Discovery Home Loans Switch

I did. I switched two months ago. The rate they quoted me was 1.15% lower than what I was paying before. Then I still get another .625% off on top of that, based on my Vitality status. Once my life insurance is sorted, it will be an additional .25%, meaning the rate has dropped by 2.025%. Not bad in my opinion.

Just something to note, with Sectional title, you'll lose out on .125% because the building insurance will be handled by the BC.
 
Charlesjjm said:
I did. I switched two months ago. The rate they quoted me was 1.15% lower than what I was paying before. Then I still get another .625% off on top of that, based on my Vitality status. Once my life insurance is sorted, it will be an additional .25%, meaning the rate has dropped by 2.025%. Not bad in my opinion.

Just something to note, with Sectional title, you'll lose out on .125% because the building insurance will be handled by the BC.
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Is discovery bank supposed to be your salaried bank account..?
 
Charlesjjm said:
I did. I switched two months ago. The rate they quoted me was 1.15% lower than what I was paying before. Then I still get another .625% off on top of that, based on my Vitality status. Once my life insurance is sorted, it will be an additional .25%, meaning the rate has dropped by 2.025%. Not bad in my opinion.

Just something to note, with Sectional title, you'll lose out on .125% because the building insurance will be handled by the BC.
Click to expand...
This is actually what put me off.

I already have a great rate from FNB and while Discovery could potentially beat it, it would be dependent on all those conditional discounts. I simply don't like the idea of being locked in for an extended period of time, especially when the Ts&Cs related to those discounts change each year.
 
Ϲhristopher said:
I simply don't like the idea of being locked in for an extended period of time, especially when the Ts&Cs related to those discounts change each year.
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It's one thing if eBucks or Vitality points rules change for the fun of it but this is a bit more serious. Would Discovery pull the rug on a home loan discount mid way though?
 
Tomtomtom said:
It's one thing if eBucks or Vitality points rules change for the fun of it but this is a bit more serious. Would Discovery pull the rug on a home loan discount mid way though?
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Even if they don't change the discounts you are still locked in to those products and have to maintain Diamond status on Vitality money.

In my case the potential saving would have been relatively small and could easily have been negated by increased insurance costs. I'd like to think they wouldn't act in an unethical manner, but it's just not worth the risk or effort in my case.
 
Charlesjjm said:
I did. I switched two months ago. The rate they quoted me was 1.15% lower than what I was paying before. Then I still get another .625% off on top of that, based on my Vitality status. Once my life insurance is sorted, it will be an additional .25%, meaning the rate has dropped by 2.025%. Not bad in my opinion.

Just something to note, with Sectional title, you'll lose out on .125% because the building insurance will be handled by the BC.
Click to expand...
I'm in the process of receiving a quote from Discovery.
One question i had which i hope you can help, how / when is the status determined (i.e. Gold / Diamond), is it determined at the end of the month and applied for the new month?
 
Ϲhristopher said:
This is actually what put me off.

I already have a great rate from FNB and while Discovery could potentially beat it, it would be dependent on all those conditional discounts. I simply don't like the idea of being locked in for an extended period of time, especially when the Ts&Cs related to those discounts change each year.
Click to expand...

Tomtomtom said:
It's one thing if eBucks or Vitality points rules change for the fun of it but this is a bit more serious. Would Discovery pull the rug on a home loan discount mid way though?
Click to expand...
Even without the discounts I got a better deal, so I took a chance. Hopefully they don't make too difficult going forward, but in the meantime, I'm trying to make full use of the benefits.
 
ele33 said:
I'm in the process of receiving a quote from Discovery.
One question i had which i hope you can help, how / when is the status determined (i.e. Gold / Diamond), is it determined at the end of the month and applied for the new month?
Click to expand...
That seems to be the case, yes. My discount for June has been locked in, and I can now affect the July discount.
 
Charlesjjm said:
I did. I switched two months ago. The rate they quoted me was 1.15% lower than what I was paying before. Then I still get another .625% off on top of that, based on my Vitality status. Once my life insurance is sorted, it will be an additional .25%, meaning the rate has dropped by 2.025%. Not bad in my opinion.

Just something to note, with Sectional title, you'll lose out on .125% because the building insurance will be handled by the BC.
Click to expand...
That is a nice saving. worth doing this excercise.
 
tried it but they could not beat the rate i have with nedbank(who i dont even bank with) only when i factored max savings via vitality did it match and was not worth the risk given moving goal posts every year they have with products.

my prediction when they activate their will/estate service thats going to become a requirement to keep getting maximum out of vitality money.
 
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