Discovery says 60% of its bank clients have ‘mispriced’ home loans

Discovery will launch its home loan offering in April , and believes it has a “very compelling product”, according to Discovery Group CEO Adrian Gore.

This means Discovery has access to up to 20% of the entire mortgage market in SA from its existing client base, which has home loans at the big four banks. Gore says “over the last year, the home loan product was built, was being alpha tested”, and “will be rolled out – we hope – in the next four weeks”.Its home loan proposition, like its banking, is premised on “shared value”, says Gore, which means “if you manage your money, if you’re using our products, we bring your interest rate down”.Overall, Discovery believes that 60% of its existing bank clients will get an interest rate reduction on their home loan.

He highlighted that Discovery Bank was built on the back of Discovery Card and “started out with unsecured lending through the credit card”. ADVERTISEMENT CONTINUE READING BELOW Overall, Discovery has gone through the cycle of investment, according to Gore. “There are now four platforms for growth: the Vitality chassis, Vitality global, Vitality network, the bank.”Bank breaking evenNet interest income and non-interest revenue continue to grow.

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