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Order a Bond Online?

Takealot, South Africa’s biggest online retailer, has surprised many by moving beyond small online purchases and into the world of home loans.

The group recently launched the Takealot Home Loan Hub in partnership with MortgageMarket, giving South Africans a new digital way to shop for a bond.

The platform works much like Takealot’s usual online shopping model. You fill in one application and then receive offers from multiple South African banks. Seven banks and financial institutions are on board, including Absa, FNB, Investec, RMB, Standard Bank, and Housing Investment Partners.

Takealot says the service is free, with no hidden costs. Consumers can use the pre-approval tool at any time to check affordability and get an idea of how much they might qualify for. The process includes a soft credit check through Experian, which should not negatively impact on your credit score.

Once pre-approved, users can compare offers side by side on their profile dashboard. Each bank’s package comes with different rates, benefits, and terms. After selecting an offer, the chosen bank then makes direct contact to finalise the bond.

A full application requires the usual paperwork (an ID or passport, a recent payslip, three months of bank statements, and a signed Offer to Purchase). Takealot says the entire process can take less than 30 minutes if documents are ready, and banks should respond with offers within 72 hours.

‘The move marks a new chapter for the retailer, which has steadily expanded into services beyond online shopping’

In true retailer style, Takealot has added a sweetener to attract users: vouchers of up to R20,000 for successfully registering a bond through the platform. The voucher value depends on the size of the home loan, with the maximum capped at R20,000.

The move marks a new chapter for the retailer, which has steadily expanded into services beyond online shopping trying to stay one step ahead of overseas and local competition. By offering a platform that simplifies bond applications, Takealot is aiming to get in on one of the biggest financial decisions most people will ever make.