We have a standard bank home loan with interest rate of 1.5% above prime (1.5% risk rate). When receiving the home loan quote, when enquiring, and when signing the contract I was told repeatedly that the risk rate was due the fact it was a building home loan and as soon all was completed the risk rate would revert. One year later the story is that the risk rate is for me being a foreign national and they can only revert it when my foreign status changes.
I am very upset, because Standard Bank, the home loan originator and the lawyers appointed by Standard Bank all have given wrong information (or in layman terms: they all have), and all Standard bank does is saying they are sorry for the inconvenience caused. The inconvenience caused is R20 000 a year for 20 years!!! What makes it even worse it that all the other banks offered us loans around prime and we feel that Standard Bank deceived us in signing a unfavourable home loan.
But I have the feeling that Standard Bank has more unhappy customers as it takes home loans exactly 5 working days to respond and the customer care and Prestige banking do not reply at all (even though they say within 24 hours...)
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