After a bad experience ten years ago when Standard Bank issued a work colleague (she was not a customer at the time) a better homeloan interest rate than they did me. I was forced to take out a homeloan with FNB.
My complaint today is about the application for a homeloan in Oct 2012 which I needed for flat in Pretoria due work circumstances. It was difficult to find a flat because other buyers were placing huge deposits on these deals. I was forced to compete on that level. I reasoned that I would use my RCA to fund the initial deposit while I applied for a Homeloan. Homelonas Div indicated that the loan would be available in about six weeks. I undertook to carry the costs of the RCA for about two months (max). Because of the short repayment term of RCAs the payments are quite steep. The long and short is that I have been begging the bank to conclude my application because I was running out of funds every month due to high RCA repayments. It is now July 2013, and my homeloan account is not concluded yet. I am still funding the flat via the RCA which has affected my lifestyle terribly due to the manner in which my fund were being drained. 7 mths on and I'm still begging.
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