We visited Nancy at the Centurion branch early in January enquiring about a building loan. We filled in the pre-approval application form, and received a pledge for R1, 9 million, excluding the amount of our current bond of R1, 45 million - so all in all we qualified for a loan of about R3, 3.
The ball was set in motion, and within 4 days our house was sold. We met with the builer and architect, and all was sorted in no time. The land has since been proclaimed, and this was the go-ahead to submit the home loan application. We received a loan for 90% of the R2, 3 million. Quering the 10% requested, we are informed this is normal practice - a fact that was never communicated to us, and which we had not budgeted for at all. We have now not only sold our house, and is effectively homeless, but have signed an offer to purchase on a prospective house that we simply can't pay a deposit on.
After meeting with the branch manager, Paul Blignaut, the prestige banker manager, Baile, and Nancy, we were assured that they would justify our case to homeloans department - this was last Wednesday.
In a one line mail from Nancy, I am informed today that the original deal stands.
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