Took around 7 months to approve a simple building bond, was sent from pillar to post only to have my application declined for no reason. Upon taking the credit team on using logic and common sense, the application is approved. Bond is registered and we begin the building. The bank explains: initially building is to be self funded (20%), very well I do the necessities and commence building. Before requesting 1st bank payment, I decide let me educate myself on the process, where I am told, payments are made based on progress on the property. The consultant (Mongezi) gives examples "if the property has door and window frames that's considered 65% if you are at roof level that's 80% I think to myself great as we are at roof level. I request the 1st payment only to be told, sorry but standard bank cannot identify the property, now I'm confused as the property is technically the banks! It's bonded to them. Get the Ombudsman involved and immediately receive the funds, but to my surprise only 20%. Ok, pay the contractor, try best to continue building, 2nd payment requested only 18% this is concerning. Request 3rd now I'm told NO FUNDS AVAILABLE... 2 weeks later, still no payment to date!
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