BondNet (
http://www.bondnet.co.za
) says it received calls for mortgage bond bids exceeding R70 million in its first 14 days of operation on the Internet.
Positioned as a transparent, independent, consumer-focused bond origination company, BondNet introduced the concept of bidding for consumers` home loan business to the South African mortgage market.
"We`re extremely gratified by the massive response we are getting from consumers," says BondNet joint marketing director, Greg Dunsford-White. "There is no doubt that borrowers are very serious about obtaining competitive interest rates and terms on their mortgage bonds. While initial volumes have been very good, we are equally delighted with the response from the bidding banks. The terms and interest rates being offered by all the bidding banks have been extremely competitive."
BondNet launched with four participating banks, Imperial Bank, Saambou Bank, FBC Fidelity Bank and FNB Properties. According to Howard van der Merwe of BondNet: "We`ve had a lot of interest from other potential lenders and expect to add a number of new participating institutions over the next few months. These developments form a key component of our strategy of increasing the options available to BondNet users."
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