partner stores.<\/p>\n

The Discovery Bank Home Loan offering is administered by a dedicated team from SA Home Loans, which is 50% owned by Standard Bank.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Discovery Bank has launched its new home loan product, offering clients personalised interest rates using its shared-value banking model \u2013 reducing their interest rates by up to 1%. To achieve this reduction in the interest rate, clients will have to manage their money well with Vitality Money and protect their home loan […]<\/p>\n","protected":false},"author":84,"featured_media":67104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-67106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nDiscovery Bank\u2019s new home loans could save South Africans R12 billion a year - South Africa<\/title>\n<meta name=\"description\" content=\"Discovery Bank has launched its new home loan product, offering clients personalised interest rates using its shared-val ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Discovery Bank\u2019s new home loans could save South Africans R12 billion a year\" \/>\n<meta property=\"og:description\" content=\"Discovery Bank has launched its new home loan product, offering clients personalised interest rates using its shared-val ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-28T06:16:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-28T06:38:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/05\/sm_1716865645.808497.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Discovery Bank\u2019s new home loans could save South Africans R12 billion a year\",\"datePublished\":\"2024-05-28T06:16:36+00:00\",\"dateModified\":\"2024-05-28T06:38:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year\"},\"wordCount\":398,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/05\/sm_1716865645.808497.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/discovery-banks-new-home-loans-could-save-south-africans-r12-billion-a-year\",\"name\":\"Discovery Bank\u2019s new home loans could save South Africans R12 billion a year - 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