South Africa’s mortgage market is undergoing a digital transformation that’s making home loans feel as accessible as buying an appliance online. The shift gained momentum last week when Takealot, the country’s largest e-commerce platform, launched a Home Loan Hub in partnership with MortgageMarket, a digital marketplace for housing finance.
The uptake was immediate. Within just 48 hours, more than 1,000 applications were lodged, according to MortgageMarket CEO Tim Akinnusi. Applicants can now submit a single digital form, receive instant pre-approval insights without affecting credit scores, and compare loan offers from major lenders including Absa, FNB, Investec, RMB, and Standard Bank. Loan proposals typically arrive within 72 hours, and successful borrowers can earn up to R20,000 (over $1,100) in Takealot vouchers once their bond is registered—a clear nod to e-commerce bundling tactics designed to keep consumers engaged.
Industry experts say the move underscores how digital platforms are expanding beyond retail into lifestyle and financial services. “It’s a smart move by Takealot as they have established distribution and additional data from past purchases to help determine the credit risk,” said Michael Jordan, a chartered enterprise risk analyst. He added that home loans could be just the beginning, predicting a likely push into insurance next.
Entrepreneur Davison Mudzingwa noted that digital mortgage platforms not only speed up approvals but also lower barriers for younger, tech-savvy buyers. This comes at a crucial time: despite high interest rates and rising living costs, South Africa’s housing market is showing signs of recovery, driven largely by first-time buyers. According to Absa’s Homeowner Sentiment Index, first-time buyers made up 53% of applicants in Q1 2025. Meanwhile, online mortgage facilitator BetterBond reported an 8.2% increase in loan approvals in the 12 months ending March 2025 compared to the prior year.
Takealot’s foray into mortgages reflects a wider pattern across South Africa’s fintech ecosystem. Platforms such as MTN, EasyEquities, BetterBond, and Nedbank’s Avo app are blurring the lines between commerce, banking, and lifestyle services, driven by surging internet penetration, mobile adoption, and digital payment uptake.
“If getting a mortgage can be as seamless as buying a fridge, more people might finally buy both,” Mudzingwa quipped. For many South Africans, the shift marks not just a faster process, but also a reimagining of how essential financial services can be accessed—convenient, digital-first, and customer-centric.
