Bond-switching to shake up SA home loans market

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Clive Bredenkamp from proptech specialist e4 explains that homeowners can look for a better interest rate or consolidate their debt with their favourite bank.

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“Bond-switching has been around for many years. It’s not really a new concept. It has probably been around for the time in which home loans have been granted to customers. What it typically is, is where a customer is with a particular institution and they decide for whatever reason to move that debt to another lender. They could be consolidating their debt with their favourite bank, or they could be simply looking for a better interest rate.

“Essentially customers can shop around. And that concept doesn’t really exist in South Africa. There may be a handful of bond switches, but the idea of shopping around for a better rate three to four times – as in the UK – is a relatively new concept.

“But when you’re a new lender, you’re able to come with new technology from the get-go, which just helps you really be agile in terms of how you could pivot your offerings. Added to that, it’s quite easy nowadays to pick the ‘good debt’. “The world has become a digital village, and so everything’s becoming a lot more transportable from continent to continent in terms of how we use tech.

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