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What are the best banks for home loans in South Africa?

Despite evidence that some banks offer better customer service than others, going only to your own bank for your home loan can never be your best bet.

Best Banks for Home Loans in South Africa

There are various ways to determine the best banks for home loans in South Africa. One is to assess their interest rate offers on application for a home loan. Another is to take the findings of the South African Consumer Satisfaction Index (SAcsi) annual survey into consideration. This produces customer satisfaction benchmarks across various sectors, including banking.

But ratings and scores are one thing. When it comes to applying for home financing, size of loan and interest rate are quite another. This is why, despite evidence that some banks offer better customer service than others, going only to your own bank for your home loan is never your best bet.

“There are things a bond originator can tell you that no index ever will,” says Rhys Dyer, CEO of ooba, South Africa’s largest bond originator. “The plain and simple truth is that you can’t know if you’ve got the best deal from a bank, if you’ve only approached one bank. You need to access choice and that is what ooba does for you.

The statistics bear him out that ooba is successful in securing home loan financing for 8 out of every 10 applications that we receive. In short, you have a far better chance of obtaining the best possible deal on your home loan if you go through a bond originator.

 

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