An initial app offer can take as little as five minutes; it isn’t pre-approval. Enter each applicant’s work, monthly income, expenses and credit repayments.
In Accounts, open the menu, then select Add Account and Home Loan
Approval depends on credit assessment. Your final rate is in the Letter of Acceptance. Miss monthly criteria and that month’s payment uses the full contracted interest rate.
For a new-build home, you can apply for a turnkey sectional title unit, completed ready to move into. Plot-and-plan finance isn’t available.
Your interest, upfront fees and refinance limits
New offers use Prime; employment, credit score and any deposit shape your rate. Discounts are discretionary. Refinance requests must exceed the app’s minimum and stay below estimated home value.
For new purchases, pay R6,037.50 initiation plus variable registration fees at registration. Neither enters the loan. Discovery Bank charges R69 monthly.
Apply with no other Discovery credit application in progress
Individuals need Discovery transaction accounts and authorise checks.
- Secondary cardholders must add a primary account.
- Keep accounts regular and details updated.
- Insure buildings or prove body corporate cover for sectional title.
- For a foreign or in-community marriage, add your spouse.
Submit your request in the banking app
- Update the app and select Home Loan from Accounts.
- Accept the terms and choose your loan type.
- Add personal, property and repayment details.
- Upload the app’s requested documents and submit.
FAQ
Can freehold buildings cover come from another insurer with proof?
Yes, with proof. On freehold homes, Discovery Insure contents cover alone earns no insurance discount, even with buildings insured elsewhere.
Can I add fees to my loan when switching or refinancing my home?
For a switch, include fees for registration, initiation and cancellation; for refinancing, the first two. Or pay them at registration.
Who can refinance a bond-free home above the app’s minimum?
Accounts cannot have overdrafts, arrears, default or Discovery legal action. Debt counselling, administration or sequestration bar you.
Which documents do I need to buy the home I already rent?
Supply a completed purchase offer signed and accepted by the seller. Add a physical address letter and roof and boundary details.