Through an exclusive partnership with an estate in one of South Africa’s oldest townships, MortgageMarket.co.za has become the latest fintech start-up to steer a major residential development in the country.
The Orlando Towers Estate in Soweto, southwest of Johannesburg, will boast nearly 3 000 apartments with JSE-listed construction company Raubex as its construction partner. The building project is set to commence next week.
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MortgageMarket.co.za uses state-of-the-art technology to pre-approve buyers, giving them access to their credit score and affordability in just two minutes. This enables customers to select the right apartment, based on their affordability, prior to signing a sale agreement. Over 30% of the phase one development has been sold in the first two weeks of launch.
The start-up, nominated in 2021 for the African Banker Awards under the category of “Innovation in Financial Services Award”, has been at the forefront of bringing innovation into the property market through its world-class technology. It has enabled customers to engage directly with seven different banks online through its marketplace platform, using innovative design and data intelligence.
Founded in 2019, MortgageMarket.co.za offers a fully digital home loans marketplace experience for buyers ranging from affordable housing to high-end developers. It has plans to expand its offerings into various parts of the home buying value chain to assist customers will more valuable products.
“We have designed an online user experience that reflects our deep understanding of home loans and customer data automation. We are proud to be part of an iconic development that will transform the property landscape of Soweto and how township property is viewed in the market,” says Tim Akinnusi, co-founder and chief executive of MortgageMarket.co.za.
First-of-its-kind residential estate
The start-up will also be offering buyers free Wi-Fi and routers for one year as part of its continued efforts to bring valuable propositions to home buyers. “Our mission is to give buyers access to the best choice of home loans and valuable rewards for self-serving,” adds Akinnusi.
Backed by private sector investments, Orlando Towers Estates is described as a first-of-its-kind residential estate in the township with lifestyle facilities like biometric access, a football pitch, kids’ play areas, braai pods, clubhouse facility, fibre network, resident parking bays and gas utilities with prices starting from R670 000 for a two bedroom and one bath to R930 000 for a three-bedroom with two baths.
Akinnusi, who is also a columnist and regular guest on Metro FM radio station, believes it is important for the country to put its energy into developing high-quality affordable homes. This, especially, after the Covid-19 lockdowns restriction brought into sharp focus the need for housing that can adequately serve multiple functions such as leisure, work and shelter.