EDITORIAL: Plan to amend home loan act raises questions
Aspirant homeowners claim racial profiling, but the government’s own data suggests otherwise
The government’s plan to amend the Home Loan & Mortgage Disclosure Act to compel financial institutions to disclose critical information about their lending practices raises more questions than it is likely to answer.
Human settlements minister Mmamoloko Kubayi said her department had received numerous complaints from aspirant homeowners claiming their loan applications were declined due to racial profiling. Yet the department’s own data indicates an approval rate of 53% for home loan applications from people deemed to be “previously advantaged”, and 49% for those classified as “historically disadvantaged”...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.