Discovery Bank’s new home loan product has taken off with data showing that clients have switched more than R650m of their mortgages.

Discovery, the holding company of Discovery Bank, in its year to end-June results said the lender’s home loan product had met expectations with clients having disbursed R776m worth of loans in the pipeline, with the vast majority of clients switching banks, while just R113m of this is made up of new loans. ..

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