Buying a home often involves many unforeseen costs, including the cost of moving, and cleaning, along with small repairs and improvements. In response to this, MyProperty has launched an unrivaled cash back rewards program to assist home buyers.
The cash back rewards are calculated on 0.8% of the value of the buyer's new home loan, up to a maximum of R5,000,000, and are exclusive to home loan applications processed through the MyProperty.co.za website. A sliding calculator makes it easy to see how much buyers can get back while potential rewards are also indicated on individual property listings. The reward is paid to the buyer as soon as their bond is registered and MyProperty receives the commission from the financial institution.
While the reward is certainly lucrative, the real value comes in with the total service offering. This includes:
Why. We are deeply passionate about all things real estate and believe much more can be done to educate and assist consumers in buying, selling, and renting properties. Buying a home is stressful, and we are continuously exploring creative ways to assist consumers on this journey. Our aim is to run a sustainable portal that isn't solely focused on generating maximum profits at any cost. We believe that portals play a crucial role in the homeownership journey, as they often represent the first entry point for many consumers.
We also believe that the entire real estate transaction can be simplified and made more transparent, including the disclosure of commissions paid between various service providers linked to your transaction. More innovation can be unlocked for consumers if we break down traditional barriers and start asking the tough questions. This commitment is evident in our participation in the recent Competition Commission's Online Intermediation Platforms Market Inquiry.
How. MyProperty Home Loans is a bond originator. Banks pay us a commission for assisting buyers with their home loan applications. We simply pass most of this commission back to the buyer, and we can do this thanks to our optimized and diversified platforms. What makes it easier is that there are also no investors to pay back. Our 0.8% launch offer is also not set in stone, we have the freedom to tweak this to ensure we run a sustainable business.
Currently, many bond originators incentivize estate agents to send deals their way. While there's nothing wrong with this, it becomes problematic when the relationship is exclusive, often because bond originators and real estate companies have shareholding agreements with each other. As a result, consumers may be forced to choose a particular bond originator based on this relationship rather than on performance.
It is important to remember that a property practitioner cannot force sellers and buyers to use particular service providers such as a bond originator or transfer attorney, as it is considered a violation of the code of conduct.
These are some of the tough questions we need to keep asking on the road to a smoother home-buying journey.