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Digital home loan startup, MortgageMarket.co.za, is set to change the slow and cumbersome traditional home loan application process by offering consumers convenience, transparency and choice when it comes to finding the best home loan deal. It’s South Africa’s first independent online marketplace to offer a significant portion of its profits back to customers – the MoneyGuarantee promise – as an added incentive for applying for a home loan via the platform.

For today’s consumers, time and money are precious commodities. People are increasingly looking for efficiencies such as control, choice and convenience in their purchasing decisions. These are the core attributes of MortageMarket.co.za.

“The home loan industry has been slow to adapt to the digital revolution but MortgageMarket aims to change that, while also offering real value in the form of money back to our customers,” says property finance expert and founder of MortgageMarket Timothy Akinnusi. “Imagine moving into your new home and getting up to R25 000 back to spend on anything of your choice? It’s a new homeowner’s dream.”

MortgageMarket’s online platform has been designed to improve and automate the application of home loans, simplifying what has always been a complex process. The customer creates a profile and is able to complete the entire application journey without any human intervention, unless they request assistance.

One application goes to five of South Africa’s major mortgage lenders, in real-time. Consumers can view competitive quotes on one page, making it easier to choose the best option for their needs. They can shop and compare without worrying about hidden costs. Once they have chosen the best offer, MortgageMarket works with the client, the bank and the estate agent, to close the deal quickly and with no fuss.

“Home loan applications usually take a while to process and can be admin intensive, depending on the lenders,” Akinnusi says. “It makes sense for homebuyers to access the entire home loan market without ever stepping into a bank. We can reduce the process to just 2 days, while increasing their chances of getting a home loan by over 70%, at no cost to the borrower. We reward them at the end of the journey because they have taken ownership of the process of making the single most important purchase any individual can make – their home.”

Akinnusi adds that like all innovative fintechs, MortgageMarket is a consumer-oriented platform that takes advantage of digital technology. “The company is lean and built on a robust technology backend that has allowed us to save on costs. We believe in a shared value model and have taken these cost savings and converted them into money we can offer back to consumers as a MoneyGuarantee promise.”

Akinnusi was previously Managing Executive of Absa Home Loans. Prior to that he was Executive Head of Nedbank’s Home Loans Sales and Client Value Management divisions. He led Nedbank’s launch of South Africa’s first end-to-end home loan application process at Nedbank Home Loans in 2012.

Akinnusi says the mortgage industry is poised for massive disruption and that his company is looking forward to putting power back in the hands of increasingly tech-savvy consumers.