Five consecutive repo rate cuts, which resulted in a drop of the prime lending rate to a record low of 7%, ensured that 2020 was a good year for the property market. As a result, the residential property market is gearing up for a remarkable year in 2021.
Over the last few years, the needs of modern home buyers have evolved, however Covid-19 and the national lockdown caused a major shift in the property market. Location still plays a major role in purchase decisions, prospective homeowners are placing more emphasis on modern amenities such as fibre-to-home, security, a reduced carbon footprint and access to recreation and lifestyle facilities.
Not only have the needs of home owners changed, but so too has the profile of first-time homebuyers. There has been a surge of young, female buyers entering the property market. Data shows that the average first time home buyer currently in South Africa is female, in her early twenties to mid-thirties.
The power of technology platforms and digital transformation to facilitate efficient lending decisions is giving customers a post Covid-19 appropriate solution, an improved customer experience, and the opportunity for buyers to take greater control of their home buying journey.
Mark Bruyns, CEO of WeApply, explains: “Traditional home loan application methods, consisting of hours of paperwork during office hours submitted to a single preferred lender is outdated. Online bond application platforms like WeApply provide homebuyers with a simpler, less complicated alternative to the traditional method of application forms and scanned support documents, which is what customers expect in the 21st century.”
The recent lockdowns have had a dramatic effect on how people engage with their banks and obtain home loans. The WeApply platform, in response to the fresh needs of South African home buyers, delivers a better and faster way of doing things, and will always strive to be at the forefront of innovation to give customers a greater user experience as they apply for their home loans.
WeApply use the power of technology and automation to facilitate speedy lending decisions in a seamless, digital, and engaging customer experience. The future of home loan applications, similar to all other shopping, is via an online digital platform that submits a single application to multiple banks, and where the customer has greater control of the process.
Mark Bruyns ends with “Great technology with great customer support is the primary focus for the team at WeApply, ensuring an engaging transactional experience for the homebuyer. Come see how WeApply is changing the way customers apply for their home loan. Visit us at www.weapply.co.za”