Integra attracts over R100 million in new home loans

Integer, the newly launched home loan provider set to rival South Africa's existing mortgage industry with excellent rates and service, captured over R100 million worth of mortgage applications within 36 hours of business - and over R120 million in its first week of operation.

Of the new applications submitted, 70% were switch mortgages from other lenders, while 20% was for new home purchases and 10% was to refinance bond free homes.

"This is an excellent start and gives me great confidence that our positioning as competition for the banks is what the consumer wants.  People want choice and they are going to have it now that we are up and running", said Simon Stockley, CEO of Integer.

Initially all applications were made via the Integer website and call centre, and following a tie-up with mortgage originators Dimension Home Loans, Independent Bond Originators, HP Nett and Bond Excel we anticipate an increase in the rate of applications by the end of this week. The custom built IT system, which is behind Integers ability to make the mortgage application process less than 48 hours from application to credit approval, was stable throughout. 

"With the strong likelihood of a further rate increase this week (following the MPC meeting Thursday), SA consumers appear to be sensitised  to rates and are shopping around for a good deal", concludes Stockley.